Interim report
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catenamedia Q2 INTERIM REPORT January - June 2026 Flat revenue and lower earnings as organic search headwinds persist April - June 2026 • Revenue from continuing operations was EUR 9.5m ( 9.6 ) , a decrease of 1 percent . • Revenue in North America increased by 6 percent to EUR 9.2m ( 8.7 ) , equivalent to 97 percent ( 90 ) of group revenue from continuing operations . New depositing customers ( NDCs ) from continuing operations totalled 24,781 ( 20,229 ) , an increase of 23 percent . • Adjusted EBITDA from continuing operations decreased by 11 percent to EUR 1.2m ( 1.4 ) , corresponding to an adjusted EBITDA margin of 13 percent ( 14 ) . ⚫ EBITDA from continuing operations decreased by 46 percent to EUR 1.2m ( 2.2 ) , equivalent to an EBITDA margin of 13 percent ( 23 ) . • Earnings per share from continuing operations totalled EUR 0.001 ( 0.01 ) before and EUR 0.001 ( 0.01 ) after dilution . Revenue ( EUR ' 000 ) Adjusted EBITDA ( EUR ' 000 ) Adjusted EBITDA margin ( % ) January - June 2026 • Revenue from continuing operations was EUR 21.8m ( 19.4 ) , an increase of 12 percent . • Revenue in North America increased by 20 percent to EUR 21.0m ( 17.4 ) , equivalent to 96 percent ( 90 ) of group revenue from continuing operations . New depositing customers ( NDCs ) from continuing operations totalled 59,354 ( 42,147 ) , an increase of 41 percent . • Adjusted EBITDA from continuing operations increased by 70 percent to EUR 3.9m ( 2.3 ) , corresponding to an adjusted EBITDA margin of 18 percent ( 12 ) . ⚫ EBITDA from continuing operations increased by 35 percent to EUR 3.8m ( 2.8 ) , equivalent to an EBITDA margin of 18 percent ( 15 ) . • Earnings per share from continuing operations totalled EUR 0.02 ( -0.002 ) before and EUR 0.02 ( -0.002 ) after dilution . CATENA MEDIA GROUP , CONTINUING OPERATIONS * Apr - Jun 2026 Apr - Jun Jan - Jun Jan - Jun 2025 Change 2026 2025 Change LTM Jan - Dec 2025 9,460 9,582 -1 % 1,229 1,387 -11 % 3,913 21,806 19,395 2,308 12 % 49,009 70 % 46,598 11,543 9,938 13 14 -1 pp 18 12 EBITDA ( EUR ' 000 ) EBITDA margin ( % ) 1.184 2,198 -46 % 3,820 2,829 11,595 13 23 Direct costs ( EUR ' 000 ) ( 3,036 ) ( 2,434 ) -10 pp 25 % 18 15 Adjusted personnel expenses ( EUR ' 000 ) ( 3,603 ) ( 3,972 ) Adjusted other operating expenses ( EUR ' 000 ) ( 1,592 ) ( 1,848 ) Operating cash flow ( EUR ' 000 ) 29 966 -97 % ( 6,641 ) ( 4,151 ) -9 % ( 7,977 ) ( 9,287 ) -14 % ( 3,275 ) ( 3,760 ) 4,386 4,184 Earnings per share before dilution ( EUR ) 0.001 0.01 Earnings per share after dilution ( EUR ) 0.001 0.01 New depositing customers ( NDCs ) 24,781 20,229 23 % 59,354 0.02 ( 0.002 ) 0.02 ( 0.002 ) 42,147 41 % 6 pp 35 % 3 pp 60 % ( 14,885 ) ( 12,395 ) -14 % ( 16,080 ) ( 17,390 ) -13 % ( 6,881 ) ( 7,366 ) 5 % 7,943 7,741 ( 0.08 ) ( 0.10 ) ( 0.08 ) 123,717 106,510 24 21 10,604 24 23 ( 0.10 ) * Continuing operations exclude all divested assets , which are classified as " discontinued operations " .
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Investing to build our next growth platform and drive Catena Media’s transformation beyond organic search In Q2, we reported revenue of EUR 9.5m, broadly in line with the same quarter last year, and adjusted EBITDA of EUR 1.2m, a decrease of EUR 0.2m from the com - parable quarter. These results reflect industry-wide headwinds in organic search and mark a pause after several quarters of strong operating performance. The quarterly revenue decline underlines a structural re - ality facing our industry: traditional affiliation remains closely tied to the shifting dynamics of organic search. Reshaping the business beyond traditional SEO The financial volatility that arises from the unpredict - ability of a search-dependent business model led Catena Media’s board and management earlier this year to begin exploring how to reshape the business towards a model that reduces exposure to any single external factor. This process will see the company evolve beyond tra - ditional affiliation and lead generation into a technical infrastructure platform provider that brings together in - dustry players in a single ecosystem. We are currently developing this ecosystem as a next-generation and fully automated marketplace that connects publishers and advertisers across a wider set of verticals, with deep analytics and intelligence at its core. Investment into building the platform began in Q2 and is reflected in the increase in capital expenditure that we report for the period. We have reorganised our products and squads to drive the project forward and, for competitive reasons, are disclosing few operation - al details at the present time. However, I look forward to sharing more on the project’s progress in the com - ing quarters as we complete final testing in late 2026, ahead of a full commercial launch in the first half of next year. Building on MRKTPLAYS’ success The innovative capacity that enabled us to develop our successful MRKTPLAYS platform will be pivotal to delivering this shift. MRKTPLAYS has grown steadi - ly since its launch and today contributes more than a third of group revenue. Its impact validates a broader thesis: Catena Media’s highest-value growth role is not only generating affiliation leads but also building the connective infrastructure between publishers and operators. The cash reserve we have generated in recent quar - ters thanks to strong cash flow will allow us to fund the tech capabilities and growth-oriented investment necessary to develop the new infrastructure platform as we broaden the business beyond traditional SEO. Share buyback tied to employee incentive plan Following shareholder authorisation at the recent EGM, we also intend to launch a share buyback pro - gramme of up to 5.98 percent of outstanding shares. This is solely to meet obligations under our long-term incentive programme and should not be read as a broader capital return or capital allocation signal. Together, the steps we are taking are deliberate mea - sures to invest in new capabilities, meet our incentive commitments through disciplined capital allocation, and to reshape the business mix to reduce reliance on any single channel. We strongly believe this combination will provide a du - rable foundation for growth, shaped by the strength of our partnerships and our execution rather than unpre - dictable external factors. Continued commitment to our core organic brands To be clear, this is not a retreat from organic search and traditional search engine optimisation. We will continue to invest in and develop our core organic brands. They will remain important contributors to rev - enue alongside new products such as our PlayPerks loyalty programme on PlayUSA.com, whose strong performance since launch in January underscores the value of offsetting our exposure to Google traffic. While Q2 was softer than the standard we have set in recent quarters, I am confident we are making the right strategic choices to position the company for long- term growth, and I wish to thank the board of directors and our teams for their contributions and commitment to this vision. Manuel Stan CEO CEO’S COMMENTS Quarter and periodChairman’s letter Financial information Parent company Definitions CATENA MEDIA INTERIM REPORT JANUARY - JUNE 2026 02 CEO’s comments
