Catena Media Posts Steady Q3 Growth with Stronger Earnings

Revenue Growth Supported by North America

Revenue from continuing operations reached €11.6m, up 9% year-on-year, with 96% of group revenue generated in North America. Adjusted EBITDA climbed significantly to €2.9m, more than double the 2024 figure, while EBITDA swung into positive territory at €2.7m and a 23% margin.

New depositing customers declined during the quarter, reflecting tighter market conditions, but Catena Media highlighted stronger contributions from CRM and subaffiliation channels.

The group also recorded a €16.5m impairment charge linked to specific North American sports assets and casino portfolio adjustments in Asia-Pacific.

CEO Highlights “Steady Operating Progress”

Commenting on the results, CEO Manuel Stan said Q3 delivered improvements across both top-line and profitability metrics:

“Q3 was a quarter of steady operating progress, with revenue up 9 percent from the same period last year - 15 percent adjusted for currency effects – and 22 percent from Q2. Adjusted EBITDA more than doubled both year-on-year and quarter-on-quarter. These figures reflected more diversified revenue streams and a solid contribution from organic search, supported by the first full quarterly impact of the cost optimisation measures implemented earlier this year.”

Stan also credited internal alignment for stronger delivery across product units:

“The drive and resilience of our teams was instrumental to achieving the uplift in top-line growth and profitability. The objectives and key result metrics we introduced early this year have channelled clear priorities, sharper execution and stronger accountability across our products.”

Technology and Subaffiliation

The company continued migrating top brands to a unified technology platform, improving efficiency and consistency. Stan said this helps create “a more scalable base for development” as part of Catena’s transformation plan.

On 18 September, Catena launched MRKTPLAYS.com, a proprietary subaffiliation platform enabling operators and affiliates to connect within a centralised ecosystem. The CEO said early demand has been strong and the group is “well-positioned to grow this area further”.

SEO Momentum Tempers Generative Search Headwinds

Organic search remained a core driver, with rankings holding firm after a positive shift from Google’s June update. All top-tier brands now meet Core Web Vitals standards. However, Stan cautioned that generative AI continues to reshape traditional traffic flows:

“The impact of AI on traditional SEO remains hard to forecast. The rise of “zero click” behaviour driven by generative search continues to erode organic traffic, affecting our industry in line with broader trends. Our strategy focuses on strengthening customer retention and maximising the value of our customer base through enhanced CRM capabilities, data-driven insights and loyalty initiatives.”

Casino Growth Offsets Sports Slowdown

Casino performance continued to evolve positively, supported by platform integration and data acquisition opportunities in the social sweepstakes space – despite new restrictions in major states such as California.

Sports betting remains challenging with performance improvements expected to be gradual. Catena is preparing for the upcoming launch of regulated wagering in Missouri on 1 December.

Looking ahead, Stan acknowledged mixed market conditions but expressed confidence in the company’s strategy:

“Given the industry headwinds from generative search and social sweepstakes casino, I remain cautious in our short-term outlook but am confident in the progress we are making. The combination of diversified revenue, disciplined operations and stronger search performance creates a platform for sustainable growth.”

He also thanked employees for their efforts amid operational changes including return to office policies in Malta.