Catena Media plc Interim Report January - September 2025
July-September 2025
? Revenue from continuing operations was EUR 11.6m (10.7), an increase of 9 percent.
? Revenue in North America increased by 18 percent to EUR 11.2m (9.5), equivalent to 96 percent (89) of group revenue from continuing operations.
? New depositing customers (NDCs) from continuing operations totalled 23,999 (27,342), a decrease of 12 percent.
? Adjusted EBITDA from continuing operations increased by 119 percent to EUR 2.9m (1.3), corresponding to an adjusted EBITDA margin of 25 percent (13).
? EBITDA from continuing operations increased by 300 percent to EUR 2.7m (-1.4), equivalent to an EBITDA margin of 23 percent (-13).
? Earnings per share from continuing operations totalled EUR -0.19 (-0.55) before and EUR -0.19 (-0.54) after dilution.
? An impairment charge totalling EUR 16.5m was recognised during the quarter due to a writedown in the book value of specific North American sports assets and of casino assets in Asia-Pacific.
January-September 2025
? Revenue from continuing operations was EUR 31.0m (39.5), a decrease of 21 percent.
? Revenue in North America decreased by 18 percent to EUR 28.6m (35.0), equivalent to 92 percent (89) of group revenue from continuing operations.
? New depositing customers (NDCs) from continuing operations totalled 66,146 (102,894), a decrease of 36 percent.
? Adjusted EBITDA from continuing operations increased by 35 percent to EUR 5.2m (3.9), corresponding to an adjusted EBITDA margin of 17 percent (10).
? EBITDA from continuing operations increased by 645 percent to EUR 5.5m (-1.0), equivalent to an EBITDA margin of 18 percent (-3).
? Earnings per share from continuing operations totalled EUR -0.19 (-0.62) before dilution and EUR -0.18 (-0.61) after dilution.
Significant events during Q3 2025
? On 18 September, the group announced the launch of MRKTPLAYS.com, a new proprietary subaffiliation platform connecting affiliates to operators in a streamlined ecosystem. The platform gives affiliates the tools to expand their networks while enabling operators to extend their footprint in North America. The go-live was a significant milestone in the group's strategy to deliver scalable, technology-driven growth across the North American online casino gaming and sports betting industry.
Significant events after the period
? No significant events took place after the period.
CEO Manuel Stan comments
Q3 was a quarter of steady operating progress, with revenue up 9 percent from the same period last year?- 15 percent adjusted for currency effects - and 22 percent from Q2. Adjusted EBITDA more than doubled both year-on-year and quarter-on-quarter. These figures reflected more diversified revenue streams and a solid contribution from organic search, supported by the first full quarterly impact of the cost optimisation measures implemented earlier this year.
The drive and resilience of our teams was instrumental to achieving the uplift in top-line growth and profitability. The objectives and key result metrics we introduced early this year have channelled clear priorities, sharper execution and stronger accountability across our products.
Tech streamlining lifts key products
The benefits of a unified technology stack became more visible in Q3, simplifying product maintenance and aiding brand performance. We continued to streamline the tech setup during the quarter, initiating the migration of top-tier products onto our central platform. This work is improving consistency across products and providing a more scalable base for development.
Strong interest in subaffiliation launch
Diversification remains a top priority, and efforts in this area progressed further in Q3. Our customer relationship management (CRM) and subaffiliation verticals continued to increase their share of group revenue. The launch in September of our MRKTPLAYS subaffiliation platform replaced manual processes with a scalable setup that enhances our service. We saw strong interest from prospective subaffiliates in Q3 and are well positioned to grow this area further in the coming quarters.
As we continue to diversify our revenue streams, direct costs continued to grow in the quarter. However, as this is directly driven by revenue growth, we are pleased to see this development. Excluding diversification-related direct costs, the cost base remained relatively flat, creating scope to translate top-line revenue uplift into higher profitability. We saw this in Q3, with an increase in the adjusted EBITDA margin to 25 percent from 14 percent in Q2.
Upward trend in SEO
Organic search is Catena Media's core expertise, and our search engine optimisation (SEO) rankings held up well through the quarter after the initial upturn from the Google Core update in June. This positive trend provided a favourable base for traffic inflow. Further investments in in-house tech and product optimisation helped ensure that all of our top-tier brands met Google's Core Web Vitals standards for the first time, indicating consistency in terms of website visibility and user experience.
The impact of AI on traditional SEO remains hard to forecast. The rise of "zero click" behaviour driven by generative search continues to erode organic traffic, affecting our industry in line with broader trends. Our strategy focuses on strengthening customer retention and maximising the value of our customer base through enhanced CRM capabilities, data-driven insights and loyalty initiatives.
Solid evolution in casino
In online casino, we continued to make solid headway. Our ongoing work to integrate our premier casino sites into the central platform will simplify operations and position us for further efficiency gains.
The regulatory landscape around social sweepstakes casino has seen significant changes recently, culminating with the California ban from 1 January. We expect further legislative pressures on this vertical in the coming quarters, but the speed and spread remain to be determined. In the short and medium term, social sweepstakes casino remains a positive revenue driver and a way to acquire user data ahead of future online casino regulation by new states.
Headwinds continue in sports
In sports, we continued to face market challenges as well as product underperformance. A long-term plan is in place to improve delivery, but improvements are likely to be slow and incremental.
We look forward to the launch of regulated sports betting in Missouri on 1 December and have dedicated Missouri products in place alongside regional offers on our national brands. Given that six of the eight states bordering Missouri have already regulated online sports betting, we expect revenue uplift to be moderate.
Creating a platform for future growth
Given the industry headwinds from generative search and social sweepstakes casino, I remain cautious in our short-term outlook but am confident in the progress we are making. The combination of diversified revenue, disciplined operations and stronger search performance creates a platform for sustainable growth.
Once again, I would like to thank our employees for their dedication, adaptability and positive response to organisational changes, including the return-to-office at our Malta headquarters, and our shareholders for their continued support as we move forward.
Presentation of Catena Media's results
CEO Manuel Stan and CFO Michael Gerrow will present the Q3 2025 report in a combined webcast and teleconference on 4 November 2025 at 18:00 CET.
Webcast
Via the webcast you are able to ask written questions. If you wish to participate via webcast, please use the following link:
https://catena-media.events.inderes.com/q3-report-2025
Teleconference
Via teleconference you are able to ask questions verbally. If you wish to participate in the call, please register on the link below. After registration you will be provided phone numbers and a conference ID to access the conference:
https://conference.inderes.com/teleconference/?id=5008381
The presentation will be available on the website:
https://www.catenamedia.com/investors/financial-reports-and-presentations
Contact details for further information:
Investor Relations
Email: ir@catenamedia.com
Manuel Stan, CEO
Email: manuel.stan@catenamedia.com
Michael Gerrow, CFO
Email: michael.gerrow@catenamedia.com
This information is information that Catena Media plc is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons, on 4 November 2025 at 17:35 CET.
About Catena Media
Catena Media is a leader in generating high-value leads for operators of online casino and sports betting platforms. The group's large portfolio of brands guides users to customer websites and enriches the experience of players worldwide. Headquartered in Malta, the group employs over 150 people globally. The share (CTM) is listed on Nasdaq Stockholm Small Cap. For further information see catenamedia.com.