Catena Media (CTM) Q3 2025 earnings summary

Executive summary

• Q3 revenue reached €11.6 million, up 9% year-on-year and 22% quarter-on-quarter, with 15% growth when adjusted for FX effects; North America contributed 96% of revenue.

• Adjusted EBITDA more than doubled to €2.9 million, with margin improving to 25% from 13% in Q3 2024, reflecting cost optimization and revenue diversification.

• Cost optimization program delivered full financial effect, reducing personnel and operating expenses by 6.9% year-on-year.

• Launch of MRKTPLAYS subaffiliation platform enhanced affiliate-operator connections and revenue diversification.

• Impairment losses of €16.5 million were recognized for underperforming North American sports and Asia-Pacific casino assets.

Financial highlights

• Revenue from continuing operations reached €11.6 million, up 22% quarter-on-quarter and 9% year-on-year; adjusted for FX, growth was 15%.

• Adjusted EBITDA at €2.9 million, up 119% year-on-year and 112% quarter-on-quarter; margin improved to 25% from 13% in Q3 2024.

• Operating cash flow from continuing operations was €2.1 million, up from €1.8 million in Q3 2024.

• Cash and cash equivalents at quarter-end were €8.4 million.

• For January–September 2025, revenue declined 21% year-on-year to €31.0 million, but adjusted EBITDA rose 35% to €5.2 million, with a margin of 17%.

Outlook and guidance

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

• Missouri online sports betting launch expected in December; Alberta iGaming market expected to go live in 2026.

• Direct costs expected to trend slightly upwards as performance marketing channels grow; other costs to remain flat.

• Cautious outlook due to regulatory headwinds, generative search impacts, and evolving market dynamics.