News
Gentoo Media releases Q4 2025 trading update, provides preliminary 2026 guidance and announces bond refinancing process
Gentoo Media Inc. released a trading update for the fourth quarter of 2025, provides preliminary financial guidance for the full year 2026, and announces its intention to initiate a refinancing of its outstanding bonds and credit facility.
Q4 and Full-Year 2025 Performance (unaudited)
Gentoo Media reports improved operating performance and cash generation in the fourth quarter of 2025. Revenues for the quarter amounted to EUR 25.5 million and adjusted EBITDA amounted to 14.9 million, with an operating cash flow of EUR 10.4 million. Full year 2025 revenue ended at EUR 98.6 million, adjusted EBITDA at EUR 41.4 million and operating cash flow at EUR 33.0 million.
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October – December (Q4 2025) – not audited |
Full year 2025 – not audited |
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Revenue: EUR 25.5 million |
Revenue: EUR 98.6 million |
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Adjusted EBITDA: EUR 14.9 million |
Adjusted EBITDA: EUR 41.4 million |
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Cash from operations: EUR 10.4 million |
Cash from operations: EUR 33.0 million |
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N/A |
NIBD / adj. EBITDA: 2.82x |
January 2026 trading is in line with budget and management expectations, supporting continued confidence in the Company’s financial outlook.
Refinancing of Bonds and Credit Facility
Building on the improved financial performance and a strengthened operational and financial foundation, Gentoo Media has mandated ABG Sundal Collier and Pareto Securities to arrange a series of fixed income investor meetings commencing in February 2026.
Subject to market conditions, the Company intends to issue a 3-year senior secured floating rate bond in an aggregate nominal amount of EUR 120 million, split between a SEK and a EUR tranche (the “New Bonds”). Proceeds are intended to refinance the Company’s existing EUR and SEK bonds (ISIN NO0013024018 and ISIN NO0013095687) and its credit facility. Upon completion, the New Bonds will constitute the Company’s principal debt.
Preliminary Guidance for 2026
In extension of this announcement, Gentoo Media presents a preliminary outlook for the financial year 2026. Given the timing of this communication, the guidance is provided within a wider range and should be considered an early indication of management’s current expectations for the year.
Revenue: EUR 105-115 million
Adjusted EBITDA: EUR 49-54 million
Cash from operations: EUR 37-41 million
Cash outflow related to deferred payments: EUR 3.5 million
Operational and Financial Outlook
Gentoo Media enters 2026 with record-high end-user deposit volumes at partner operators exceeding EUR 200 million in Q4 2025, which underpin operator revenue and hence Gentoo Media’s performance-based revenue streams. The business operates on a structurally optimised and disciplined cost base, providing a stable platform for continued margin expansion and stronger cash flow generation year-over-year, supported by limited committed investments.
In 2025, the Group incurred approximately EUR 5 million in non-recurring costs related to operational improvement initiatives and restructuring, alongside approximately EUR 38 million in cash outflows related to M&A and corporate split activities from prior years. In 2026 non-recurring costs are expected to decrease materially, with remaining deferred M&A-related payments of approximately EUR 3.5 million.
The 2026 financial year is also expected to benefit from a significantly more favourable global sporting calendar, including the FIFA World Cup, which historically drives higher user activity and commercial performance compared to 2025 that had no major international sports events.
Gentoo Media will publish its full Q4 2025 Interim Report on 24 February 2026, as planned.
News
Behind the Game What Makes Products Convert
In iGaming, registration does not bring value — the result appears only when the user makes the first deposit. Therefore, the Reg2Dep metric plays a key role: it shows how much you will earn from each attracted user.
Behind the Game is a series of expert materials where specialists from the N1 Partners affiliate program across different teams break down how strong iGaming products are built from the inside.
In this article, you’ll learn how the product affects Reg2Dep: what helps bring the player to the deposit, where the conversion is lost, and which solutions provide stable growth.
Top 3 must-have factors of a successful iGaming product: what has the strongest impact on Reg2Dep today?
