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The iGaming affiliate Gentoo Media has released its financial results for the second quarter of 2025, revealing a year-on-year revenue decline in key metrics.
Total Q2 revenue came in at €24.4 million ($28.4 million), a 19% decrease compared to the same period last year.
EBITDA before special items also saw a significant drop, falling from €14.8 million to €7.5 million. However, despite these declines, cash flow from operations increased by 24.2% year-on-year to €7.7 million.
The company attributed the revenue shortfall to a “deliberate operational recalibration,” alongside external factors such as market changes in Brazil and the absence of major sporting events in the quarter.
Marketing expenses rose to €8.4 million, driven by new investments.
In terms of player acquisition, the total number of First-Time Deposits (FTDs) grew to 1,362,000, a substantial increase from the previous quarter, largely fueled by a doubling of paid FTDs.
In its full-year guidance, Gentoo Media expects revenue to reach between €100 million and €105 million.
The affiliate, which completed its demerger from GiG in October 2024, is currently undergoing a strategic realignment expected to generate cost savings of €8 million to €10 million and reorganize the business for future growth.
Jonas Warrer, CEO of Gentoo Media, commented on the revenue decline:
Gaming affiliation is a key part of the value chain.
Revenue below expectation, but stabilised, with positive momentum in underlying business drivers.