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Letter to the shareholders of Catena Media plc Dear shareholders, The board of directors has finalised an updated long- term capital allocation plan that reflects our focus on long-term growth and shareholder value. Capital allocation priorities Our primary capital allocation focus remains the rein - vestment of cash flow into growth-oriented initiatives that offer attractive investment returns. In addition, and in line with the authorisations granted at our recent an - nual and extraordinary general meetings, we will initi - ate a limited share buyback programme to support our long-term incentive plans. As part of the updated capital allocation plan, the board has also evaluated the company’s outstanding hybrid capital securities (CATME H01). Update on the hybrid capital security (CATME HO1) We recognise there is significant uncertainty and mis - understanding in the market regarding the nature of the hybrid capital security. To ensure absolute trans - parency, the board wishes to clarify the structural real - ity and implications of this instrument: • Equity , not debt: CATME H01 is classified as a special equity instrument, not a debt instrument. Consequently , hybrid holders do not possess the standard rights associated with traditional bonds, such as the ability to demand repayment or declare the issuer in default. • Preferred equity analogy: The instrument is best understood as a form of non-voting preferred equity . The “preferred” component gives holders a priority claim, ranking ahead of shareholders, up to the nominal amount plus accrued and unpaid interest. Should Catena Media opt to make any distributions to its shareholders, any deferred interest on the hybrid capital securities would then need to be settled as well. • Discretionary timing : Any resumption of interest payments on CATME H01, and the timing of any such resumption, is solely at the company’s discretion. Catena Media does not intend to initiate any interest payments for the foreseeable future. • Valuation and liquidity implications: Since CATME H01 has no maturity date and no fixed payment obligation, its intrinsic present-day value is not defined by its nominal value. Instead, it is determined by how the market prices a highly uncertain, potential future cash flow . As a result, market demand for acquiring this instrument has remained low , leading to a severe lack of liquidity for current holders. As mentioned, the company has no plans to resume interest payments on the hybrid capital security for the foreseeable future. Our focus is to prioritise the deployment of available capital into growth initiatives. We have received numerous enquiries from investors seeking a mechanism to divest their positions due to the lack of market liquidity in the hybrid capital security. To assist investors wishing to exit their positions, Cat - ena Media hereby announces its intention to launch a voluntary offer to buy back CATME H01 hybrid capital securities at a price of 20.00 percent of the nominal amount: that is, SEK 20 for every SEK 100 of nominal value. No capitalised interest or accrued unpaid interest on the hybrid capital se - curities will be paid in connection with the volun - tary offer. This offer provides an immediate liquidity window for holders who prefer to realise cash today rather than hold the instrument indefinitely. Further details regard - ing the offer’s application period and technical execu - tion will be made available on our investor relations web page. For more information regarding the voluntary offer to buy back CATME H01 hybrid capital securities, please refer to the press release issued by Catena Media on 11 August 2026, which is available on our investor re - lations web page. We remain fully focused on executing our strategic roadmap and maximising long-term value for Catena Media. Thank you for your continued support. Erik Flinck Chairman of the Board CHAIRMAN’S LETTER Quarter and periodCEO’s comments Financial information Parent company Definitions CATENA MEDIA INTERIM REPORT JANUARY - JUNE 2026 03 Chairman’s letter
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Significant events during Q2 2026 The annual general meeting on 27 May elected a board of directors comprising four members. Erik Flinck, Sean Hurley and Martin Zetterlund were re-elected as direc - tors, and Seth Young was elected as a new director . An extraordinary general meeting on 30 June authorised the company to acquire and hold own shares represent - ing up to 10 percent of total issued share capital, equiva- lent to 7 ,877 ,444 shares. Significant events after the period On 11 August 2026, the group announced its intention to launch a share buyback programme of up to 5.98 percent of outstanding shares under the authorisation granted at the extraordinary general meeting on 30 June. The pur - pose of the programme is to meet the company’s obliga- tions under its long-term incentive programmes. On 11 August 2026, the group announced its intention to launch a voluntary offer to buy back CATME H01 hybrid capital securities at a price of 20.00 percent of the nomi - nal amount, that is, SEK 20 for every SEK 100 of nominal value. No capitalised interest or accrued but unpaid inter- est will be paid in connection with the offer . Further details regarding the offer’s application period and technical ex- ecution will be made available on the company’s investor relations web page. Organic search performance Organic search is crucially important in the traditional af- filiation industry . We update the market quarterly on our average keyword ranking performance as we consider this information to be relevant for investors and stake - holders. The average score reflects the top rankings for 100 of the most important keywords across Catena Media’s brands. The actual keywords are not disclosed for competitive reasons, and will vary over time depending on strategy . Note that 1 is the best possible score. In Q2, our average keyword ranking was somewhat softer than in Q2 2025, with a recovery recorded after the end of the quarter , as shown in the graph below . It should be noted that changes in how users discover content mean that a given ranking position generates fewer clicks and hence less revenue than it did a year ago. For this reason, the group is evolving its business model to reduce depen- dence on organic search. See the CEO’s comments on page 2 for further details. 06-3003-3112-3109-3006-30 Total average score 1 2 3 4 5 6 7 8 9 10 The graph and the average scores have been adjusted to reflect this update and facilitate meaningful comparison over time. Cost base development Diligent cost management continued through the quar - ter . The total cost base was EUR 8.2m, in line with the 8.2m recorded in Q2 2025 and down from EUR 9.7m in Q1 2026. While the total was unchanged year on year , its composition shifted: direct costs rose to EUR 3.0m (2.4), driven by further diversification into profitable per - formance marketing channels including MRKTPLAYS. Personnel expenses decreased by 9 percent to EUR 3.6m (4.0). Adjusting for revenue-driven direct costs, the cost base was 11 percent lower than in Q2 2025. Excluding items affecting comparability (IACs) SIGNIFICANT EVENTS Q2 26Q1 26Q4 25Q3 25Q2 25Q1 25Q4 24Q3 24Q2 24 Other operating expenses Personnel expenses Short-term incentive programmes Direct costs 3.0 2.4 6.2 3.5 3.6 1.6 1.5 5.9 1.9 1.7 5.3 1.9 2.4 4.0 1.8 1.4 5.1 2.2 8.2 12.1 9.3 8.7 8.9 8.2 3.6 3.6 0.1 1.4 8.7 4.6 3.6 1.7 0.8 3.6 3.1 1.3 1.9 10.9 9.7 TOTAL COSTS TOTAL AVERAGE SCORE Direct costs Other operating expenses Short-term incentive programme Personnel expenses CEO’s comments Chairman’s letter Financial information Parent company Definitions CATENA MEDIA INTERIM REPORT JANUARY - JUNE 2026 04 Quarter and period
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OVERVIEW Catena Media’s revenue and adjusted EBITDA are impacted by a range of external fac - tors. These include regulations on sports betting and casino games and seasonal varia - tions in user engagement. Seasonality primarily affects the sports segment, which sees higher activity in conjunction with major league seasons and large events. All numbers refer to continuing operations. For a complete breakdown see page 19. Comparative costs have been reclassified to more accurately reflect segment-level contributions and internal cost allocations. Q2 26Q1 26Q4 25Q3 25Q2 25Q1 25Q4 24Q3 24Q2 24Q1 24Q4 23 14.5 1.5 1.9 0.7 1.3 1.5 0.9 1.4 2.9 4.7 2.7 1.2 16.0 12.8 10.7 10.1 9.8 9.6 11.6 15.6 12.3 9.5 10% 12% 5% 13% 15% 9% 14% 25% 30% 22% 13% Hybrid capital securities (HO1) In May 2025, the group announced it would defer interest payments on its HO1 hybrid capital securities until further notice and not redeem these instruments in the near term. The purpose of this decision was to ease Catena Media’s debt burden, allowing the group to create headroom for tech-facing investments necessary to drive the busi - ness forward. The hybrid capital securities are perpetual instruments issued in 2020 and are treated as equity under IFRS. As of 30 June, the hybrid capital securities had a nominal value of EUR 43.7m and deferred interest of EUR 5.4m. In July 2025, the interest rate increased to 3-month STI - BOR plus 11% – in line with the instrument’s terms. See “Funding” in the “Other” section on page 10 for further information. On 10 July , the group again deferred interest payments on the instruments. Accumulated deferred interest on that date totalled EUR 7 .0m. As from 10 July 2026, the interest rate increased to 3-month STIBOR plus 12% - in line with the instrument’s terms. As communicated previously , the group expects to con- tinue deferring interest payments on the hybrid capital se- curities in order to maximise flexibility for effective capital allocation – including creating scope for investments that support strategic opportunities and revenue growth. This position will be kept under regular review . Revenue and adjusted EBITDA development GEOGRAPHIC REVENUE Q2 2026 REVENUE TYPE Q2 2026 North America Rest of World CPA Revenue share Fixed 3% 97% 88% 6% 6% Revenue, EUR m Adjusted EBITDA, EUR m Adjusted EBITDA margin CEO’s comments Chairman’s letter Financial information Parent company Definitions CATENA MEDIA INTERIM REPORT JANUARY - JUNE 2026 05 Quarter and period
