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.

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.

ReferOn, the next-gen affiliate management platform, has been named on the EGR Europe Awards 2026 shortlist in the “European Corporate Services Supplier” category, recognising the platform’s solutions that help real operators with their operations and growth.

Continuing 2025’s Momentum

The nomination reflects a busy 2025 for ReferOn, one that was highlighted by significant product updates, rapid growth, and an ascent to becoming one of the most recognised affiliate management platforms in the industry.

Going into the new year, the ReferOn team has ambitious plans to accelerate this positive momentum by scaling alongside its growing partner base with advancements to its product vision around clarity, transparency, and ease of use. The EGR Europe Awards 2026 marks a pivotal start to 2026, and an award win demonstrates that the platform’s direction truly resonates with operators and affiliate managers worldwide.

Refie’s Human Impact

Refie, the platform’s human layer, transcends a mere surface-level companion. It hops around dashboards and workflows, providing relevant assistance, such as fixing reward logic, identifying anomalies, and making suggestions to the user.

In 2026, ReferOn plans to enhance Refie’s functionality with advanced platform gamification, engaging users and transforming how affiliate managers interact with their day-to-day operations. These developments will pave the way for personalised, smart intelligence on the platform and set an industry standard for affiliate tech.

Alex Bukin, General Manager, commented on the nomination and plans for 2026, “ReferOn made great strides in the past year, with major product developments, key recruitments, and a rapidly growing partner base. With this growth, our expectations have risen, and we want to establish ourselves as a platform that accelerates affiliate tech across the board. Being nominated for the ‘European Corporate Services Supplier’ category solidifies our ambition and is a meaningful start to our new year. With Refie driving more innovation, we look forward to driving our goal of transparency, clarity, and customer-facing features even further.”

Aff.Tech, the affiliate management platform by GR8 Tech, closed out ICE and iGB Affiliate Barcelona 2026 with over 30 meetings—connecting with new prospects, aligning on growth plans with existing partners, and visiting client booths to celebrate their recent wins firsthand.

Market Signals That Match the Roadmap

Across both events, several themes dominated conversations: AI-driven automation across affiliate operations, heightened focus on compliant and transparent tracking, demand for flexible commission structures, and a clear shift from short-term acquisition toward long-term, value-driven partnerships.

For Aff.Tech, the signals validate recent product direction. Updates showcased at ICE—including new fixed-fee commission plans for tighter budget control, a third-party CRM integration API, and redesigned reporting for real-time performance visibility—speak directly to what operators said they need: infrastructure that supports diversified affiliate ecosystems without the operational drag.

“The conversations at ICE confirmed what we’ve been building toward,” said Mariia Shmelova, CEO of Aff.Tech. “The industry is moving away from short-term acquisition thinking. Operators want partnerships they can measure, manage, and grow over time—and they need platforms that make that sustainable at scale. That’s the direction we’re committed to.”

Industry Recognition Follows

Shortly after the event, Aff.Tech was shortlisted for Best Affiliate Software at the AIBC Eurasia Awards 2026—recognition that aligns with the momentum the team is carrying into the rest of the year.