Q4 Was Catena Media’s Strongest Quarter Since Its Organizational Reset

Leading gaming affiliate Catena Media has published its financials for Q4, highlighting a strong end to the year. Despite the weaker revenue for the year, the company’s EBITDA metrics increased significantly in 2025.  

Another Solid Quarter for Catena Media

Coming after a “solid” Q3, Catena Media’s report outlined Q4 revenue of EUR 15.6 million ($18.6 million), up 53% year-on-year. This was primarily driven by a stellar 71% increase in revenue in North America to EUR 15.2 million ($18.1 million). The NA segment comprised 98% of the company’s revenue from continuing operations, up from 87% in the prior year period.

In the meantime, adjusted EBITDA from continuing operations skyrocketed to EUR 4.7 million ($5.6 million), marking an increase of a whopping 211%. This figure corresponds to an adjusted EBITDA margin of 30%, up from 15% in the prior year quarter. EBITDA from continuing operations, on the other hand, increased by 574% to EUR 5.1 million ($6.1 million), equivalent to an EBITDA margin of 33%.

The quarter saw Catena Media’s net depositing customers (NDCs) from continuing operations increase by 56% to 40,364. Additionally, Catena Media reported an increase in earnings per share to EUR 0.04 ($0.048) from a loss of EUR 0.02 ($0.024) in Q4 2024.

The FY Results Show Further EBITDA Improvements

Catena’s results for the full year, meanwhile, show revenue of EUR 46.6 million ($56.5 million), marking a decrease of 6%. Revenue in North America remained stable at EUR 43.8 million ($52.1 million), equivalent to 94% of group revenue from continuing operations.

Adjusted EBITDA increased by 84% to EUR 9.9 million ($11.8 million) (margin of 21%), while EBITDA reached EUR 10.6 million ($12.6 million) (margin of 23%).

The company’s NDCs in 2025 decreased by 17% to 106,510. However, its loss per share narrowed to EUR 0.15 ($0.18) from a loss of EUR 0.63 ($0.75) in the prior year.

Catena Media also highlighted an impairment charge of EUR 16.5 million ($19.6 million) in Q3, attributing it to a writedown in the book value of specific North American sports assets and of casino assets in Asia-Pacific.

Catena Maintained a Robust Cost Discipline

In the meantime, Catena Media highlighted its Casino division as its key growth driver. The company had a particular focus on this part of the business and, over the past 18 months, continued to focus on key areas of strength, while terminating unsuccessful initiatives. As a result, both its regulated casino and social sweepstakes businesses showed strong growth.

Still, Catena Media acknowledged the setbacks faced by the sweepstakes industry and the pitfalls this uncertainty creates.

At the same time, the company continued to face headwinds related to its Sports segment and noted that the recent launch of online sports betting in Missouri has had a marginal effect on the company’s overall results. Despite the unimpressive performance, Catena Media vowed to continue investing in its Sports products, although it warned that these investments would not result in short-term gains.

In the meantime, the subaffiliation and customer relationship management parts of the business continued to perform strongly.

The company concluded that it will continue to maintain a robust cost discipline to avoid unnecessary expenses and invest in core assets.

CEO Stan Hailed the Results

CEO Manuel Stan commented on the results, saying that the Q4 figures marked Catena Media’s “best operating performance since the organizational reset” in mid-2024. He was pleased with the revenue and EBITDA results, which showed that the company is gaining traction.

These results flowed from disciplined execution across the business and positive impacts from the structural changes implemented during the first half of 2025. While it is still early, and further work remains, the figures offer encouragement that the business is moving in the right direction.

Manuel Stan, CEO, Catena Media

In the meantime, Catena Media recently launched MRKTPLAYS+, an enhanced version of its MRKTPLAYS subaffiliation platform.