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Catena Media (CTM) investor relations material
Catena Media Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Q4 delivered strong growth with revenue at EUR 15.6 million, up 53% year-over-year and 34% sequentially, marking the strongest quarter since the transformation plan began.
Adjusted EBITDA reached EUR 4.7 million, up 211% year-over-year and 60% quarter-over-quarter, with margin improving to 30% from 15% a year ago.
Revenue diversification advanced, with performance marketing, CRM, sub-affiliation, and paid media increasing their share.
North America accounted for 98% of revenue, reflecting strategic focus.
Headwinds anticipated from regulatory uncertainties in social sweepstakes casinos and generative search trends.
Financial highlights
Revenue: EUR 15.6 million, up 53% year-over-year and 34% quarter-over-quarter; up 68% year-over-year adjusted for FX.
Adjusted EBITDA: EUR 4.7 million, up 211% year-over-year and 60% quarter-over-quarter; margin at 30% (up from 15%).
Operating cash flow: EUR 1.4 million, up from -EUR 0.2 million in Q4 2024.
Profit after tax: EUR 2.8 million, compared to a loss of EUR 1.4 million in Q4 2024.
New Depositing Customers (NDCs) increased 56% to 40,364, driven by strong casino performance.
Outlook and guidance
Double-digit organic growth in group revenue and adjusted EBITDA targeted for 2026, with expectations for more normalized quarter-on-quarter growth.
Cautious outlook due to regulatory uncertainties in social sweepstakes casinos and generative search impacts.
Alberta market launch expected in H2 2026, representing a significant opportunity.
Net interest-bearing debt to adjusted EBITDA ratio targeted at 0-1.75.
Strategic focus remains on scaling priority products, diversifying revenue, and maintaining cost discipline.
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