Catena Media (CTM) Q2 2026 earnings summary

Executive summary

• Q2 2026 revenue was EUR 9.5 million, down 1% year-over-year and 23% sequentially, reflecting persistent headwinds in traditional SEO-based affiliation and organic search.

• Adjusted EBITDA declined 11% year-over-year to EUR 1.2 million, with a margin of 13%.

• North America accounted for 97% of revenue, with new depositing customers up 23% year-over-year to 24,781.

• Strategic shift underway from traditional SEO affiliation to a technical infrastructure and intelligence platform, with MRKTPLAYS now contributing over a third of group revenue.

• Product innovation and loyalty programs are driving customer growth.

Financial highlights

• Q2 revenue: EUR 9.5 million, down 1% year-over-year, up 4% on constant currency, and down 23% from Q1 2026.

• Adjusted EBITDA: EUR 1.2 million, down 11% year-over-year and 54% sequentially; margin at 13%.

• H1 2026 revenue: EUR 21.8 million, up 12% year-over-year; adjusted EBITDA: EUR 3.9 million, up 70% year-over-year.

• Operating cash flow negligible in Q2; EUR 4.4 million for H1, up 5% year-over-year.

• Cash and cash equivalents at quarter-end: EUR 13 million.

Outlook and guidance

• Continued investment in automation, technical infrastructure, and intelligence platform, with full commercial launch targeted for H1 2027.

• Financial targets include double-digit organic growth in revenue and adjusted EBITDA for 2026; net interest-bearing debt to adjusted EBITDA ratio of 0-1.75.

• Ongoing deferral of hybrid capital securities interest payments to maximize capital allocation flexibility.

• Voluntary tender offer for hybrid capital securities at 20% of nominal value announced.

• Share buyback program of up to 5.98% to support employee incentive plans.