Catena Media Posts Steady Q3 Progress

Catena Media has reported revenue from continuing operations of €11.6m for the third quarter, a 9% increase from €10.7m in the same period last year. Adjusted for currency effects, revenue growth reached 15%, while adjusted EBITDA from continuing operations more than doubled year-on-year to €2.9m, reflecting a 25% margin.

North America remained Catena’s key market, generating €11.2m in revenue – 96% of the group total. Despite a 12% decline in new depositing customers, overall profitability improved significantly. However, a €16.5m impairment charge was recorded following a writedown of certain North American sports assets and casino holdings in Asia-Pacific.

For the nine-month period to September, revenue stood at €31m, down 21% year-on-year, mainly due to a weaker performance earlier in 2025. Still, adjusted EBITDA rose 35% to €5.2m, with the EBITDA margin improving to 18% from a negative 3%.

CEO Manuel Stan described the third quarter as one of “steady operating progress,” highlighting efforts to broaden revenue streams and streamline costs. He credited profitability gains to cost-optimisation measures introduced earlier in the year and an increased focus on organic search.

MRKTPLAYS.com strengthens North American growth strategy

A major milestone during the quarter was the launch of Catena’s proprietary subaffiliation platform, MRKTPLAYS.com, in September. The platform connects affiliates and operators through a scalable digital ecosystem, designed to simplify network expansion and enhance operator reach. Catena noted strong early interest from potential partners, positioning the group for continued growth in this segment.

The company also reported greater efficiency from the unification of its technology stack. Migrating leading brands onto a central platform has improved product consistency, scalability, and overall operational performance.

In the casino segment, Catena continued integrating its top-performing brands into the unified platform to streamline management and simplify operations.

While the social sweepstakes casino sector faces regulatory uncertainty – particularly following a California ban due to take effect in January – Catena said it remains an important channel for data collection and customer acquisition.

Sports performance continued to lag, though Stan said gradual improvement is expected, with Missouri’s upcoming launch of regulated sports betting in December anticipated to deliver a modest uplift.

Stan acknowledged ongoing challenges from generative AI-driven search trends and evolving regulatory landscapes but maintained confidence in Catena’s long-term prospects. He emphasised that the company’s “diversified portfolio, disciplined operations, and strengthened SEO base” provide a strong foundation for sustainable growth.