Catena Media
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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.
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Q4 2025 earnings summary10 Feb, 2026

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.

How does deferred hybrid interest fund growth?
Assess PlayPerks and MRKTPLAYS+ impact.
Strategy for generative search headwinds?
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Frequently asked questions

Catena Media focuses on the online comparison of online gambling and financial products, including sports betting, casino, financial services and lotteries. It conducts its operations through four business lines: iGaming Vertical, Financial Services Vertical, New Verticals, and Emerging Markets. The iGaming Vertical business line comprises a portfolio of performance-based affiliate sites targeting different iGaming verticals in various geographies. The Financial Services Vertical business line includes a portfolio of lead websites in the financial services vertical. Catena Media was founded in 2008 and is headquartered in Gzira, Malta.

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