We introduce a transfer matrix formalism for the (annealed) Ising model coupled to two-dimensional causal dynamical triangulations. Using the Krein-Rutman theory of positivity preserving operators we study several properties of the emerging transfer matrix. In particular, we determine regions in the quadrant of parameters beta, mu >0 where the infinite-volume free energy converges, yielding results on the convergence and asymptotic properties of the partition function and the Gibbs measure.