Catena Media (CTM) Q2 2025 earnings summary

Executive summary

• Q2 2025 revenue was €9.6 million, stable sequentially but down 25% year-on-year; FX-adjusted, revenue rose 6% from Q1.

• Adjusted EBITDA more than doubled to €1.4 million, with margin rising to 14% from 5% in Q2 2024, reflecting successful cost optimisation.

• Cost reduction measures included a 25% headcount cut and tech stack migration, targeting annual savings of €4.5–€5.8 million.

• Senior bond was repaid in June, resulting in a net cash position (excluding hybrid capital securities).

• Revenue diversification advanced via growth in paid media, subaffiliation, and CRM, offsetting SEO challenges.

Financial highlights

• Q2 2025 revenue from continuing operations: €9.6 million, down 25% year-on-year and 2% quarter-on-quarter; FX-adjusted, up 6% sequentially.

• Adjusted EBITDA: €1.4 million, up 104% year-on-year; margin at 14% (up from 5%).

• Operating cash flow from continuing operations: €1.0 million for the quarter.

• Cash and cash equivalents at period end: €6.6 million.

• North America contributed 90% of group revenue; casino revenue up 3% sequentially, down 21% year-on-year.

Outlook and guidance

• Full impact of cost reductions and tech consolidation expected from Q3 onwards, with maximum effect in Q4.

• Double-digit organic revenue growth targeted for 2026; adjusted EBITDA growth for 2025 and 2026.

• Missouri to launch online sports betting in December 2025; Alberta iGaming expected in H1 2026.

• Focus on diversifying revenue beyond SEO, investing in CRM, paid media, and subaffiliation.

• Positive impact from July Google algorithm update on SEO rankings.