Catena Media reports Q1 2026 revenue growth driven by North America

Catena Media reported improved financial results for the first quarter of 2026 as the affiliate marketing group continued its recovery strategy with support from its North American operations. The company recorded year-on-year revenue growth from continuing operations alongside stronger EBITDA performance and a substantial rise in new depositing customers.

The latest results suggest that Catena Media’s focus on operational efficiency, product diversification and customer acquisition in regulated North American markets is beginning to deliver measurable progress. However, the company also acknowledged ongoing volatility related to search engine algorithm changes and continued softness within parts of its sports business.

Despite these challenges, management highlighted several areas that could contribute to long-term growth, including loyalty-focused casino products, subaffiliation expansion and the growing relevance of prediction markets in the United States.

Revenue and EBITDA move higher in first quarter

Catena Media reported revenue from continuing operations of €12.3 million during the first quarter of 2026. This represented an increase of 26% compared with €9.8 million during the same period in 2025.

The company also posted stronger profitability metrics. Adjusted EBITDA rose to €2.7 million from €0.9 million a year earlier. As a result, the adjusted EBITDA margin improved to 22%.

EBITDA increased to €2.6 million with an EBITDA margin of 21%, reflecting a notable improvement from the prior-year period. Earnings per share from continuing operations reached €0.02 compared with a loss of €0.01 in the first quarter of 2025.

The latest figures indicate continued stabilization following a challenging period for the affiliate marketing sector, which has faced changing search engine dynamics, evolving regulation and increased competition across online gaming markets.

Management indicated that efficiency initiatives introduced during previous periods have helped streamline operations while allowing the group to focus more closely on markets and products with stronger long-term growth potential.

North America remains the foundation of growth

North America continued to dominate Catena Media’s business during the quarter. Revenue from the region reached €11.7 million, up 34% year-on-year. The region accounted for approximately 95% of group revenue from continuing operations.

The company also reported a sharp increase in new depositing customers, which rose by 58% to 34,573 during the quarter. The increase reflected stronger customer acquisition activity across its North American portfolio.

The regulated US online gaming and sports betting market remains one of the most important regions for affiliate operators. Catena Media has spent several years positioning its brands to capture traffic and player acquisition opportunities as additional states continue to regulate online betting products.

Management suggested that the company’s concentration on North America continues to provide resilience despite broader market pressures affecting digital marketing businesses globally.

At the same time, Catena Media acknowledged that market conditions remain competitive. Operators continue to invest heavily in customer acquisition while affiliates face pressure to maintain visibility across search engines and digital channels.

Casino segment delivers strongest performance

The casino division remained the largest contributor to Catena Media’s revenue during the quarter. Casino revenue increased 43% year-on-year to €10.9 million.

The company stated that quarter-on-quarter performance was affected by volatility linked to Google’s December search algorithm update. According to management, rankings across some assets experienced fluctuations after initially positive signs following the update.

Search engine algorithm changes have become an increasingly important issue for affiliate businesses that rely heavily on organic traffic. Variations in rankings can influence user acquisition volumes, revenue generation and advertising efficiency.

Even so, Catena Media highlighted progress in diversifying its casino offering. One of the key developments during the quarter was the continued expansion of its customer relationship management products.

In January, the company launched PlayPerks on PlayUSA.com. The loyalty-focused initiative was designed to strengthen player engagement and retention through additional rewards and incentives.

Catena Media indicated that similar products could be introduced across other core assets in future quarters if early performance continues to meet expectations.

The company’s focus on CRM and loyalty initiatives reflects a wider trend across the online gaming industry, where operators and affiliates are increasingly seeking long-term customer value rather than relying exclusively on one-time acquisition activity.

Subaffiliation business expands despite slower start

Catena Media also reported annual growth within its subaffiliation operations, although quarter-on-quarter revenue in the segment declined modestly.

The company attributed the softer sequential performance partly to a slower start to the year for its MRKTPLAYS platform. Management noted that some publishing partners were affected by the same search-related pressures experienced across Catena Media’s owned portfolio.

During January, the company launched MRKTPLAYS+, an expanded version of its existing subaffiliation platform. The updated offering is intended to provide additional services and operational support for publishers active within the iGaming sector.

According to Catena Media, the initiative has already produced a growing pipeline of commercial opportunities. The company also stated that it is preparing to allocate additional capital toward the continued development of the platform.

Subaffiliation remains an important part of the broader affiliate ecosystem because it allows companies to diversify traffic sources and strengthen commercial relationships with independent publishers.

By expanding MRKTPLAYS+, Catena Media appears to be positioning itself to capture a larger share of the growing demand for performance-based marketing partnerships within regulated online gaming markets.

Sports division continues to face challenges

While casino delivered strong growth, the sports segment remained a weaker part of the portfolio during the quarter.

Management stated that current infrastructure investments within sports are not expected to produce a material short-term financial impact. This suggests the company remains in a development phase regarding its sports-related assets and technologies.

However, Catena Media identified prediction markets as a potentially important opportunity within the broader sports affiliation space.

Prediction markets allow users to trade on the outcomes of future events and have gained increased attention in parts of the United States. The company confirmed that it has already signed agreements with several operators active within this segment.

