Gentoo Media has lowered its full-year 2026 financial guidance after second-quarter revenue declined and trading during the FIFA World Cup failed to deliver the boost the company had expected.
The Malta-based iGaming affiliate reported Q2 revenue of €22.9 million, down 9% from €25.0 million a year earlier. Gentoo said weaker first-half revenue, current trading conditions and slower progress on several commercial initiatives all contributed to the revised outlook.
The company now expects full-year revenue of between €97 million and €100 million, compared with its previous forecast of €105 million to €115 million. EBITDA before special items is projected at €44 million to €47 million, down from the earlier €49 million to €54 million range, while expected operating cash flow has been reduced from €37 million–€41 million to €32 million–€36 million.
Gentoo said the revision partly reflects lower-than-anticipated earnings linked to the 2026 FIFA World Cup, as well as the effects of its portfolio simplification programme and delays in rolling out commercial initiatives.
Despite the weaker top line, profitability improved during the quarter. EBITDA before special items rose 5% year-on-year to €8.9 million, lifting the margin to 39% from 34%. Operating profit increased to €5.8 million from €1.2 million, while net profit reached €2.7 million compared with a €0.5 million loss in Q2 2025.
Player activity also strengthened. Gentoo recorded 101,900 first-time depositors during the quarter, while the value of player deposits increased 6% year-on-year to a record €207 million. Operating cash flow amounted to €6.4 million, including €2 million of accelerated supplier payments.
The group continued to reduce leverage, with net interest-bearing debt falling to €112.2 million from €122.8 million. Its leverage ratio improved to 2.58x from 2.99x. Gentoo is also assessing refinancing alternatives, including a potential new bond and private debt structures.
Chief executive Jonas Warrer said the company’s focus for the second half of 2026 is to turn stronger player activity into renewed revenue growth while continuing to lower debt and risk across the business.
Gentoo has spent the past year simplifying its operations and concentrating resources on a smaller group of core brands. Its portfolio includes AskGamblers, Time2Play, CasinoTopsOnline, WSN and Casinomeister, alongside its Sitebee platform. The company was formerly the media division of Gaming Innovation Group before the business was separated from GiG Software in 2024.
Gentoo’s next scheduled financial update is its third-quarter report, due on November 25, 2026.