Catena Media Q2: EBITDA climbs amid tumbling revenue 

Key points:

– Catena Media has published its Q2 and H1 results

– Revenue from continued operations was down, but EBITDA, especially from continuing operations, showed growth

Catena Media has released its financial results for the second quarter of 2025.

In total, revenue from continuous operations totalled €9.6m ($11.2m), down 25% year-on-year or 2% quarter-on-quarter. North American revenue fell 23% year-on-year, or 1% quarter-on-quarter, to €8.7m, accounting for 90% of continuing operations revenue.

New depositing customer (NDC) numbers followed suit, with the number totalling 20,229, down 36% year-on-year.

Adjusted EBITDA, however, increased drastically, up 104% to €1.4m, with its adjusted EBITDA margin almost tripling from 5% to 14%.

This upswing in EBITDA continued with EBITDA from continuing operations growing from a loss of €0.6m to a positive €2.2m. Finally, shares became profitable, being valued at €0.01 compared to a loss of €0.04 this time last year.

Good to know: Catena Media, alongside other major affiliates, has continuously struggled in recent years. We discussed this topic with EveryMatrix CEO Ebbe Groes in a recent issue of Trafficology  

Looking at H1, the difficulties facing Catena become all the more apparent.

Revenue from continued operations was down 33% to €19.4m, down 33% year-on-year, with North American revenue following close behind with a decline of 32%. NDCs dropped 44% to 42,147, while adjusted EBITDA fell 9% to €2.3m – though, interestingly, EBITDA from continuing operations was up a surprising 744%, from €0.3m to €2.8m.

On the results, CEO Manuel Stan said: “Q2 brought signs that our stabilisation efforts are having a measurable impact. Although we remain cautious in our outlook, it is encouraging to report our strongest quarter-on-quarter performance for Q2 for several years – driven by underlying business improvements rather than state launches or seasonal tailwinds…

“As we move into the second half of the year, we will build on the progress made this quarter to improve profitability and build long-term resilience as we diversify the offering, optimise operations, further consolidate our tech stack and grow in areas where we know we can win. I would like to thank our teams for their continued dedication and our shareholders for their support as we move the business forward.”

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Beth Turner

Gambling Writer

Beth Turner is a journalist and Senior Staff Writer at Players Publishing, where she contributes news and feature content to leading B2B gaming titles, including Gambling Insider, Gaming America, Sports Betting Focus and Trafficology. Based in the London area, she has been part of the editorial team since October 2023, progressing to Senior Staff Writer in February 2025.

In her role, Beth covers key developments within the global gambling and iGaming landscape, producing insightful reporting on regulatory shifts, operator strategy, sponsorship trends and emerging market activity.

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