Catena Media (CTM) Q1 2026 earnings summary

Executive summary

• Q1 2026 revenue from continuing operations reached EUR 12.3 million, up 26% year-over-year but down 21% from Q4, with North America contributing 95% of revenue.

• Adjusted EBITDA nearly tripled year-over-year to EUR 2.7 million, with margin rising to 22% from 9% last year.

• New depositing customers increased 58%–88% year-over-year to 34,573, driven by brand performance and platform expansion.

• Casino segment revenue increased 43% year-over-year, while Sports segment revenue declined 34%.

• Profit after tax from continuing operations was EUR 1.3 million, compared to a EUR 0.6 million loss in Q1 2025.

Financial highlights

• Revenue up 26% year-over-year to EUR 12.3 million, down 21% sequentially; FX-adjusted revenue up 41% year-over-year.

• Adjusted EBITDA at EUR 2.7 million, up 191% year-over-year, margin 22%.

• Operating cash flow from continuing operations was EUR 4.4 million, up from EUR 3.2 million last year.

• Cash and cash equivalents at quarter-end were EUR 13.7 million.

• Personnel expenses down 18% year-over-year; normalized for bonuses, down up to 36%.

Outlook and guidance

• Double-digit organic growth in group revenue and adjusted EBITDA targeted for 2026.

• Alberta market launch in July 2026 seen as a significant opportunity for affiliate-driven growth.

• Continued focus on North America, with plans to expand loyalty and sub-affiliate programs.

• Expectation to maintain lean cost base and further diversify revenue streams.

• Net interest-bearing debt to adjusted EBITDA ratio targeted at 0–1.75.