Catena Media’s Q2 Report Highlights the Impact of Optimization

Leading affiliate Catena Media has published its financial report for the second quarter of the year, highlighting the positive impact of its business optimization measures. While the company experienced certain setbacks, its leadership was happy with the effect of the stabilization efforts so far.

Catena Media’s Stabilization Efforts Yield Results

In the three months ended June 30, 2025, Catena Media reported EUR 9.6 million ($11.24 million) in revenue from continuing operations, down 25% year-on-year. On a quarter-on-quarter basis, the Q2 revenue decreased by 2%. However, when adjusted for currency translation effects due to a weaker US dollar, the company’s revenue increased by 6%.

Revenue from Catena Media’s operations in North America reached EUR 8.7 million ($10.19 million), marking a decrease of 23%. Despite the drop, the region continued to make up 90% of the company’s revenue from continuing operations. Compared to Q1, the NA revenue decreased by 1%. When adjusted for currency translation effects arising from a weaker US dollar, Catena’s NA revenue increased by 7%.

Catena Media experienced a significant 36% decline in new depositing customers (NDCs) from continuing operations to 20,229.

Despite these setbacks, Catena’s adjusted EBITDA from continuing operations reached EUR 1.4 million ($1.64 million), up 104% year-on-year. The doubling in adj. EBITDA resulted in an adj. EBITDA margin of 23% versus a margin of -4% in the prior year period.

EBITDA from continuing operations skyrocketed to EUR 2.2 million ($2.58 million), up 483% from EUR -0.6 million in Q2 2024, while earnings per share from continuing operations increased to EUR 0.01 ($0.012).

Favorable EBITDA Demonstrates the Impact of Optimization

The H1 metrics show total revenue from continuing operations at EUR 19.4 million ($22.71 million), down 33% year-on-year. In North America, Catena Media’s revenue experienced a 32% decline to EUR 17.4 million ($20.37 million).

NDCs for the period totaled 42,147, representing a decrease of 44% from 75,552 in H1 2024.

Adjusted EBITDA decreased by 9% to EUR 2.3 million ($2.69 million), although EBITDA from continuing operations increased by a staggering 744% to EUR 2.8 million ($3.28 million). The adjusted EBITDA and EBITDA margins were 12% and 15%, respectively.

Catena Media’s earnings per share increased to EUR 0.003 ($0.0035) from a loss of EUR 0.07 in the prior year period.  

Additional H1 highlights included Dan Castillo’s exit from his NED position, as well as further cost optimization measures that resulted in a 25% reduction of Catena Media’s headcount.

At the annual general meeting on May 21, the company re-elected five directors and appointed a single new one. Catena Media also named KPMG Malta as its auditor.

During the second quarter of the year, Catena Media divested its esports assets, earning EUR 1.4 million ($1.64 million) from the transaction.

Catena Bullish on H2

Catena Media CEO Manuel Stan commented on the H1 results, attributing the significant EBITDA improvements to Catena Media’s ongoing stabilization efforts. He noted that this has been the company’s strongest Q2 performance for the past few years, saying that it was driven by “underlying business improvements rather than state launches or seasonal tailwinds.”

Stan predicted that the optimization efforts in Q2 will lead to annual savings of EUR 5.3-5.8 million as Catena embraces a “leaner” and “more agile” organization. Since the optimization’s full impact won’t show before Q3 due to its recency, the CEO predicted further improvements and a business boost due to the football season.  

In the meantime, Catena continued to diversify beyond SEO, investing in paid media, subaffiliation, and CRM. According to Stan, these verticals’ share of revenue continues to grow and offset SEO pressures.

Looking ahead, we aim to carry forward the earnings momentum seen in June, which was our most profitable month of the quarter. We will also continue to invest in long-term growth and to de-risk the business model by adapting our content and technology for generative AI search and by building CRM and loyalty capabilities to strengthen customer engagement as we build our core brands.

Manuel Stan, CEO, Catena Media

 Stan concluded that Catena Media hopes to build on the H1 progress in H2.