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Gentoo Media Inc. (“Gentoo Media” or the “Company”) has published a trading update for the fourth quarter of 2025, released preliminary financial guidance for the 2026 financial year, and confirmed plans to refinance its existing bonds and credit facility.
Q4 and Full-Year 2025 Trading Update (Unaudited)
The Company delivered improved operating results and cash generation during the final quarter of 2025. Revenue for the October–December period reached EUR 25.5 million, while adjusted EBITDA totalled EUR 14.9 million. Operating cash flow for the quarter amounted to EUR 10.4 million.
For the full 2025 financial year, Gentoo Media recorded revenue of EUR 98.6 million and adjusted EBITDA of EUR 41.4 million. Cash generated from operations for the year came in at EUR 33.0 million, with net interest-bearing debt to adjusted EBITDA standing at 2.82x.
Trading activity in January 2026 has continued in line with internal budgets and management expectations.
Refinancing Initiative
Based on the Company’s improved financial performance and strengthened operational and financial position, Gentoo Media has appointed ABG Sundal Collier and Pareto Securities to arrange a series of fixed income investor meetings beginning in February 2026.
Subject to prevailing market conditions, the Company intends to issue a three-year senior secured floating rate bond with a total nominal value of EUR 120 million. The bond issuance will be divided into one SEK-denominated tranche and one EUR-denominated tranche (together, the “New Bonds”).
The proceeds are intended to refinance Gentoo Media’s existing EUR and SEK bonds (ISIN NO0013024018 and ISIN NO0013095687), as well as its current credit facility. Following completion, the New Bonds are expected to represent the Company’s main source of debt financing.
Preliminary Financial Guidance for 2026
Gentoo Media has also provided an early indication of its financial expectations for the 2026 financial year. Due to the timing of the announcement, the guidance is presented within broader ranges.
- Revenue: EUR 105–115 million
- Adjusted EBITDA: EUR 49–54 million
- Cash from operations: EUR 37–41 million
- Deferred payment cash outflow: EUR 3.5 million
Operational and Financial Position
The Company enters 2026 following record end-user deposit volumes at partner operators, which exceeded EUR 200 million in the fourth quarter of 2025. These deposit levels support operator revenues and, in turn, Gentoo Media’s performance-based revenue streams. The business continues to operate on a streamlined and disciplined cost structure, providing a foundation for ongoing margin expansion and stronger cash generation, supported by limited committed investments.
During 2025, Gentoo Media incurred approximately EUR 5 million in non-recurring costs related to operational improvement initiatives and restructuring efforts. In addition, around EUR 38 million in cash outflows were linked to M&A and corporate split activities originating from prior years. For 2026, non-recurring costs are expected to decline significantly, with remaining deferred M&A-related payments of approximately EUR 3.5 million.
The 2026 financial year is also expected to benefit from a more favourable global sporting calendar, including the FIFA World Cup, compared to 2025, which did not feature any major international sporting events.
Gentoo Media is scheduled to publish its full Q4 2025 Interim Report on 24 February 2026.
