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
LEONBET and Simon Msuva Continue the Journey with a Nationwide Media Tour Following The Msuva Story
Following the release of The Msuva Story documentary, LEONBET and its brand ambassador, Simon Msuva, are continuing the campaign with a nationwide media tour to share the footballer’s inspiring journey and encourage young Tanzanians to pursue their dreams with determination and confidence.
The media tour saw Msuva visit leading radio stations across Tanzania, where he discussed his football journey, the challenges he overcame, and the message behind the documentary. Through these conversations, LEONBET and Msuva encouraged young Tanzanians to believe in their ambitions, work hard, and never give up on their dreams.
The documentary chronicles Msuva’s rise from a young football enthusiast to one of Tanzania’s most recognisable professional players, highlighting the determination, discipline, and resilience that shaped his career.
“As someone who started with a dream, I want young people to know that every challenge can become an opportunity if you keep believing in yourself,” said Simon Msuva. “I hope my story inspires the next generation to pursue their goals with confidence and determination.”
As part of the campaign, LEONBET and Msuva also hosted a special community football event featuring local teams Taifa King (Temeke) and Wekewa FC (Kinondoni). Held at Mwembe Yanga Grounds, the friendly match brought together football, entertainment, and community engagement, with Simon Msuva attending as the guest of honour and meeting young fans throughout the day.
The initiative reflects LEONBET’s ongoing commitment to supporting sports development and creating opportunities that inspire young talent across Tanzania. Beyond sponsoring professional athletes and sporting initiatives, the company continues to invest in projects that strengthen local communities and promote positive role models.
Through The Msuva Story and the accompanying media tour, LEONBET and Simon Msuva hope to remind young Tanzanians of one simple message:
“Every dream is possible if you believe.”
Affiliate Success
ReferOn Wins “Best Affiliate Management Platform” at the iGB Affiliate Awards 2026
ReferOn has been named the Best Affiliate Management Platform at the prestigious iGB Affiliate Awards 2026, marking another major milestone in the company’s growth. Announced live at iGB LIVE, the recognition follows a year of relentless product innovation, customer growth, and a continued focus on simplifying affiliate operations.
Turning Complexity into Clarity
Managing high-volume affiliate programs requires processing millions of data points every day. ReferOn was built to eliminate that complexity through automation, real-time insights, and streamlined workflows.
This year also marked the introduction of Refie, ReferOn’s integrated UX layer. Instead of forcing affiliate managers to navigate complex backend data, Refie turns raw operational data into clear, actionable insights. From onboarding to daily performance tracking, it helps teams spend less time on administration and more time driving strategic growth.
Alex Bukin, CEO of ReferOn, commented: “Winning the iGB Affiliate Award is a remarkable achievement for our entire team. As affiliate programs grow, so does the complexity behind them. From day one, our ambition has been to remove that complexity, so operators can focus on growth instead of operational friction. This recognition reinforces our belief that great B2B technology should be simpler, more intuitive, easier to work with, and built around the people who use it”.
Having secured major industry awards over the past 18 months, — including ‘Affiliate System of the Year’ at AffPapa and ‘Best Affiliate Software’ at SiGMA — ReferOn looks ahead with a roadmap that remains focused on making affiliate management even more intelligent, transparent, and effortless. Our upcoming developments will continue to simplify complex workflows, expand AI-powered assistance, and provide operators with even greater visibility and control over their affiliate operations.
Affiliate Success
Kongebonus becomes first Norwegian affiliate to win Best Casino Affiliate at iGB Affiliate Awards 2026
Kongebonus has become the first Norwegian affiliate to win Best Casino Affiliate at the iGB Affiliate Awards 2026, a landmark recognition that names the independent Norwegian guide as the world’s leading casino affiliate for 2026.
The award was presented on 2 July during iGB L!VE London, where the iGB Affiliate Awards celebrated the affiliates, programmes, networks, suppliers and individuals helping to drive the iGaming sector forward.
iGB Affiliate described first-time contestant Kongebonus as a “Norwegian local hero”, noting that the platform claimed the award in a close race and ended Gambling.com Group’s two-year reign in the highly competitive category. Independent judges praised Kongebonus’ “super smart” approach, highlighting its combination of innovation, engaged player community, and strong editorial presence across Google News and the media.
The recognition reflects Kongebonus’ focus on detailed operator testing, transparent casino reviews, community-led content and player protection. The platform tests casinos with its own money before reviewing them, publishes its full methodology and continues to invest in responsible gambling resources, including practical guidance and support signposting for players.
David Nilsen, Editor-in-Chief at Kongebonus, said: “Winning Best Casino Affiliate at the iGB Affiliate Awards is a huge moment for Kongebonus and for everyone who has helped build the platform. To be recognised in a category alongside some of the biggest and most respected names in the affiliate industry is something we are incredibly proud of.
“I’ve spent more than ten years on the inside of this industry, and I’ve seen how big the gap can be between what a casino promises and what the player is actually left with. Closing that gap is the whole reason we test the way we do.
“What this award tells us is that being the most trusted guide matters more than being the biggest one, and that’s the only thing we’ve ever set out to build.”
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