Gentoo Media Charts Growth Path with €120M Bond Refinancing and Upbeat 2026 Outlook

BIRKIRKARA, MALTA – January 29, 2026 – iGaming affiliate powerhouse Gentoo Media Inc. today signaled strong confidence in its future trajectory, announcing plans for a major €120 million bond refinancing alongside an optimistic preliminary financial outlook for 2026. The move follows a robust fourth-quarter performance in 2025, underscoring a period of strategic stabilization and operational refinement for the Nasdaq Stockholm-listed company.

In a comprehensive trading update, Gentoo Media (G2M) detailed its unaudited results, revealing improved operating performance and cash generation. The announcement also sets the stage for a pivotal year, as the company aims to capitalize on a streamlined cost structure, reduced non-recurring expenses, and a favorable global sporting calendar, including the highly anticipated FIFA World Cup.

A Strategic Financial Overhaul

At the heart of Gentoo Media's announcement is its intention to refinance its entire debt structure. The company has mandated financial services firms ABG Sundal Collier and Pareto Securities to arrange investor meetings starting in February. Subject to market conditions, Gentoo plans to issue a new three-year senior secured floating-rate bond with a nominal amount of €120 million.

The proceeds from this new issuance, which will be split between Swedish Krona (SEK) and Euro (EUR) tranches, are earmarked to fully refinance the company's existing EUR and SEK bonds (ISIN NO0013024018 and ISIN NO0013095687) as well as its credit facility. Upon completion, the new bonds will represent the company's principal debt.

This refinancing initiative follows the issuance of its previous bonds in December 2023, which totaled a €75 million equivalent. Those bonds carried a floating interest rate of EURIBOR/STIBOR plus a 7.25% margin. The new, larger bond issue suggests a strategic move to consolidate and optimize its capital structure on more favorable terms, building on what the company describes as "improved financial performance and a strengthened operational and financial foundation."

Dissecting the Performance Metrics

Gentoo Media reported unaudited Q4 2025 revenues of €25.5 million and an adjusted EBITDA of €14.9 million. For the full year 2025, revenues reached €98.6 million, with an adjusted EBITDA of €41.4 million and an operating cash flow of €33.0 million. The company's net interest-bearing debt to adjusted EBITDA ratio stood at 2.82x at year-end.

While these figures demonstrate a strong end to the year, they must be viewed in the context of significant corporate transformation. The full-year 2025 results represent a decrease from the €124.5 million in revenue and €57.2 million in EBITDA reported for 2024. This shift is largely attributable to the strategic split completed in September 2024, which separated the media business (now Gentoo Media) from its former platform and sportsbook division. The split was designed to allow each entity to pursue its own growth strategy with greater focus.

Furthermore, 2025 was a year of transition, burdened by significant one-off costs. The company incurred approximately €5 million in non-recurring expenses related to restructuring and operational improvements, alongside a substantial €38 million in cash outflows for M&A and corporate split activities from prior years. The slight year-over-year increase in Q4 adjusted EBITDA, from €14.3 million in 2024 to €14.9 million in 2025, indicates that underlying profitability is strengthening as the company moves past these transitional hurdles.

The 2026 Growth Blueprint

Looking ahead, Gentoo Media's management has issued a preliminary, yet bullish, guidance for 2026. The company projects revenues to land between €105-115 million, with adjusted EBITDA forecasted in the range of €49-54 million. This outlook suggests a potential year-over-year revenue growth of up to 17% and an EBITDA increase of as much as 30%.

This optimism is fueled by several key factors. First, the 2026 financial year is expected to benefit from a "significantly more favourable global sporting calendar." Major events, particularly the FIFA World Cup, historically act as powerful catalysts for user activity and commercial performance across the iGaming industry, driving traffic to affiliate sites like those in Gentoo's portfolio, which includes WSN (World Sports Network).

Second, the financial drag from past activities is set to diminish dramatically. Non-recurring costs are expected to decrease materially, with remaining deferred M&A-related payments shrinking to approximately €3.5 million. This sharp reduction in exceptional expenses is poised to have a direct positive impact on the bottom line and cash flow generation, which is projected to be between €37-41 million for the year.

The Engine Room: Player Deposits and Affiliate Power

Underpinning the company's confidence is a key operational metric: end-user deposit volumes at its partner operators. In Q4 2025, this figure reached a record high, exceeding €200 million. This metric is a crucial leading indicator of future revenue, as Gentoo Media's business model is heavily reliant on performance-based income.

Approximately 60% of the company's revenue comes from revenue-sharing agreements, where it earns a percentage of the net revenue generated by players it refers to gaming operators. High deposit volumes directly correlate to the potential for high player activity and, consequently, robust and recurring revenue streams for Gentoo. This demonstrates the effectiveness of its portfolio of trusted brands, including AskGamblers, Time2Play, and Casinomeister, in attracting and referring high-value players.

With a business operating on a "structurally optimised and disciplined cost base," Gentoo Media enters 2026 from a position of renewed strength. The company will provide a more detailed analysis when it publishes its full Q4 2025 Interim Report on February 24, 2026, which investors will be watching closely for further confirmation of this positive trajectory.