Gentoo Media Plc has undertaken a “deep audit” of its 2024 and 2025 accounts to provide a transparent and accurate view of its media business.

Audit revisions were required on financial results published in 2024 and early 2025, in which Gentoo states that it had corrected errors in accounting following its divestment from previous owner Gaming Innovation Group (GiG), a transaction completed in H2 2024.

Investors were informed that auditing changes have had no cash impact on the Stockholm-listed media group.

Changes applied by the Audit Committee were announced at the publishing of Gentoo’s Q3 2025 accounts. Period trading reflected wider industry trends as Gentoo suffered from “exceptionally weak sports margins” attributed to poor sports results in September.

Q3 Revenues amounted to €22.7m down 23% on 2024 ‘restated comparatives’ of €29m. The sharp decline in revenues impacted saw Q3 EBITDA decline 32% to €9.3m (Q32024: €13.7m), with group profits from operations standing at €1m.

Gentoo states that it is navigating a period of multiple adjustments for its media network across key markets of Brazil, Europe and North America, markets where it is prioritising revenue share agreements.

The media group believes that current headwinds will be overcome by increasing investment in key media assets of WSN.com, AskGamblers and Time2Play.

Faith in cost efficiencies

On a year-to-date (YTD) basis Gentoo revenues stand at €73m, down 17% against 2024 restated income of €87.7m. EBITDA before special items closed at €26.6m compared with €42m on 2024 comparatives, as Gentoo recalibrates its media portfolio to withstand unfavourable conditions impacting performance margins. 

Q3 results saw Gentoo underline that new operational efficiencies have improved dramatically in 2025, with tighter cost controls delivering a leaner and more scalable organisation.

Personnel and operating expenses fell to €7.4m in Q3, down from €9.8m in Q1, while marketing expenditure was cut from €8.4m in Q2 to €6m in Q3 as the group shifted away from low-performing channels and prioritised high-quality traffic.

Gentoo states that it is navigating a period of adjustment for its media network across multiple markets, including the abovementioned prioritization of revenue-share agreements, which contributed 64% of income in Q3 compared with 57% last year.

CEO Jonas Warrer emphasised that the recalibration was yielding results, noting: “The transformation initiated earlier this year is now delivering tangible outcomes. We enter Q4 with a leaner organisation, stronger execution, and a solid platform for sustainable growth.”

On the balance sheet, the company continued to reinforce its financial position following the demerger. Gentoo has drawn €91m of its senior secured bond and utilised €23m of its €25m revolving credit facility (RCF), with revised covenant terms agreed in November to provide greater flexibility during the transition period.

CEO Warrer concluded: “We are emerging from this transitional period with sharper execution, a strengthened cost base and far greater organisational alignment. 

“The work done in 2025 puts Gentoo on solid footing, and we are confident that the foundations laid this year will support sustainable, profitable growth as we move into 2026.”