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SEGMENTS Casino Revenue in the Casino segment increased by 8 percent to EUR 8.5m (7 .8), corresponding to a 90 percent share of group revenue. Adjusted EBITDA decreased by 18 percent to EUR 1.1m (1.4), equal to a margin of 13 percent (17). New depositing customers (NDCs) grew by 35 percent. Compared to Q1 2026, revenue decreased by 22 percent, reflecting continued volatility in organic search rankings and an ongoing structural shift in user behaviour that has reduced traditional search traffic across the industry . Social sweepstakes casino revenue grew year on year de- spite the challenge of ongoing regulatory pressures in this sub-segment, with revenue from the MRKTPLAYS platform increasing strongly . Revenue was below the Q4 2025 peak, however , partly due to seasonal factors. Customer relationship management (CRM) recorded strong double-digit growth year on year . This was driven pri- marily by PlayUSA’s loyalty product PlayPerks, which since launch has generated a substantial increase in user traffic and interactivity with key operator customers. AMOUNTS IN ’000 (EUR) Apr-Jun 2026 Apr-Jun 2025 Change Jan-Jun 2026 Jan-Jun 2025 Change LTM Jan-Dec 2025 Revenue 8,470 7, 8 4 0 8% 19,361 15,456 25% 43,096 39,191 Adjusted EBITDA* 1,124 1,368 -18% 3,368 2,389 41% 9,923 8,944 Adjusted EBITDA margin (%)* 13 17 -4pp 17 15 2pp 23 23 NDCs 20,342 15,121 35% 48,598 29,405 65% 102,102 82,909 Q2 26Q1 26Q4 25Q3 25Q2 25Q1 25 9.9 13.9 10.9 8.5 7. 6 7. 8 REVENUE CASINO EUR m CATENA MEDIA INTERIM REPORT JANUARY - JUNE 2026 06 DefinitionsParent companyFinancial informationQuarter and periodChairman’s letterCEO’s comments
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SEGMENTS Sports The Sports segment reported a 43 percent decrease in revenue to EUR 1.0m (1.7), equal to a 10 percent share of group revenue. Adjusted EBITDA increased by 453 per - cent to EUR 0.1m (0.02), equal to a margin of 11 percent (1). New depositing customers (NDCs) decreased by 13 percent. Quarter-on-quarter revenue decreased by 32 percent due to ongoing operational challenges at core sports brands combined with the seasonally slow sports calen - dar . A calculated decision not to optimise products for the soccer World Cup meant this event delivered no mean - ingful uptick in performance. Adjusted for the esports business that was sold last year , the year-on-year revenue decline was 35 percent. This performance was in line with expectations as efforts to reverse product underperformance focused primarily on introducing new technical features in readiness for the forthcoming NFL season start. The new season will be the first with widespread user access to prediction mar - kets. AMOUNTS IN ’000 (EUR) Apr-Jun 2026 Apr-Jun 2025 Change Jan-Jun 2026 Jan-Jun 2025 Change LTM Jan-Dec 2025 Revenue 990 1,742 -43% 2,445 3,939 -38% 5,913 7,4 07 Adjusted EBITDA* 105 19 453% 545 (81) 773% 1,620 994 Adjusted EBITDA margin (%)* 11 1 10pp 22 (2) 24pp 27 13 NDCs 4,439 5,108 -13% 10,756 12,742 -16% 21,615 23,601 Q2 26Q1 26Q4 25Q3 25Q2 25Q1 25 1.8 1.7 1.5 1.0 2.2 1.7 REVENUE SPORTS EUR m CATENA MEDIA INTERIM REPORT JANUARY - JUNE 2026 07 DefinitionsParent companyFinancial informationQuarter and periodChairman’s letterCEO’s comments
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REVENUE Revenue for Q2 2026 was EUR 9.5m (9.6), a decrease of 1 percent from Q2 2025. Cost-per-acquisition (CPA) rev- enue accounted for 88 percent (86) of total revenue, with revenue derived from revenue-sharing arrangements contributing 6 percent (12) and fixed-fee revenue contrib- uting 6 percent (2) of total revenue. EARNINGS Adjusted EBITDA decreased by 11 percent and totalled EUR 1.2m (1.4), equal to an adjusted EBITDA margin of 13 percent (14). EBITDA totalled EUR 1.2m (2.2), a decrease of 46 percent. This corresponds to an EBIT - DA margin of 13 percent (23). Earnings per share (EPS) before dilution were EUR 0.001 (0.01). EPS after dilution were EUR 0.001 (0.01). Profit after tax from continuing operations was EUR 0.06m. In the comparative period, profit after tax from continuing operations was EUR 0.5m. LIQUIDITY AND CASH FLOW On 30 June, cash and cash equivalents stood at EUR 13.0m (6.6). Net cash generated from continuing operat- ing activities totalled EUR 0.03m (1.0). EXPENSES Total operating expenses totalled EUR 9.1m (8.1). Direct costs increased to EUR 3.0m (2.4). The rise in cost is consistent with the increase in MRKTPLAYS’ activity . Personnel expenses decreased to EUR 3.6m (4.6), and excluding items affecting comparability , decreased by 9 percent, EUR 3.6m (4.0). Personnel costs continue to benefit from the flatter organisational structure adopted in prior periods. Other operating expenses decreased to EUR 1.6m (1.9), and excluding items affecting comparability , decreased by 14 percent, EUR 1.6m (1.8). The decrease in other op- erating expenses was mainly driven by lower information and communication technology expenses. * All numbers and growth percentages refer to continuing operations. Financial performance (April–June 2026*) FINANCIAL PERFORMANCE CEO’s comments CATENA MEDIA INTERIM REPORT JANUARY - JUNE 2026 08 DefinitionsParent companyFinancial informationQuarter and periodChairman’s letter
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REVENUE Revenue was EUR 21.8m (19.4), an increase of 12 per - cent from the corresponding period. Revenue derived through revenue-sharing arrangements accounted for 7 percent (12) of total revenue, cost-per-acquisition reve - nue accounted for 88 percent (86) of total revenue, and fixed-fee revenue contributed 5 percent (2) of total reve - nue. EARNINGS Adjusted EBITDA increased by 70 percent and totalled EUR 3.9m (2.3). This corresponds to an adjusted EBIT - DA margin of 18 percent (12). EBITDA totalled EUR 3.8m (2.8), representing an increase of 35 percent. This corre- sponds to an EBITDA margin of 18 percent (15). Earnings per share (EPS) before dilution were 0.02 (-0.002). EPS after dilution were 0.02 (-0.002). Profit after tax from continuing operations was EUR 1.3m. In the first six months of 2025, loss after tax from continu- ing operations was EUR 0.1m. LIQUIDITY AND CASH FLOW On 30 June 2026 cash and cash equivalents stood at EUR 13.0m (6.6). Net cash generated from continuing operating activities increased by 5 percent compared to the first six months of 2025 and totalled EUR 4.4m (4.2). EXPENSES Total operating expenses totalled EUR 19.8m (18.2). Direct costs increased to EUR 6.6m (4.2). The rise in cost is consistent with the increase in MRKTPLAYS’ activity . Personnel expenses decreased to EUR 8.0m (10.2), and excluding items affecting comparability , decreased by 14 percent, EUR 8.0m (9.3). Personnel costs continue to benefit from the flatter organisational structure adopted in prior periods. Other operating expenses decreased to EUR 3.4m (3.7), and excluding items affecting comparability , decreased by 13 percent, EUR 3.3m (3.8). The decrease in other operating expenses was mainly driven by lower ICT ex - penses. * All numbers and growth percentages shown refer to continuing operations. Financial performance (January-June 2026*) FINANCIAL PERFORMANCE CEO’s comments CATENA MEDIA INTERIM REPORT JANUARY - JUNE 2026 09 DefinitionsParent companyFinancial informationQuarter and periodChairman’s letter
