Gentoo Media (G2M) ABGSC Investor Days summary

Business Overview and Strategy

• Operates in online player-operator connection with 450 employees from 47 nationalities across five European offices and 150+ websites, serving 3,000 partners in over 100 markets.

• Revenue model is 60% recurring (revenue share), 30% listing fees, and 10% CPA, with a focus on casino (75% of revenue) and sports betting (25%).

• Emphasizes a product-driven approach over SEO, with flagship and local champion sites, and a strong tech platform managed by over 100 employees supporting efficiency and scalability.

• Offers compliance and complaint services, helping players recover approximately EUR 80 million from operators and supporting operators in regulated markets.

• Maintains a diversified presence to adapt to regulatory changes and market shifts.

Financial Performance and Targets

• Last twelve months revenue reached EUR 104 million, with EBITDA close to EUR 37 million; guidance for the year is EUR 40–41 million.

• Free cash flow stands at EUR 28 million, with leverage expected to fall below 3 by year-end.

• Quarterly player deposits for partners total around EUR 200 million.

• Bond financing is stable, with outstanding bonds totaling EUR 60m and SEK 350m, maturing December 18, 2026; coupon rates are 3m EURIBOR/STIBOR + 7.25% p.a., with current interest rates near 9.7%.

• Trading at approximately 35% below peer multiples.

Market and Regulatory Landscape

• Operates mainly in regulated markets, with about 70% of the market regulated in 2025 and 30% of global gaming markets still unregulated, presenting growth potential.

• Estimated iGaming market size for 2025 is $216.7 billion, with a 10.7% CAGR projected to 2030.

• Affiliation market size in 2025 estimated at $13-21.7 billion, with 30-40% of players coming from affiliates.

• Sees continued shift from offline to online gaming as a positive industry trend.

• Brazilian market viewed as important but immature, with cautious investment due to low revenue share and slow regulatory progress.