Catena Media (CTM) Q4 2025 earnings summary

Executive summary

• Q4 delivered strong growth with revenue at EUR 15.6 million, up 53% year-over-year and 34% sequentially, marking the strongest quarter since the transformation plan began.

• Adjusted EBITDA reached EUR 4.7 million, up 211% year-over-year and 60% quarter-over-quarter, with margin improving to 30% from 15% a year ago.

• Revenue diversification advanced, with performance marketing, CRM, sub-affiliation, and paid media increasing their share.

• North America accounted for 98% of revenue, reflecting strategic focus.

• Headwinds anticipated from regulatory uncertainties in social sweepstakes casinos and generative search trends.

Financial highlights

• Revenue: EUR 15.6 million, up 53% year-over-year and 34% quarter-over-quarter; up 68% year-over-year adjusted for FX.

• Adjusted EBITDA: EUR 4.7 million, up 211% year-over-year and 60% quarter-over-quarter; margin at 30% (up from 15%).

• Operating cash flow: EUR 1.4 million, up from -EUR 0.2 million in Q4 2024.

• Profit after tax: EUR 2.8 million, compared to a loss of EUR 1.4 million in Q4 2024.

• New Depositing Customers (NDCs) increased 56% to 40,364, driven by strong casino performance.

Outlook and guidance

• Double-digit organic growth in group revenue and adjusted EBITDA targeted for 2026, with expectations for more normalized quarter-on-quarter growth.

• Cautious outlook due to regulatory uncertainties in social sweepstakes casinos and generative search impacts.

• Alberta market launch expected in H2 2026, representing a significant opportunity.

• Net interest-bearing debt to adjusted EBITDA ratio targeted at 0-1.75.

• Strategic focus remains on scaling priority products, diversifying revenue, and maintaining cost discipline.