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OTHER SHARES AND SHARE DATA Earnings per share for Q2 2026 were EUR 0.001 (0.01) before and EUR 0.001 (0.01) after dilution. At the end of the period, Catena Media had 78,774,442 issued shares. Share capital was EUR 118,161.66, corresponding to EUR 0.0015 per share. On 30 June, the closing price of the Catena Media share was SEK 2.64. EQUITY On 30 June, equity including hybrid capital securities totalled EUR 116.1m (122.0), equivalent to an equity-to-as- sets ratio of 0.97 (0.98). Excluding hybrid capital securities, equity totalled EUR 75.5m (86.8). LARGEST SHAREHOLDERS The 10 largest shareholders of Catena Media plc on 30 June were as follows: 10 LARGEST SHAREHOLDERS AS OF 30 JUNE % Nordic Compound Invest A/S 10.0 Avanza Pension 6.9 Andre Lavold 5.1 Jesper Ribacka 5.0 Nordnet Pension Insurance 4.3 Catena Media plc 4.0 Martin Zetterlund 2.5 Hakan Sürer 1.9 Henry Rautiainen 1.6 Seedstake Ltd 1.2 Total, 10 largest shareholders 42.5 Other shareholders 57.5 Total 100.0 STRATEGIC PRIORITIES GOING FORWARD • Develop the group’s next-generation marketplace platform, connecting publishers and advertisers across a wider set of verticals to reduce reliance on any single external channel. • Focus the operating model on a smaller number of flagship brands, with shared technology , automation and cross-brand reuse across the portfolio. • Diversify revenue streams by building first-party customer data, expanding marketplace-based solutions and advancing loyalty products that deliver additional value to users and operator partners. • Maintain a close focus on financial health, deploying the group’s cash position to fund growth-oriented investment while preserving flexibility and effective risk management. FINANCIAL TARGETS #1 Double-digit organic growth in group revenue and adjusted EBITDA for 2026. #2 Net interest-bearing debt to adjusted EBITDA ratio of 0-1.75. FUNDING At the end of the period, Catena Media’s equity includ - ed the hybrid capital securities issued on 10 July 2020 and first redeemable by the company from 10 July 2025. At the end of the period, hybrid capital securities with a nominal value of EUR 43.7m, net of EUR 8.6m issuance costs and deferred interest of EUR 5.4m, were reported in the statement of financial position. For more information, see Note 4 (Hybrid capital securities) to the condensed consolidated financial statements in this report and www . catenamedia.com/investors. In May 2025, the group communicated its intention to suspend interest payments on the hybrid capital secu - rities until further notice and announced that the instru - ment would not be redeemed in the near term. The pur - pose is to ease Catena Media’s financial burden and allow the group to create headroom for tech-facing investments necessary to drive the business forward. PARENT COMPANY Catena Media plc, registration number C70858, is a public company with its head office in Malta. Catena Me- dia plc is the ultimate holding company , established to receive dividend income from the main operating compa- ny , Catena Operations Limited. Catena Media plc is listed on Nasdaq Stockholm’s Small Cap market. The shares are traded under the ticker CTM and with the ISIN code MT0001000109. No dividend income arose in Q2 2026 or Q2 2025. Q2 2026 resulted in an operating loss of EUR 0.1m and a loss after tax of EUR 0.4m. The comparative quarter resulted in an operating loss of EUR 0.04m and a loss after tax of EUR 0.6m. Interest payable on borrowings was EUR 0.3m (0.7). The parent company’s cash and cash equivalents were EUR 0.4m (0.5). Liabilities totalled EUR 90.7m (89.3). Equity was EUR 104.3m (119.9). On 30 June, the parent company’s current liabilities ex - ceeded current assets by EUR 61.4m. Liabilities of EUR 61.9m exist in respect of the parent company’s related undertakings, mainly to its subsidiary Catena Operations Limited. The directors confirm that no amounts will be re- quested and believe it remains appropriate to prepare the financial statements on a going-concern basis. SIGNIFICANT RISKS AND UNCERTAINTIES Catena Media’s risk management aims to execute the business strategy while maintaining a high level of risk awareness and control. The group is, in particular , ex - posed to compliance risks related to the online gambling industry . The SEO-based nature of the business routinely exposes the company to the risk of revenue volatility in conjunction with search-engine algorithm updates and other external factors. Risks are managed on a strate - gic, operational and financial level. Comprehensive risk disclosures and management approach are available in the 2025 annual report on pages 41-45 and 60-62. There were no significant changes to any of the risks disclosed in the annual report. See critical accounting estimates in Note 1 of this report for more information on the group’s cash-generating units and impairment assessments. SEASONALITY A significant portion of Catena Media’s sports betting business is subject to the seasonal openings and clo - sures of the major sports leagues in North America. These calendar-related shifts are associated with changeability in the group’s quarterly performance, with revenues typi- cally being higher in the first and fourth quarters. Fluctua- tions in quarterly results are also reflective of state market launches in North America. CEO’s comments Chairman’s letter Financial information Parent company Definitions CATENA MEDIA INTERIM REPORT JANUARY - JUNE 2026 10 Quarter and period
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OTHER SUSTAINABILITY Catena Media operates a digital business with a relative- ly small environmental footprint. Sustainability engage - ment therefore focuses on social responsibility , gover - nance and a commitment to fair and equitable gaming. A detailed presentation of sustainability policies and strat - egy can be found on pages 27-33 of the 2025 annual re - port. EMPLOYEES On 30 June 2026, the group had 164 (163) employees, of whom 54 (55) were women, corresponding to 33 percent (34) of the total. All employees were employed on a full- time basis. PRESENTATION OF REPORT TO INVESTORS AND MEDIA CEO Manuel Stan and CFO Michael Gerrow will present the report in a combined webcast and teleconference on 11 August 2026 at 18:00 CEST. Webcast Via the webcast you are able to ask written questions. If you wish to participate via web - cast, please use the following link: https://catena-media.events.inderes.com/q2-report-2026 Teleconference Via teleconference you are able to ask questions verbally . If you wish to participate in the call, please register using the link below . After registration you will be provided with phone numbers and a conference ID to access the conference: https://events.inderes.com/catena-media/q2-report-2026/dial-in The presentation will be available on the website at www .catenamedia.com/investors/ UPCOMING EVENTS Interim Report Q3 January–September 2026 10 November 2026 This report has not been reviewed or audited by the company’s auditors. Malta, 11 August 2026 Manuel Stan, CEO For further information, please contact Investor Relations ir@catenamedia.com Manuel Stan, CEO manuel.stan@catenamedia.com Michael Gerrow, CFO michael.gerrow@catenamedia.com Registered office Quantum Place, Triq ix-Xatt Ta’ Xbiex, Gzira, GZR 1052, Malta This information is information that Catena Media plc is obliged to make public pursuant to the EU Market Abuse Regulation and the Securities Market Act. The information was submitted for publication, through the agency of the contact per- sons, on 11 August 2026 at 17:35 CEST. CEO’s comments Chairman’s letter Financial information Parent company Definitions CATENA MEDIA INTERIM REPORT JANUARY - JUNE 2026 11 Quarter and period