Alignment between the offer and the player’s expectations (shaped by the traffic), including proper game selection in the lobby, plays a major role.
It’s also important to pay attention to bonus policy. The bonus offer must match the audience’s expectations and be easy to understand.
Speed is equally important — everything should be tested, from page loading to payment confirmation. Alignment between the offer and the player’s expectations (shaped by the traffic), including proper game selection in the lobby, also plays a major role.
Top-3 factors that stand out:
- First, the product must provide the maximum number of local payment methods with high approval rates.
- Second, it needs strong retention and VIP retention — achieved through CRM, bonus mechanics, and gamification.
- And of course, the foundation is a stable, fast platform without technical issues.
If you want to work right away with products where this system is already well-established and generates stable profit, join N1 Partners!
What do partners need to know when choosing a product and which red flags can’t be ignored?
You should pay attention to all product weaknesses, especially:
- Low payment approval rates.
- Confusing or irrelevant bonus terms.
- Slow support and weak brand reputation in the community.
- Unstable website performance on mobile devices.
Most often, the quality of the payment infrastructure and the availability of local solutions are underestimated.
Partners also don’t always consider retention depth and VIP segment management, as well as basic factors like page load speed and product stability.
Which onboarding elements determine whether a player makes the first deposit and where do users most often drop off?
Players don’t like to wait — fast and simple registration is crucial (1–2 steps, no unnecessary fields). There must also be a clear and understandable welcome offer, and the path to deposit should be direct and fast, with helpful prompts. If these conditions are met, players won’t drop off at the earliest stages.
Convenience is important for players at every stage of the way to the deposit, so the main points of the user loss look like this:
- At the payment method selection stage.
- At the data entry stage — if the form is too long or complicated.
- During redirection to a PSP — especially if there are payment approval issues.
- At the stage of exploring bonuses or choosing content and games — if the terms or interface are not clear enough.
Which UX changes in N1 Partners projects have recently driven the biggest conversion growth?
The greatest impact came from three areas: increasing the number of local payment solutions, personalising offers immediately after registration based on traffic type, and updating the cashier.
The new payment area became clearer and more stable for players, which directly improved conversion rates.
How does player behaviour differ across GEOs, and how do N1 Partners products adapt to Tier-1 GEOs?
User behaviour differs significantly depending on the GEO, from preferences in payment methods to the perception of bonuses.
In Tier-1, players are more demanding: product speed, transparent conditions, user-friendly UX, and a wide range of local payment solutions are critical for them.
In Tier-2, users are more sensitive to bonuses and retention mechanics, take longer to make a deposit decision, and react more strongly to the size and terms of the offer.
N1 Partners products adapt to these features through localisation of payment methods, UX development, and gamification.
Which product hypotheses most often drive Reg2Dep growth?
The most consistently effective hypotheses are those focused on simplifying the deposit flow and expanding the list of payment methods. Additional growth comes from personalised welcome offers tailored to the traffic source and type.
Which features of N1 Partners products help achieve high conversion?
A key role is played by strong payment expertise and extensive localisation of payment solutions. Conversion is further boosted by a fast registration form, a flexible bonus system with clear terms, and advanced gamification. All of this is continuously optimised through A/B testing at every stage of the funnel.
To sum up, a high Reg2Dep is the result of a systematically built product: strong payment infrastructure with local methods, fast and intuitive UX, and relevant bonus logic. This combination determines whether traffic turns into revenue.
If you want to drive traffic to strong products designed for players, start working with N1 Partners. The affiliate programme unites 14+ casino and sportsbook brands with high Reg2Dep, operates in 10+ Tier-1 GEOs, and offers competitive scaling conditions — payouts up to €700 CPA for top partners and RevShare up to 55% + NNCO.
Be number one with N1!
Conferences
G GATE CONF 2026 — June 26–27, Tbilisi
G GATE CONF (ggateconf.com) will take place in Tbilisi, Georgia — a multi-vertical affiliate conference bringing together industry professionals from around the world in one venue.
