Gentoo Media Inc.

Q1 revenue was EUR 24.0 million, down 5% year over year, with softer sports margins in February cited as a drag. EBITDA before special items increased 19% year over year to EUR 10.5 million, with margin expanding to 44% versus 35% in Q1 2025. Operating cash flow was EUR 7.4 million, up 61% year over year. Marketing spend fell 20% year over year to EUR 5.5 million, and personnel and other operating expenses declined 17% year over year to EUR 8.1 million, with headcount reduced from 404 to 292. Special items were EUR 1.6 million. For 2026, management said there were no changes to guidance and pointed to expectations for revenue improvement going forward, especially from the World Cup and the second half of 2026.

Jonas Warrer framed the quarter as evidence that Gentoo Media has become a leaner, more scalable, and more profitable business after the 2025 strategic realignment. He emphasized that the company is focusing on higher-value players, stronger flagship brands, and AI-enabled workflows across technology, product, content, and commercial decision-making. His tone was constructive and optimistic, especially around AskGamblers momentum, the new WordPress platform, and the potential lift from the World Cup.

Mads Albrechtsen highlighted the balance sheet and financing progress, noting deferred payments of EUR 1.6 million repaid in the quarter, EUR 2 million repaid under the revolving credit facility in January and February, and full repayment of an EUR 18 million revolving credit facility to a shareholder loan in March. He said net interest-bearing debt and deferred consideration liabilities fell by EUR 3.6 million in the quarter, and that since the start of 2025 interest-bearing debt including deferred payments has been reduced by EUR 18.1 million. He also said Q1 cash flow was affected by extraordinary refinancing and office-closure costs, but expects Q2 cash conversion to be in the same range relative to EBITDA.

On guidance, management said there were no changes at this point and that costs and savings have been delivered according to plan, while revenue expectations are tied to the World Cup and the stronger second half. On cash flow, they said Q1 was hurt by working capital and special items, but that the operating cash conversion should remain in a similar range in Q2. On refinancing, management said the business turnaround improves the case for a future refinancing, and that they are considering bond market and private alternatives ahead of the late-2026 maturity.