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KEY METRICS In addition to financial measures defined by IFRS, Catena Media in this report presents some alternative performance measures that are not defined by IFRS. These measures provide valuable add itional informa - tion to investors and management for evalu ating the financial performance and position of Catena Media. These non-IFRS measures, as defined on the last page of the report, will not necessarily be comparable to similarly defined measures in other companies’ reports and should not be considered as substitutes for financial report- ing measures prepared in accordance with IFRS. More infor mation and key ratio calculations can be found at www .catenamedia.com/investors/. Consolidated key data and ratios Apr-Jun 2026 Apr-Jun 2025 Jan-Jun 2026 Jan-Jun 2025 Jan-Dec 2025 Financial measures defined by IFRS, total Revenue (EUR ‘000) 9,460 9,582 21,806 19,390 46,593 Earnings per share before dilution (EUR) 0.001 0.01 0.02 (0.01) (0.10) Earnings per share after dilution (EUR) 0.001 0.01 0.02 (0.01) (0.10) Weighted average number of outstanding shares at period end before dilution (’000) 75,650 75,650 75,650 75,650 75,650 Weighted average number of outstanding shares at period end after dilution (’000) 75,842 75,650 75,723 75,728 75,650 Financial measures defined by IFRS, continuing operations Revenue from continuing operations (EUR ’000) 9,460 9,582 21,806 19,395 46,598 Earnings per share before dilution from continuing operations (EUR) 0.001 0.01 0.02 (0.002) (0.10) Earnings per share after dilution from continuing operations (EUR) 0.001 0.01 0.02 (0.002) (0.10) Apr-Jun 2026 Apr-Jun 2025 Jan-Jun 2026 Jan-Jun 2025 Jan-Dec 2025 Alternative performance measures EBITDA (EUR ‘000) 1,184 2,198 3,820 2,596 10,371 EBITDA margin (%) 13 23 18 13 22 EBITDA from continuing operations (EUR ’000) 1,184 2,198 3,820 2,829 10,604 EBITDA margin from continuing operations (%) 13 23 18 15 23 Adjusted EBITDA (EUR ’000) 1,229 1,387 3,913 2,300 9,930 Adjusted EBITDA margin (%) 13 14 18 12 21 Adjusted EBITDA from continuing operations (EUR ’000) 1,229 1,387 3,913 2,308 9,938 Adjusted EBITDA margin from continuing operations (%) 13 14 18 12 21 New depositing customers from continuing operations 24,781 20,229 59,354 42,147 106,510 Average shareholders’ equity, last 12 months (EUR ’000) 116,889 132,764 116,889 132,764 119,743 Equity per share before dilution (EUR) 1.53 1.61 1.53 1.61 1.51 Equity per share after dilution (EUR) 1.53 1.61 1.53 1.61 1.51 Employees at period-end 164 163 164 163 151 Employees at period-end from continuing operations 164 163 164 163 151 CEO’s comments Chairman’s letter Financial information Parent company Definitions CATENA MEDIA INTERIM REPORT JANUARY - JUNE 2026 12 Quarter and period
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AMOUNTS IN ’000 (EUR) Notes Apr-Jun 2026 Apr-Jun 2025 Jan-Jun 2026 Jan-Jun 2025 Jan-Dec 2025 Revenue 9,460 9,582 21,806 19,395 46,598 Total revenue 9,460 9,582 21,806 19,395 46,598 Direct costs (3,036) (2,434) (6,641) (4,151) (12,395) Personnel expenses (3,626) (4,574) (8,000) (10,243) (17,9 87 ) Depreciation and amortisation (871) (742) (1,769) (1,612) (3,279) Impairment on intangible assets - - - - (16,500) Gain on disposal of intangible assets - 1,437 - 1,437 1,410 Gain on disposal of investment in subsidiary - - 5 - 45 Other Income - 59 - 111 491 Other operating expenses (1,614) (1,872) (3,350) (3,720) (7,5 5 8) Total operating expenses (9,147) (8,126) (19,755) (18,178) (55,773) Operating profit/(loss) 313 1,456 2,051 1,217 (9,175) Interest payable on borrowings - (354) - (823) (823) Other (losses)/gains on financial liability at fair value through profit or loss - (235) - 8 8 Other finance income 19 104 98 292 243 Profit/(loss) before tax 332 971 2,149 694 (9,747) Tax (expense)/income (272) (478) (822) (842) 2,489 Profit/(loss) for the period from continuing operations attributable to the equity holders of the parent company 60 493 1,327 (148) (7, 2 5 8) Loss for the period from discontinued operations - - - (233) (233) Profit/(loss) for the period 60 493 1,327 (381) (7,4 91) AMOUNTS IN ’000 (EUR) Notes Apr-Jun 2026 Apr-Jun 2025 Jan-Jun 2026 Jan-Jun 2025 Jan-Dec 2025 Other comprehensive income Items that may be reclassified to profit for the period Currency translation differences 50 (762) 421 (1,207) (1,350) Total other comprehensive income/ (loss) for the period 50 (762) 421 (1,207) (1,350) Total comprehensive income/ (loss) attributable to the equity holders of the parent company 110 (269) 1,748 (1,588) (8,841) Earnings per share for profit/ (loss) from continuing operations attributable to the equity holders of the parent company during the period (expressed in euros per share): Basic earnings per share From profit/(loss) for the period 0.001 0.01 0.02 (0.002) (0.10) Diluted earnings per share From profit/(loss) for the period 0.001 0.01 0.02 (0.002) (0.10) AMOUNTS IN ’000 (EUR) Notes Apr-Jun 2026 Apr-Jun 2025 Jan-Jun 2026 Jan-Jun 2025 Jan-Dec 2025 Operating profit/(loss) 313 1,456 2,051 1,217 (9,175) Depreciation and amortisation 871 742 1,769 1,612 3,279 Impairment on intangible assets - - - - 16,500 EBITDA 1,184 2,198 3,820 2,829 10,604 Items affecting comparability in personnel expenses 23 602 23 956 597 Items affecting comparability in other operating expenses 22 24 75 (40) 192 Gain on disposal of intangible assets - (1,437) - (1,437) (1,410) Gain on disposal of investment in subsidiary - - (5) - (45) Adjusted EBITDA 1,229 1,387 3,913 2,308 9,938 Condensed consolidated statements of comprehensive income Condensed consolidated income statement measures Quarter and periodCEO’s comments Chairman’s letter Parent company Definitions CATENA MEDIA INTERIM REPORT JANUARY - JUNE 2026 13 Financial information
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Condensed consolidated statements of financial position AMOUNTS IN ’000 (EUR) Notes 30 June 2026 30 June 2025 31 Dec 2025 ASSETS Non-current assets Right-of-use asset 290 582 377 Other intangible assets 3 90,141 107,967 90,523 Property, plant and equipment 381 531 412 Deferred tax asset 7, 2 74 2,149 7, 3 6 5 Total non-current assets 98,086 111,229 98,677 Current assets Trade and other receivables 8,437 6,402 11,923 Current tax asset 106 783 - Cash and cash equivalents 13,000 6,629 9,317 Total current assets 21,543 13,814 21,240 Total assets 119,629 125,043 119,917 AMOUNTS IN ’000 (EUR) Notes 30 June 2026 30 June 2025 31 Dec 2025 EQUITY AND LIABILITIES Capital and reserves Share capital 118 118 118 Share premium 134,041 134,041 134,041 Treasury reserve (6,154) (6,154) (6,154) Hybrid capital securities 4 40,552 35,102 37,5 9 2 Other reserves 1,965 10,151 1,544 Accumulated losses (54,434) (51,308) (52,801) Total equity 116,088 121,950 114,340 Liabilities Non-current liabilities Lease liability - 177 29 Total non-current liabilities - 177 29 Current liabilities Trade and other payables 3,541 2,916 5,027 Current tax liabilities - - 521 Total current liabilities 3,541 2,916 5,548 Total liabilities 3,541 3,093 5,577 Total equity and liabilities 119,629 125,043 119,917 The notes on pages 18 to 23 are an integral part of these condensed consolidated financial statements. Quarter and periodCEO’s comments Chairman’s letter Parent company Definitions CATENA MEDIA INTERIM REPORT JANUARY - JUNE 2026 14 Financial information
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Condensed consolidated statements of changes in equity Attributable to owners of the parent company AMOUNTS IN ’000 (EUR) Share capital Share premium Treasur y reserve Hybrid capital securities Other reserves Accumula- ted losses Total equity Balance at 1 January 2026 118 134,041 (6,154) 37,5 92 1,544 (52,801) 114,340 Comprehensive income Profit for the period - - - - - 1,327 1,327 Currency translation differences - - - - 421 - 421 Total comprehensive income for the period - - - - 421 1,327 1,748 Transactions with owners and equity holders Deferred interest on hybrid capital securities - - - 2,960 - - 2,960 Interest payable on hybrid capital securities - - - - - (2,960) (2,960) Total transactions with owners and equity holders - - - 2,960 - (2,960) - Balance at 30 June 2026 118 134,041 (6,154) 40,552 1,965 (54,434) 116,088 Attributable to owners of the parent company AMOUNTS IN ’000 (EUR) Share capital Share premium Treasur y reserve Hybrid capital securities Other reserves Accumula- ted losses Total equity Balance at 1 January 2025 118 134,041 (6,154) 35,103 11,187 (48,723) 125,572 Comprehensive income Loss for the period - - - - - (381) (381) Currency translation differences - - - - (1,207) - (1,207) Total comprehensive loss for the period - - - - (1,207) (381) (1,588) Transactions with owners and equity holders Issue of capital securities, net of transaction costs - - - (1) - - (1) Equity-settled share-based payments - - - - 171 - 171 Interest payable on hybrid capital securities - - - - - (2,204) (2,204) Total transactions with owners and equity holders - - - (1) 171 (2,204) (2,034) Balance at 30 June 2025 118 134,041 (6,154) 35,102 10,151 (51,308) 121,950 The notes on pages 18 to 23 are an integral part of these condensed consolidated financial statements. Condensed consolidated statements of changes in equity Quarter and periodCEO’s comments Chairman’s letter Parent company Definitions CATENA MEDIA INTERIM REPORT JANUARY - JUNE 2026 15 Financial information