Catena Media is also building dedicated content around prediction market products as it seeks to attract audiences interested in alternative forms of sports-related engagement.

The company noted that prediction markets currently benefit from broader accessibility across the US compared with regulated sports betting. Management believes this geographic availability could create advantages in customer acquisition and traffic generation.

Although the long-term regulatory outlook for prediction markets remains subject to change, Catena Media appears to view the segment as an emerging growth area capable of complementing traditional sports betting affiliation activities.

Corporate simplification strategy continues

Alongside its operational update, Catena Media confirmed that it is progressing with plans to simplify its corporate structure.

Following efficiency measures introduced during previous periods, the company has decided to close and liquidate entities across several markets. According to management, the process is expected to reduce administrative complexity without affecting staffing levels or operational costs.

Corporate restructuring has become increasingly common across the affiliate and online gaming sectors as businesses seek to improve profitability and reduce unnecessary overhead.

Catena Media indicated that its restructuring efforts are designed to create a leaner organization capable of responding more effectively to changing market conditions.

The company has spent recent years adapting its operations following periods of declining revenue and broader industry challenges linked to regulation and digital marketing trends.

Management’s latest comments suggest that operational discipline and focused investment remain central to the company’s strategy moving forward.

Alberta launch presents new growth opportunity

Looking ahead, Catena Media identified Alberta’s regulated online gaming market launch on 13 July as a potentially important commercial opportunity.

The company plans to target the Canadian province through both its established brands and the MRKTPLAYS network.

Management pointed to the simultaneous launch of casino and sports betting products as a factor that could support customer acquisition efforts. The company also referenced Alberta’s proximity to neighboring provinces that currently remain unregulated in certain online gaming areas.

Canada continues to attract growing interest from operators and affiliates as provincial regulation evolves. Ontario’s regulated market has already demonstrated the commercial potential of Canadian online gaming, leading many industry participants to monitor Alberta’s launch closely.

Catena Media appears to view Alberta as an opportunity to expand its North American footprint further while leveraging its existing expertise in regulated gaming markets.

Outlook remains focused on sustainable growth

Catena Media’s first quarter results indicate continued progress in its recovery efforts, particularly within North America and the casino segment.

The company still faces meaningful challenges, especially regarding search engine volatility and the slower pace of development within sports. However, improved profitability, higher customer acquisition and ongoing product diversification suggest that management’s strategic adjustments are beginning to stabilize performance.

The affiliate sector remains highly competitive and subject to rapid technological and regulatory change. In this environment, companies that can maintain operational flexibility while building diversified revenue streams may be better positioned for long-term sustainability.

Catena Media’s focus on loyalty products, subaffiliation expansion and emerging categories such as prediction markets reflects an effort to reduce reliance on traditional acquisition models and adapt to shifting market conditions.

While uncertainty surrounding search visibility and market competition is likely to remain, the company’s latest results suggest that its restructuring and growth initiatives are generating measurable momentum as 2026 progresses.

Conclusion

Catena Media entered 2026 with signs of renewed stability as North America continued to deliver the majority of group revenue and customer growth. Stronger EBITDA performance, rising casino revenue and a substantial increase in new depositing customers demonstrated improvement across several core areas of the business.

At the same time, the company remained transparent about ongoing challenges tied to search engine algorithm volatility and slower development within its sports operations. By investing in CRM products, expanding MRKTPLAYS+ and exploring opportunities linked to prediction markets, Catena Media is attempting to strengthen its long-term position within the evolving affiliate industry.

The upcoming launch of Alberta’s regulated online gaming market could provide an additional avenue for expansion later in the year. As the company continues simplifying its corporate structure and refining its strategic priorities, investors and industry observers are likely to focus closely on whether Catena Media can maintain consistent growth momentum throughout the remainder of 2026.

FAQs

What was Catena Media’s revenue in Q1 2026?
Catena Media reported revenue from continuing operations of €12.3 million during the first quarter of 2026.

How much did Catena Media’s EBITDA increase in Q1 2026?
Adjusted EBITDA increased to €2.7 million compared with €0.9 million during the same period in 2025.

Which region generated the most revenue for Catena Media?
North America remained the company’s largest market and generated €11.7 million in revenue.

How many new depositing customers did Catena Media acquire?
The company reported 34,573 new depositing customers during the quarter, representing a 58% increase year-on-year.

What was the strongest business segment for Catena Media?
The casino segment delivered the strongest performance with revenue increasing 43% to €10.9 million.

What challenges did Catena Media mention in its report?
The company cited search engine algorithm volatility and ongoing weakness in parts of its sports business.

What is PlayPerks?
PlayPerks is a loyalty-focused CRM product launched on PlayUSA.com to improve player engagement and retention.

What is MRKTPLAYS+?
MRKTPLAYS+ is an expanded subaffiliation platform designed to provide additional support and services to iGaming publishers.

Why is Alberta important for Catena Media?
The launch of Alberta’s regulated online gaming market could create new customer acquisition opportunities for the company.

What are prediction markets and why are they important to Catena Media?
Prediction markets allow users to trade on future event outcomes and are viewed by Catena Media as a growing opportunity within sports-related affiliation.