The event will be held at Expo Georgia, the country’s largest event hub, occupying four pavilions as well as the open-air space between them. In 2026, the organizers expect up to 7,000 participants from the CIS, Europe, Asia, and other regions.
When and Where
Dates: June 26–27, 2026
Location: Expo Georgia, Tbilisi, Georgia
Event Scale
G GATE CONF is a two-day event with a rich business and networking program:
- 2 stages featuring industry speakers
- 100+ company and service booths
- 50+ zones and activities for networking, learning, and relaxation
- Open-air zones for informal networking
Some formats are developed exclusively by the G GATE team specifically for the conference and are not repeated at other events.
Who Attends
The audience of G GATE CONF 2026 includes:
- Media buying teams and solo arbitrage specialists
- SEO specialists and agencies
- Company owners and C-level executives
- Advertisers and CPA networks
- Affiliate market service providers: payment solutions, trackers, anti-detect browsers, proxies, creative agencies
Verticals
Main conference verticals: iGaming, White Hat, Crypto & Finance
For the first time at G GATE CONF, the following verticals will be featured: Dating, Adult, mVas, Sweepstakes
Each vertical will have dedicated activities and engagement formats to help participants quickly find relevant contacts and solutions for their needs.
Special Projects and Activities
In 2026, the conference will include 7 special projects, such as:
- PITCH — a startup competition for launching and scaling affiliate industry projects
- G GATE AWARDS — an industry award with a gala dinner honoring companies and market leaders
- Merch Shop, SEO Shop, Match Point, and other interactive formats
Special attention is given to the afterparty, a large-scale evening event featuring headliners and dedicated networking zones, including VIP areas.
Why Attend
G GATE CONF focuses not only on content but also on the density of valuable contacts. The conference brings together multiple verticals and formats in one place, allowing participants to:
- Achieve partnership goals
- Discover new traffic sources and services
- Connect with industry professionals beyond the standard “booth-card” format
Tbilisi was chosen as a convenient meeting point for participants from different countries, and the summer dates allow for a seamless combination of work, leisure, and networking.
Affiliate Announcements
Management Buyout Successfully Completed at ReferOn
ReferOn, an affiliate management platform for the iGaming sector, today revealed the successful conclusion of a management buyout. Former General Manager Alex Bukin purchases the platform, moving the company into its next stage of independent growth. Bukin will take on the position of Chief Executive Officer (CEO) to advance the company.
Assessing the platform’s path three years after its launch, Alex Bukin, CEO of ReferOn remarked: “This is a significant moment for ReferOn and marks the start of a new phase for the company.” The management buyout offers us the long-term perspective needed to consistently enhance the platform. We uphold our dedication to product development, enhancing our solutions for partners, and facilitating ReferOn’s ongoing expansion in significant markets.
The acquisition comes after a significant phase of advancement for the firm. Established on a base of operational effectiveness and scalable technology, ReferOn persists in expanding its footprint throughout the industry. In its initial year, the platform announced 35.7 million clicks, 2.4 million sign-ups, 18,000 affiliates, and 136,000 active trackers. The company’s extensive range of tools enhances flexibility for operators and affiliates, generating momentum that recently led to ReferOn being recognized as the “Best Affiliate Platform” in 2025 and 2026 by key industry players.
This change will not impact daily operations; assistance and current collaborations will continue as normal. As part of its continuous growth strategy, ReferOn is enhancing its product lineup with the introduction of new features, such as Refie, the integrated interface layer of the platform. The platform continually improves user experience and security via dynamic reporting, Company Grouping, Sub-Affiliation, Independent Deal Calculation (IDC), two-factor authentication (2FA), and thorough mobile optimization.
To maintain operational continuity, the current leadership team stays intact, guaranteeing stability as the company moves into its next phase of growth. With Bukin’s appointment as CEO, Vlad Bondarenko has moved from Head of Product to Chief Product Officer, and David Harris, who was previously Operations Lead, has become Chief Operations Officer. As the organization embarks on its next phase, it continues to prioritize equipping operators with top-tier tools and a dedication to providing the future of affiliate management.
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