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Condensed consolidated statements of changes in equity Attributable to owners of the parent company AMOUNTS IN ’000 (EUR) Share capital Share premium Treasur y reserve Hybrid capital securities Other reserves Accumula- ted losses Total equity Balance at 1 January 2025 118 134,041 (6,154) 35,103 11,187 (48,723) 125,572 Comprehensive income Loss for the period - - - - - (7,4 91) (7,4 91) Currency translation differences - - - - (1,350) - (1,350) Total comprehensive loss for the period - - - - (1,350) (7,4 91) (8,841) Transactions with owners and equity holders Issue of capital securities, net of transaction costs - - - (1) - - (1) Equity-settled share-based payments - - - - (186) - (186) Interest payable on hybrid capital securities - - - - - (4,694) (4,694) Deferred interest on hybrid capital securities - - - 2,490 - - 2,490 Transfer between reserves - - - - (8,107) 8,107 - Total transactions with owners and equity holders - - - 2,489 (8,293) 3,413 (2,391) Balance at 31 December 2025 118 134,041 (6,154) 37,5 92 1,544 (52,801) 114,340 Quarter and periodCEO’s comments Chairman’s letter Parent company Definitions CATENA MEDIA INTERIM REPORT JANUARY - JUNE 2026 16 Financial information
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Condensed consolidated statements of cash flows AMOUNTS IN ’000 (EUR) Apr-Jun 2026 Apr-Jun 2025 Jan-Jun 2026 Jan-Jun 2025 Jan-Dec 2025 Cash flows from operating activities Profit/(loss) before tax 332 971 2,149 461 (9,980) Loss from discontinued operations before tax - - - 233 233 Adjustments for: Depreciation and amortisation 871 742 1,769 1,612 3,279 Loss/(gain) on disposal of assets 1 (1,433) 22 (1,432) (1,398) Gain on disposal of investment in subsidiary - (5) (45) Loss allowances on trade receivables (101) (5) (101) (5) (6) Bad debts 102 8 121 - 17 Impairment on intangible assets - - - - 16,500 Unrealised exchange differences 46 (53) 21 (89) (71) Interest (income)/expense (57) 260 (63) 556 585 Net gains on financial liability and at fair value through profit or loss - 107 - (136) (136) Share-based payments - (34) - 171 (186) 1,194 563 3,913 1,371 8,792 Taxation received/(paid) (1,549) (89) (1,401) (213) (793) Changes in: Trade and other receivables 1,234 384 3,490 2,096 (3,420) Trade and other payables (850) 108 (1,616) 930 3,162 Net cash generated from continuing operating activities 29 966 4,386 4,184 7,741 Net cash used in operating activities - discontinued operations - - - (232) (232) Net cash generated from operating activities 29 966 4,386 3,952 7,5 0 9 AMOUNTS IN ’000 (EUR) Apr-Jun 2026 Apr-Jun 2025 Jan-Jun 2026 Jan-Jun 2025 Jan-Dec 2025 Cash flows generated from investing activities Acquisition of investment in subsidiary, net of cash acquired - - - (411) 517 Proceeds from sale of investment in subsidiaries - 3,500 - 18,500 18,516 Net (acquisition)/proceeds of property, plant and equipment (62) 2 (104) (34) (44) Payments on acquisition of intangible assets (589) (270) (834) (541) (1,211) Receipts on disposal of intangible assets - 1,500 - 1,500 1,630 Interest received 53 - 53 - - Net cash (used in)/ generated from investing activities (598) 4,732 (885) 19,014 19,408 Cash flows used in financing activities Repayments on borrowings - (21,478) - (21,478) (21,478) Interest paid - (1,423) - (3,020) (3,020) Lease payments (137) (101) (274) (202) (402) Net cash used in financing activities (137) (23,002) (274) (24,700) (24,900) Net movement in cash and cash equivalents (706) (17, 3 0 4) 3,227 (1,734) 2,017 Cash and cash equivalents at beginning of period 13,654 24,567 9,317 8,476 8,476 Cash acquired on acquisition - - - 928 - Currency translation differences 52 (634) 456 (1,041) (1,176) Cash and cash equivalents at end of period 13,000 6,629 13,000 6,629 9,317 The notes on pages 18 to 23 are an integral part of these condensed consolidated financial statements. Quarter and periodCEO’s comments Chairman’s letter Parent company Definitions CATENA MEDIA INTERIM REPORT JANUARY - JUNE 2026 17 Financial information
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Notes to the condensed consolidated financial statements Note 1 Accounting principles This interim report was prepared in accordance with IAS 34 “Interim financial reporting”. It was prepared under the historical cost convention, as modified by the fair valua - tion of financial liabilities measured at fair value through profit or loss. The principal accounting policies applied in the preparation of the group’s condensed consolidated financial statements are consistent with those present - ed in the annual report for the year ended 31 December 2025. CRITICAL ACCOUNTING ESTIMATES CGUs and impairment assessment The group operates through two primary segments, which also represent its two cash-generating units (CGUs) for the purposes of impairment testing in accordance with IAS 36 – Impairment of Assets. No impairment indicators arose during Q2 2026. Results for the first half of the year remained consistent with the assumptions applied in the 2025 annual impairment as - sessment, and management concluded no interim im - pairment test was required. Note 2 Segment reporting The group’s operations are reported on the basis of the two operating segments: Casino and Sports. The seg- ments were identified in accordance with the definition of an operating segment in IFRS 8, Operating Segments. No inter segmental revenues arose during the period. Further , total assets and liabilities for each reportable segment are not presented as they are not referred to for monitoring purposes. The following tables show figures for each period present- ed in this report. Since the majority of group revenue arises in North Amer- ica, management has concluded that a geographic mar - ket breakdown no longer provides meaningful additional insight and has therefore reduced its focus on such re - porting. A significant portion of Catena Media’s sports betting business is subject to the seasonal openings and clo - sures of the major sports leagues in North America. These calendar-related shifts are associated with changeability in the group’s quarterly performance, with revenues typi- cally being higher in the first and fourth quarters. Fluctua- tions in quarterly results are also reflective of state market launches in North America. Quarter and periodCEO’s comments Chairman’s letter Parent company Definitions CATENA MEDIA INTERIM REPORT JANUARY - JUNE 2026 18 Financial information3 421
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Apr-Jun 2026 Apr-Jun 2025 AMOUNTS IN ’000 (EUR) Casino Sports Un allocated Total Casino Sports Un allocated Total Revenue 8,470 990 - 9,460 7, 8 4 0 1,742 - 9,582 Total revenue 8,470 990 - 9,460 7, 8 4 0 1,742 - 9,582 Direct costs (2,968) (68) - (3,036) (2,304) (130) - (2,434) Personnel expenses (3,145) (458) (23) (3,626) (3,071) (901) (602) (4,574) Depreciation and amortisation (780) (91) - (871) (607) (135) - (742) Gain on disposal of intangible assets - - - - 1,437 - 1,437 Other income - - - - 50 9 - 59 Other operating expenses (1,233) (359) (22) (1,614) (1,147) (701) (24) (1,872) Total operating expenses (8,126) (976) (45) (9,147) (7,079) (421) (626) (8,126) Operating profit/(loss) 344 14 (45) 313 761 1,321 (626) 1,456 Interest payable on borrowings - - - - - - (354) (354) Other losses on financial liability and equity instruments at fair value through profit or loss - - - - - - (235) (235) Other finance income - - 19 19 - - 104 104 Profit/(loss) before tax 344 14 (26) 332 761 1,321 (1,111) 971 Tax expense - - (272) (272) - - (478) (478) Profit/(loss) for the period attributable to the equity holders of the parent company 344 14 (298) 60 761 1,321 (1,589) 493 Other comprehensive income Items that may be reclassified to profit for the period Currency translation differences - - 50 50 - - (762) (762) Total other comprehensive income/(loss) for the period - - 50 50 - - (762) (762) Profit/(loss) for the period – total comprehensive income/( loss) 344 14 (248) 110 761 1,321 (2,351) (269) Adjusted EBITDA 1,124 105 - 1,229 1,368 19 - 1,387 Adjusted EBITDA margin (%) 13 11 - 13 17 1 - 14 NDCs 20,342 4,439 - 24,781 15,121 5,108 - 20,229 Quarter and periodCEO’s comments Chairman’s letter Parent company Definitions CATENA MEDIA INTERIM REPORT JANUARY - JUNE 2026 19 Financial information1 3 42
