Gentoo Media (G2M) ABGSC Investor Days summary

Business overview and strategy

• Operates as a global iGaming affiliate, connecting high-intent users with online casinos and sportsbooks through content and reviews.

• Generates revenue via recurring revenue share (60%), listing fees (30%), and CPA (10%), with a strong focus on building long-term player cohorts.

• Achieved five years of consecutive quarterly growth and industry-leading EBITDA margins around 45%, primarily through organic expansion.

• Expanded from a Scandinavian focus in 2019 to a global presence, with 60% of revenue from Europe and 20% from the Americas.

• Main revenue driver is the casino segment, with a large, recurring player base and significant deposits with operator partners.

Recent performance and challenges

• Q1 2024 marked the first revenue decline in over five years, with revenue dropping to EUR 24.8 million from EUR 28 million YoY, mainly due to regulatory headwinds in Brazil.

• Despite the Q1 setback, player intake remains strong, and most websites are growing post-quarter, supporting confidence in business fundamentals.

• Guidance for 2025 anticipates revenue in line with 2024 and an EBITDA margin of 40-45%, with expectations of strong cash flow in H2 2025.

• Cash flow remains robust, exemplified by a EUR 47 million transfer after a platform and sportsbook demerger.

Cost savings and operational focus

• Initiated workforce reductions and organizational simplification post-demerger to enhance agility and margin resilience.

• Reduced active websites from 125-150 to 70, allowing greater focus and resource allocation to high-potential sites.

• Streamlined activities to prioritize those with attractive long-term revenue growth and EBITDA margins, addressing overexpansion in 2024.