Gentoo Media (G2M) Q3 2025 earnings summary

Executive summary

• Q3 2025 showed clear results from strategic realignment, with improved EBITDA margin and a more efficient cost base.

• Revenue was below expectations due to weak September sports margins and challenging market conditions in Brazil, but underlying activity and player intake remained healthy.

• Organisational capabilities and delivery discipline were strengthened, positioning for strong year-end and 2026 growth.

• October revenue grew 15% over September, with November trending higher, supporting confidence in meeting full-year 2025 targets.

• The company completed a comprehensive review and restatement of prior financials, increasing H1 2025 revenue by EUR 1.2 million and EBITDA by EUR 2.2 million.

Financial highlights

• Q3 2025 revenue was €22.7m, down from €29.5m in Q3 2024 and €25.0m in Q2 2025.

• EBITDA before special items was €9.3m (41% margin), down year-over-year but up €0.9m sequentially, reflecting cost base improvements.

• Net profit for Q3 2025 was €1.0m, compared to a €60.2m loss in Q3 2024 and €2.5m profit in Q3 2024; net profit margin 5%.

• Cash flow from operations was €8.6m, improved sequentially; cash and bank deposits at period end were €3.6m.

• Total assets: €153.9m; equity: €-17.1m; bond payable: €91.1m.

Outlook and guidance

• Full-year 2025 guidance maintained: revenue €100–105m, EBITDA before special items €40–43m, EBITDA margin 40–41%.

• Free cash flow from operations guidance for 2025 raised to €31–34m.

• Q4 is expected to be strong, supported by a reduced cost base, restored EBITDA margins, and seasonality.