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Jan-Jun 2026 Jan-Jun 2025 AMOUNTS IN ’000 (EUR) Casino Sports Un allocated Total Casino Sports Un allocated Total Revenue 19,361 2,445 - 21,806 15,456 3,939 - 19,395 Total revenue 19,361 2,445 - 21,806 15,456 3,939 - 19,395 Direct costs (6,523) (118) - (6,641) (3,871) (280) - (4,151) Personnel expenses (6,904) (1,073) (23) (8,000) (6,933) (2,354) (956) (10,243) Depreciation and amortisation (1,572) (197) - (1,769) (1,282) (330) - (1,612) Gain on disposal of investment in subsidiary - - 5 5 - - - - Gain on disposal of intangible assets - - - - - 1,437 - 1,437 Other income - - - - 90 21 111 Other operating expenses (2,566) (709) (75) (3,350) (2,353) (1,407) 40 (3,720) Total operating expenses (17,5 6 5) (2,097) (93) (19,755) (14,349) (2,913) (916) (18,178) Operating profit/(loss) 1,796 348 (93) 2,051 1,107 1,026 (916) 1,217 Interest payable on borrowings - - - - - - (823) (823) Other gains on financial liability and equity instruments at fair value through profit or loss - - - - - - 8 8 Other finance income - - 98 98 - - 292 292 Profit/(loss) before tax 1,796 348 5 2,149 1,107 1,026 (1,439) 694 Tax expense - - (822) (822) - - (842) (842) Profit/(loss) for the period from continuing operations attributable to the equity holders of the parent company 1,796 348 (817) 1,327 1,107 1,026 (2,281) (148) Loss for the period from discontinued operations - - - - (177) (56) - (233) Profit/(loss) for the period 1,796 348 (817) 1,327 930 970 (2,281) (381) Other comprehensive income Items that may be reclassified to profit for the period Currency translation differences - - 421 421 - (1,207) (1,207) Total other comprehensive income/(loss) for the period - - 421 421 - - (1,207) (1,207) Profit/(loss) for the period – total comprehensive income/( loss) 1,796 348 (396) 1,748 930 970 (3,488) (1,588) Adjusted EBITDA 3,368 545 - 3,913 2,389 (81) - 2,308 Adjusted EBITDA margin (%) 17 22 - 18 15 (2) - 12 NDCs 48,598 10,756 - 59,354 29,405 12,742 - 42,147 Quarter and periodCEO’s comments Chairman’s letter Parent company Definitions CATENA MEDIA INTERIM REPORT JANUARY - JUNE 2026 20 Financial information1 3 42
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Jan-Dec 2025 AMOUNTS IN ’000 (EUR) Casino Sports Un allocated Total Revenue 39,191 7,4 07 - 46,598 Total revenue 39,191 7,4 07 - 46,598 Direct costs (11,808) (587) - (12,395) Personnel expenses (13,883) (3,507) (597) (17,9 87 ) Depreciation and amortisation (2,737) (542) - (3,279) Impairment on intangible assets (6,000) (10,500) - (16,500) (Loss)/gain on disposal of intangible assets (94) 1,537 (33) 1,410 Gain on disposal of investment in subsidiary - - 45 45 Other income 415 76 - 491 Other operating expenses (4,971) (2,395) (192) (7,5 5 8) Total operating expenses (39,078) (15,918) (777) (55,773) Operating profit/(loss) 113 (8,511) (777) (9,175) Interest payable on borrowings - - (823) (823) Other gains on financial liability and equity instruments at fair value through profit or loss - - 8 8 Other finance income - - 243 243 Profit/(loss) before tax 113 (8,511) (1,349) (9,747) Tax income - - 2,489 2,489 Profit/(loss) for the period from continuing operations attributable to the equity holders of the parent company 113 (8,511) 1,140 (7, 2 5 8) Loss for the period from discontinued operations (177) (56) - (233) Loss for the period (64) (8,567) 1,140 (7,4 91) Other comprehensive income Items that may be reclassified to profit for the period Currency translation differences - - (1,350) (1,350) Total other comprehensive loss for the period - - (1,350) (1,350) Loss for the period – total comprehensive loss (64) (8,567) (210) (8,841) Adjusted EBITDA 8,944 994 - 9,938 Adjusted EBITDA margin (%) 23 13 - 21 NDCs 82,909 23,601 - 106,510 Quarter and periodCEO’s comments Chairman’s letter Parent company Definitions CATENA MEDIA INTERIM REPORT JANUARY - JUNE 2026 21 Financial information1 3 42
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RESULTS FROM CONTINUING OPERATIONS ARE FURTHER ANAL YSED AS FOLLOWS: Continuing operations North America Rest of World Total Amounts in ’000 (EUR) Apr-Jun 2026 Apr-Jun 2025 Apr-Jun 2026 Apr-Jun 2025 Apr-Jun 2026 Apr-Jun 2025 Total revenue 9,205 8,653 255 929 9,460 9,582 Change 6% - -73% - -1% - of which Casino 8,278 7, 2 2 3 192 617 8,470 7, 8 4 0 of which Sports 927 1,430 63 312 990 1,742 RESULTS FROM CONTINUING OPERATIONS ARE FURTHER ANAL YSED AS FOLLOWS: Continuing operations North America Rest of World Total Amounts in ’000 (EUR) Jan-Jun 2026 Jan-Jun 2025 Jan-Jun 2026 Jan-Jun 2025 Jan-Jun 2026 Jan-Jun 2025 Total revenue 20,952 17,414 854 1,981 21,806 19,395 Change 20% - -57% - 12% - of which Casino 18,711 14,241 650 1,215 19,361 15,456 of which Sports 2,241 3,173 204 766 2,445 3,939 Continuing operations North America Rest of World Total Amounts in ’000 (EUR) Jan-Dec 2025 Jan-Dec 2025 Jan-Dec 2025 Total revenue 43,776 2,822 46,598 of which Casino 37, 31 3 1,878 39,191 of which Sports 6,463 944 7,4 07 Quarter and periodCEO’s comments Chairman’s letter Parent company Definitions CATENA MEDIA INTERIM REPORT JANUARY - JUNE 2026 22 Financial information1 432
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Note 4 Hybrid capital securities At the end of Q2 2026, hybrid capital securities with a nominal value of EUR 43.7m (43.7), deferred interest of EUR 5.4m (nil) and net of EUR 8.6m (8.6) issuance costs, were reported as equity . Further details are found in the table below . AMOUNTS IN ’000 (EUR) 30 June 2026 Hybrid capital securities at nominal amount as of the beginning of the reporting period 43,731 Deferred interest on hybrid capital securities 5,449 Hybrid capital securities at nominal amount, including deferred interest, as of the end of the reporting period 49,180 AMOUNTS IN ’000 (EUR) 30 June 2026 Hybrid capital securities at nominal amount 49,180 Issuance costs Advisory costs, including financial, legal and assurance (2,335) Commission fees to guarantors (6,293) Total issuance costs (8,628) Hybrid capital securities disclosed as of the end of the reporting period 40,552 Note 3 Other intangible assets The group’s acquisitions primarily comprise other components of intellectual property , which include outsourced and internal development and licences. Group AMOUNTS IN ’000 (EUR) Domains and websites Player database Other intellectual property Total Cost at 1 January 2026 231,703 6,404 17,9 4 4 256,051 Additions - - 1,047 1,047 Disposals - - (42) (42) Cost at 30 June 2026 231,703 6,404 18,949 2 57,0 5 6 Accumulated amortisation and impairment losses at 1 January 2026 (143,077) (6,404) (16,047) (165,528) Amortisation charge (763 ) - (652) (1,415) Amortisation released upon dissolution - - 28 28 At 30 June 2026 (143,840) (6,404) (16,671) (166,915) At 30 June 2026 87, 8 6 3 - 2,278 90,141 At 30 June 2025 105,903 - 2,064 107,967 Quarter and periodCEO’s comments Chairman’s letter Parent company Definitions CATENA MEDIA INTERIM REPORT JANUARY - JUNE 2026 23 Financial information1 2 43
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AMOUNTS IN ’000 (EUR) Apr-Jun 2026 Apr-Jun 2025 Jan-Jun 2026 Jan-Jun 2025 Jan-Dec 2025 Personnel expenses (63) (40) (126) (328) 1,050 Impairment of investment in subsidiaries - - - (15,216) Other operating expenses (17) (22) (36) (45) (89) Other operating income 19 20 39 40 78 Total operating expenses (61) (42) (123) (333) (14,177) Operating loss (61) (42) (123) (333) (14,177) Interest payable on borrowings (297) (651) (594) (1,417) (2,011) Recharge of interest to subsidiary - 354 - 823 823 Other (losses)/gains on financial liability at fair value through profit or loss - (235) - 8 8 Other finance costs (5) (36) (10) (9) (13) Loss before tax (363) (610) (727) (928) (15,370) Tax expense - - (1) - - Total comprehensive loss for the period (363) (610) (728) (928) (15,370) Condensed parent company statements of comprehensive income Quarter and periodCEO’s comments Chairman’s letter Financial information Definitions CATENA MEDIA INTERIM REPORT JANUARY - JUNE 2026 24 Parent company
