Catena Media Plc · OMXSTO:CTM
Catena Media — Q1 2025 Earnings Presentation
17 slides from Catena Media's earnings presentation, May 7, 2025
Slide 1: Q1 Interim Report January – March 2025
Q1 Interim Report January – March 2025 Manuel Stan Mike Gerrow CFO CEO
Slide 2: Overview
Overview → Continued underperformance in both casino and sports during the quarter in Q1, a 3% revenue decline compared to Q4 → The adjusted EBITDA margin fell to 9% after 2 quarters moving in the right direction → Major additional measures undertaken in Q1 to streamline operations and cut costs. Me
Slide 3: Financial summary
Financial summary Group Revenue (EURm) NDCs (‘000s) Continuing ops → Revenue from continuing operations of EUR 9.8m (16.0), down 39% YoY and 3% QoQ 9.8 16.0 21.9 44.1 → Adjusted EBITDA margin down 3 pp to 9% Jan-Mar 2025 Jan-Mar 2024 Jan-Mar 2025 Jan-Mar 2024 → North America contributed 89% (90) of
Slide 4: Organic search score
Organic search score → Volatility in organic search rankings persisted into Q1, as ongoing updates to search engine algorithms created a challenging environment → Overall average keyword ranking score of 6.22 at 31 March, compared to 5.82 on 31 December → The average score reflects the top rankings
Slide 5: Financials
Financials Q1 2025 5
Slide 6: North America
North America North Revenue (EURm) America → Revenue decreased by 39% to EUR 8.8m (14.3) and by 1% from Q4 2024 8.8 14.3 → Adjusted EBITDA of EUR 3.4m, down 11% YoY and Jan-Mar 2025 Jan-Mar 2024 corresponding to a margin of 39% – an improvement of 12pp → North America contributed 89% (90) of group r
Slide 7: Rest of the world
Rest of the world Rest Revenue (EURm) of the world Continuing operations → Revenue down 37%, primarily due to weaker performance in Japanese casino 1.1 1.7 → Adjusted EBITDA of EUR 0.6m, corresponding to margin of Jan-Mar 2025 Jan-Mar 2024 58% (47) → Regulatory changes in Japan reduced the number of
Slide 8: Segment performance
Segment performance Segments Continuing operations → Sports revenue from continuing operations down 64% YoY, Sports revenue (EURm) Casino revenue (EURm) accounting for 22% of group revenue. Adjusted EBITDA of EUR -1.1m (-1.2) 2.2 6.1 7.6 9.9 → Casino revenue from continuing operations down 23% YoY,
Slide 9: Cost development
Cost development Cost development¹ Continuing operations → Greater financial-data granularity made possible by the product- led operating model resulted in several reclassifications. These have no impact on the group's total cost base: → Full-time equivalent roles moved from other operating expenses
Slide 10: Financial position
Financial position → Another disappointing quarter with minimal cash generated from operating activities → Final proceeds of EUR 3.5m from previous divestments expected in May 2025 → Group does not intend to redeem the hybrid capital security in the short-term → Group plans to defer interest payment
Slide 11: Capital structure
Capital structure CURRENT DEBT OVERVIEW AS OF 31 MARCH 2025 EUR '000 Bond issue 2021/2025 → Cash and cash equivalents of EUR 24.6m on 31 March ‒ Total bonds issued 27,500 ‒ Repurchased bonds (6,150) → Total debt of EUR 21.4m, consisting of senior bonds maturing Outstanding bonds 21,350 June 2025 → N
Slide 12: Strategy and outlook
Strategy and outlook Q1 2025 12
Slide 13: Launches in North America
Market penetration* Launches in North America 50% 16% Sports Casino → No material US state launches to offset impact of North Carolina launch in Q1 2024 50% 84% → Expected launches 2025: Missouri online sports betting due Yet to regulate Yet to regulate to go live in the second half of year; Alberta
Slide 14: Strategic focus areas
Strategic focus areas People Product Profit + Right-sized organisation by + Subaffiliation vertical growth in Q1 + Disappointing profitability decline eliminating over 50 roles reflected strong demand from after two quarters of progress + Flattened organisation by fully operators and affiliates + Op
Slide 15: Key takeaways and financial targets
Key takeaways Financial targets → 3 percent revenue decline QoQ signalling stabilisation in our 1. Double-digit organic growth in group revenue for 2026 and in core North American market group adjusted EBITDA for 2025 and 2026 → EUR 3.5m from divestment proceeds expected end of May 2. Net interest-b
Slide 16: Q&A Q1 2025
Q&A Q1 2025 16
Slide 17: Contact information and upcoming events
Contact information Upcoming events Investor Relations Annual general meeting 2025 ir@catenamedia.com 21 May 2025 Manuel Stan, CEO Interim report Q2 2025 manuel.stan@catenamedia.com 12 August 2025 Michael Gerrow, CFO Interim report Q3 2025 michael.gerrow@catenamedia.com 4 November 2025 17