Catena Media reports EBITDA growth in Q2 2025

Catena Media, a leading affiliate marketing company in the iGaming sector, has published its financial results for the second quarter (Q2) and first half (H1) of 2025. The figures reveal a mixed performance, characterized by a significant drop in revenue but a noteworthy improvement in EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization), indicating early signs of operational stabilization and enhanced profitability.

Overview of Q2 financial performance

In the second quarter of 2025, Catena Media generated €9.6 million (around $11.2 million) in revenue from its ongoing operations. This represents a 25% decrease compared to the same quarter last year and a slight 2% decline quarter-on-quarter. The revenue downturn primarily stemmed from the company’s North American segment, which constitutes a substantial 90% of continuing operations revenue. North American revenue dropped 23% year-on-year and 1% compared to the previous quarter, totaling €8.7 million.

The company also experienced a decline in the number of new depositing customers (NDCs), a key performance indicator in affiliate marketing and iGaming, with 20,229 NDCs reported for Q2. This figure marked a significant 36% decrease compared to the same period in 2024, reflecting the broader challenges the sector is facing.

Strong EBITDA growth despite revenue drop

Despite the negative revenue trajectory, Catena Media achieved a remarkable increase in adjusted EBITDA, which doubled to €1.4 million—a 104% growth compared to Q2 2024. The adjusted EBITDA margin also showed considerable improvement, nearly tripling from 5% in the prior year to 14%. This improvement was largely driven by operational efficiencies and cost management initiatives.

More strikingly, EBITDA from continuing operations shifted from a loss of €0.6 million in the previous year to a positive €2.2 million in Q2 2025. This turnaround reflects effective cost controls and business restructuring measures implemented over recent quarters.

In addition, the company’s shares returned to profitability, with earnings per share rising to €0.01 compared to a loss of €0.04 during the same period in 2024.

First half results highlight ongoing challenges

The half-year financial results further underline the complex environment in which Catena Media operates. For the first six months of 2025, revenue from continuing operations declined 33% year-on-year to €19.4 million. North American revenue also contracted by 32% during this period.

New depositing customers dropped sharply by 44%, totaling 42,147 in the first half of the year. Adjusted EBITDA, while down 9% to €2.3 million, was somewhat offset by a substantial rise in EBITDA from continuing operations, which increased an impressive 744% from €0.3 million to €2.8 million.

CEO Manuel Stan’s perspective on Q2 results

Manuel Stan, CEO of Catena Media, acknowledged the ongoing difficulties but expressed cautious optimism about the recent financial developments. He stated:

“Q2 brought signs that our stabilisation efforts are having a measurable impact. Although we remain cautious in our outlook, it is encouraging to report our strongest quarter-on-quarter performance for Q2 for several years – driven by underlying business improvements rather than state launches or seasonal tailwinds.”

Mr. Stan emphasized that the company’s focus is now on building long-term resilience through strategic initiatives. These include diversifying the product offering, optimizing operational efficiencies, consolidating the technology stack, and expanding in areas where Catena Media has competitive advantages.

He concluded:

“As we move into the second half of the year, we will build on the progress made this quarter to improve profitability and build long-term resilience as we diversify the offering, optimise operations, further consolidate our tech stack and grow in areas where we know we can win. I would like to thank our teams for their continued dedication and our shareholders for their support as we move the business forward.”

Industry context and ongoing challenges

Catena Media is not alone in facing operational headwinds. The affiliate marketing and iGaming sectors have experienced significant turbulence over recent years, with regulatory changes, market saturation, and evolving consumer behaviors impacting growth trajectories.

The North American market, which remains critical to Catena Media’s business, has been particularly volatile. Legal and regulatory uncertainties, intensified competition, and shifting marketing dynamics have all contributed to revenue pressure.

In this challenging context, the improvement in EBITDA signals the company’s ability to adapt and control costs effectively, even as top-line revenue declines.

Strategic outlook and future prospects

Looking ahead, Catena Media’s strategic priorities appear focused on sustainability and profitability. By leveraging technology consolidation, product diversification, and operational efficiency, the company aims to position itself for stable growth despite market uncertainties.

The emphasis on “business improvements rather than state launches or seasonal tailwinds” highlights a shift from relying on external market events to internal operational strength. This approach is designed to foster long-term value creation and shareholder confidence.

Furthermore, the company’s ability to return to positive EBITDA from continuing operations demonstrates that restructuring efforts and cost-cutting measures have begun to yield tangible results.

Conclusion

The Q2 2025 results from Catena Media present a situation that is both challenging and cautiously hopeful. While revenue and new customer acquisitions continue to decline, the company has managed to significantly improve profitability metrics, signaling early success in its stabilization strategy.

CEO Manuel Stan’s comments suggest that the company is committed to building resilience through strategic operational improvements and targeted growth initiatives. The financial data, particularly the jump in EBITDA and margin expansion, support the narrative of a company navigating challenges and preparing for sustainable future performance.

FAQs

What is EBITDA and why is it important for Catena Media?
EBITDA stands for Earnings Before Interest, Taxes, Depreciation, and Amortization. It is a key indicator of a company’s operational profitability. For Catena Media, the rise in EBITDA despite falling revenue suggests improved cost management and operational efficiency.

Why did Catena Media’s revenue decline in Q2 2025?
The revenue decline was primarily driven by a 23% year-on-year drop in the North American market, which accounts for 90% of continuing operations revenue. Market challenges, regulatory shifts, and customer acquisition declines contributed to this decrease.

How did new depositing customers impact Catena Media’s results?
New depositing customers (NDCs) decreased by 36% in Q2 and 44% in H1 compared to the previous year. Since NDCs are critical for revenue generation in affiliate marketing, their decline directly affected overall revenue.

What strategic steps is Catena Media taking to improve its financial position?
The company is focusing on diversifying its product offering, optimizing operations, consolidating its technology stack, and expanding in competitive market segments to build long-term resilience and profitability.

How significant was the improvement in EBITDA from continuing operations?
EBITDA from continuing operations turned positive in Q2 2025, rising from a loss of €0.6 million to a gain of €2.2 million. Over H1, this increase was even more pronounced, showing a 744% improvement.

What role does the North American market play for Catena Media?
The North American market is crucial, contributing about 90% of revenue from continuing operations. However, it has also been a source of revenue decline due to market-specific challenges.

How does Catena Media’s performance compare to other affiliates?
Similar to other major affiliates, Catena Media has faced challenges in recent years. However, the company’s improved EBITDA suggests it may be more successful in managing costs and adapting its business model.

What are the risks associated with Catena Media’s revenue decline?
Sustained revenue decline could pressure profitability and limit investment capacity. However, the company’s improving EBITDA provides some mitigation by enhancing cash flow and operational flexibility.

What impact did state launches and seasonal trends have on Q2 results?
According to CEO Manuel Stan, the improved performance in Q2 was driven by underlying business improvements rather than external factors such as state launches or seasonal tailwinds.

What is the outlook for Catena Media for the remainder of 2025?
While cautious, the company plans to build on Q2 progress by further optimizing operations, diversifying offerings, and focusing on areas with competitive advantages to improve profitability and resilience.