Catena Media Plc · OMXSTO:CTM
Catena Media — Q1 2024 Earnings Presentation
15 slides from Catena Media's earnings presentation, May 7, 2024
Slide 1: Q1 Interim report January – March 2024
Q1 Interim report January – March 2024 Pierre Cadena Mike Gerrow CFO Interim CEO
Slide 2: Overview
Overview → Revenue from continuing operations of EUR 16.0m (31.5), a decrease of 49 percent. → Launch of online sports betting affiliation in North Carolina (adult population 8.5m) and Vermont (adult population 0.5m) → Management changes to support new operating model to improve results in second ha
Slide 3: Financials Q1 2024
Financials Q1 2024 3
Slide 4: North America
North America North Revenue (EURm) America → Revenue decreased 50% to EUR 14.3m (28.9) → Adjusted EBITDA 72% lower at EUR 5.4m, representing a 14.3 28.9 margin of 37 percent Jan-Mar 2024 Jan-Mar 2023 → North America contributed 90% (92) of group revenue from continuing operations -50% → In Sports, i
Slide 5: Rest of the world
Rest of the world Rest Revenue (EURm) of the world Continuing operations → Revenue down 36%, primarily due to weaker performance in Sports segment 1.7 2.6 → Adjusted EBITDA increased 58% to EUR 1.1m, Jan-Mar 2024 Jan-Mar 2023 corresponding to a margin of 64% following successful streamlining in Q4 2
Slide 6: Segment performance
Segment performance Segments Continuing operations → Sports revenue from continuing operations down 68% and Sports revenue (EURm) Casino revenue (EURm) accounted for 38% of group revenue. Adjusted EBITDA of EUR -1.9m (11.1) 6.1 19.2 9.9 12.4 → Casino revenue from continuing operations 20% lower and
Slide 7: Cost development
Cost development Cost development¹ Continuing operations Rest of the world and → Continued investments into technology, AI, sub-affiliation, North America shared central operations media partnerships and paid media 10 → Total costs¹ in North America accounted for 63% of the total 1.9 1.0 group cost
Slide 8: Healthy financial position
Healthy financial position EURm → Net interest-bearing debt (NIBD) decreased by 56% to 160 4.0 EUR 10.1 million (23.1) 140 3.5 → Strong net cash position when future proceeds from divestments factored in 120 3.0 → Continued focus on debt reduction and strategic 100 2.5 investments 80 2.0 60 1.5 NIBD
Slide 9: Capital structure
CURRENT DEBT OVERVIEW AS OF 31 MARCH 2023 EUR '000 Capital structure Bond issue 2021/2025 ‒ Total bonds issued* 27,500 → Cash and cash equivalents of EUR 23.4m on 31 March ‒ Repurchased bonds* (6,150) Outstanding bonds* 21,350 → Reported net debt of EUR 10.1m Revolving credit facility (RCF) 10,000 →
Slide 10: Strategy and outlook Q1 2024
Strategy and outlook Q1 2024 10
Slide 11: Launch timeline in North America
Launch timeline in North America Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Ohio Vermont Ontario Kansas Maryland Massachusetts - Kentucky Maine North Carolina 2022 launches 2024 launches 4 sports (43.0m*) 2 sports (9m*) 1 casino (11.9m*) 0 casino 2021 launches 2023 launches 5 sp
Slide 12: North American market status
North American market status Market penetration 1 50% 16% Sports Casino 50% 84% Yet to regulate Yet to regulate Upcoming launches • No market launches are currently scheduled • Legislative cycles typically slow in election years, e.g. 2024 Q1 2024 – Catena Media Interim Report 1 Total adult populati
Slide 13: Focus areas H1 2024
Focus areas H1 2024 Product development Management changes Advance technology Grow media partnerships + Implement product-led + Transformation of extended + Rollout of new technical + Continue to grow and expand operating model, replacing management team to execute platform to complete in Q2 – exist
Slide 14: Key takeaways and financial targets
Key takeaways Financial targets → Lower revenue in North America due partly to increased 1. Double-digit organic growth in both revenue and adjusted competition and lower marketing spending by operators EBITDA for 2025 and 2026 at group level → Revenue impact strongest in Sports, where measures unde
Slide 15: Contact information and upcoming events
Contact information Upcoming events Investor Relations Annual general meeting 2024 ir@catenamedia.com 15 May 2024 Pierre Cadena, Interim CEO Interim report Q2 2024 Pierre.cadena@catenamedia.com 14 August 2024 Michael Gerrow, CFO Interim report Q3 2024 michael.gerrow@catenamedia.com 7 November 2024 1