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Condensed parent company statements of financial position AMOUNTS IN ’000 (EUR) 30 Jun 2026 30 Jun 2025 31 Dec 2025 ASSETS Non-current assets Investment in subsidiaries 194,628 208,674 194,628 Current assets Trade and other receivables 79 6 17 Cash and cash equivalents 379 509 454 Total current assets 458 515 471 Total assets 195,086 209,189 195,099 AMOUNTS IN ’000 (EUR) 30 Jun 2026 30 Jun 2025 31 Dec 2025 EQUITY AND LIABILITIES Capital and reserves Share capital 118 118 118 Share premium 134,572 134,572 134,572 Treasury reserve (6,154) (6,154) (6,154) Hybrid capital securities 40,552 35,102 37,5 9 2 Other reserves 124 8,588 124 Accumulated losses (64,871) (52,358) (61,183) Total equity 104,341 119,868 105,069 Liabilities Non-current liabilities Borrowings 25,000 25,000 25,000 Other payables 3,859 2,672 3,266 Total non-current liabilities 28,859 27,672 28,266 Current liabilities Trade and other payables 61,886 61,649 61,764 Total current liabilities 61,886 61,649 61,764 Total liabilities 90,745 89,321 90,030 Total equity and liabilities 195,086 209,189 195,099 Quarter and periodCEO’s comments Chairman’s letter Financial information Definitions CATENA MEDIA INTERIM REPORT JANUARY - JUNE 2026 25 Parent company
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Condensed parent company statements of changes in equity Attributable to owners of the parent company AMOUNTS IN ’000 (EUR) Share capital Share premium Treasur y shares Hybrid capital securities Other reserves Accumula- ted losses Total equity Balance at 1 January 2026 118 134,572 (6,154) 37,5 92 124 (61,183) 105,069 Comprehensive income Loss for the period - - - - - (728) (728) Total comprehensive loss for the period - - - - - (728) (728) Transactions with owners and equity holders Deferred interest on hybrid capital securities - - - 2,960 - - 2,960 Interest payable on hybrid capital securities - - - - - (2,960) (2,960) Total transactions with owners and equity holders - - - 2,960 - (2,960) - Balance at 30 June 2026 118 134,572 (6,154) 40,552 124 (64,871) 104,341 Attributable to owners of the parent company AMOUNTS IN ’000 (EUR) Share capital Share premium Treasur y shares Hybrid capital securities Other reserves Accumula- ted losses Total equity Balance at 1 January 2025 118 134,572 (6,154) 35,103 8,417 (49,226) 122,830 Comprehensive income Loss for the period - - - - - (928) (928) Total comprehensive loss for the year - - - - - (928) (928) Transactions with owners and equity holders Subscription set-offs, including transaction costs - - - (1) - - (1) Interest payable on hybrid capital securities - - - - - (2,204) (2,204) Equity-settled share-based payments - - - - 171 - 171 Total transactions with owners and equity holders - - - (1) 171 (2,204) (2,034) Balance at 30 June 2025 118 134,572 (6,154) 35,102 8,588 (52,358) 119,868 Quarter and periodCEO’s comments Chairman’s letter Financial information Definitions CATENA MEDIA INTERIM REPORT JANUARY - JUNE 2026 26 Parent company
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Condensed parent company statements of changes in equity Attributable to owners of the parent company AMOUNTS IN ’000 (EUR) Share capital Share premium Treasur y shares Hybrid capital securities Other reserves Accumula- ted losses Total equity Balance at 1 January 2025 118 134,572 (6,154) 35,103 8,417 (49,226) 122,830 Comprehensive income Loss for the period - - - - - (15,370) (15,370) Total comprehensive loss for the period - - - - - (15,370) (15,370) Transactions with owners and equity holders Issue of share capital - - - (1) - - (1) Deferred interest on capital securities - - - 2,490 - - 2,490 Interest payable on hybrid capital securities - - - - - (4,694) (4,694) Equity-settled share-based payments - - - - (186) - (186) Transfer between reserves - - - - (8,107) 8,107 - Total transactions with owners and equity holders - - - 2,489 (8,293) 3,413 (2,391) Balance at 31 December 2025 118 134,572 (6,154) 37,5 92 124 (61,183) 105,069 Quarter and periodCEO’s comments Chairman’s letter Financial information Definitions CATENA MEDIA INTERIM REPORT JANUARY - JUNE 2026 27 Parent company
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Condensed parent company statements of cash flows AMOUNTS IN ’000 (EUR) Apr-Jun 2026 Apr-Jun 2025 Jan-Jun 2026 Jan-Jun 2025 Jan-Dec 2025 Cash flows from operating activities Loss before tax (363) (610) (727) (928) (15,370) Adjustments for: Impairment on investment in subsidiaries - - - - 15,216 Unrealised exchange differences 1 19 2 (13) (16) Interest expense 297 354 594 1,120 2,011 Net gains/(losses) on financial liability at fair value through profit or loss - 107 - (136) (136) Share-based payments - (34) - 171 (1,357) (65) (164) (131) 214 348 Changes in: Trade and other receivables (20) 4 (62) 10 (1) Trade and other payables - 426 (5) 419 125 Net cash (used in)/generated from operating activities (85) 266 (198) 643 472 Cash flows generated from investing activities Net proceeds from subsidiary and related parties 63 21,742 126 22,692 22,804 AMOUNTS IN ’000 (EUR) Apr-Jun 2026 Apr-Jun 2025 Jan-Jun 2026 Jan-Jun 2025 Jan-Dec 2025 Net cash generated from investing activities 63 21,742 126 22,692 22,804 Cash flows used in financing activities Net repayment on borrowings - (21,478) - (21,478) (21,478) Interest paid - (1,546) - (3,143) (3,143) Net cash used in financing activities - (23,024) - (24,621) (24,621) Net movement in cash and cash equivalents (22) (1,016) (72) (1,286) (1,345) Cash and cash equivalents at beginning of period 403 1,544 454 1,782 1,782 Currency translation differences (2) (19) (3) 13 17 Cash and cash equivalents at end of period 379 509 379 509 454 Quarter and periodCEO’s comments Chairman’s letter Financial information Definitions CATENA MEDIA INTERIM REPORT JANUARY - JUNE 2026 28 Parent company
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Definitions of alternative performance measures EBITDA Total operating profit before depreciation and am- ortisation and impairment on intangible assets. The group reports this metric so report users can monitor operating profit and cash flow and evaluate operational profitability . EBITDA FROM CONTINUING OPERATIONS Operating profit from continuing operations before depreciation and amortisation and impairment on intangible assets from continuing operations. The group reports this metric so report users can monitor operating profit and cash flow and evaluate operational profitability . EBITDA MARGIN EBITDA as a percentage of total revenue. The group reports this metric so report users can monitor operational profitability and the value created by operations. EBITDA MARGIN FROM CONTINUING OPERATIONS EBITDA from continuing operations as a percent- age of revenue from continuing operations. The group reports this metric so report users can monitor operational profitability and the value created by operations. ADJUSTED EBITDA EBITDA adjusted for items affecting compara- bility . The group reports underlying EBITDA, excluding items affecting comparability , to provide a more comparable measure over time than non-adjusted EBITDA and thus enhance users' understanding of the report. ADJUSTED EBITDA FROM CONTINUING OPERATIONS EBITDA from continuing operations adjusted for items affecting comparability from continuing operations. The group reports underlying EBITDA, excluding items affecting comparability , to provide a more comparable measure over time than non-adjusted EBITDA and thus enhance users’ understanding of the report. ADJUSTED EBITDA MARGIN Adjusted EBITDA as a percentage of total reve- nue. The group reports the underlying EBITDA margin, excluding items affecting comparability , to provide a more comparable measure over time than the non-adjusted EBITDA margin and thus enhance users' understanding of the report. ADJUSTED EBITDA MARGIN FROM CONTINUING OPERATIONS Adjusted EBITDA from continuing operations as a percentage of revenue from continuing operations. The group reports the underlying EBITDA margin, excluding items affecting comparability , to provide a more comparable measure over time than the non-adjusted EBITDA margin and thus enhance users’ understanding of the report. NDCS (NEW DEPOSITING CUSTOMERS) New customers placing a first deposit with an operator (client). The group reports this metric because it is key to measuring revenues and long-term organic growth. ITEMS AFFECTING COMPARABILITY Significant items that affect EBITDA when com- paring to previous periods. Items affecting comparability comprise reorganisation costs, costs relating to share-based payments, one-time retention incentives, restructuring costs and costs in relation to acquisitions, professional fees. REVENUE GROWTH Increase in revenue compared to the previous accounting period as a percentage of revenue in the previous accounting period. The group reports this metric to enable report users to monitor business growth. Quarter and periodCEO’s comments Chairman’s letter Financial information Parent company CATENA MEDIA INTERIM REPORT JANUARY - JUNE 2026 29 Definitions