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Catena Media (CTM) investor relations material
Catena Media Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary4 Nov, 2025
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.
How is revenue growing despite NDCs decline?
What's the plan for impaired sports/casino assets?
How will diversification offset regulatory/AI risks?
Strategy for non-NA assets post-impairment
Margin outlook with growing lower-margin channels?
How will deferred hybrid payments fund growth?
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Next Catena Media earnings date
Q4 202511 Feb, 2026
Next Catena Media earnings date
Q4 202511 Feb, 2026
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Frequently asked questions
Catena Media focuses on the online comparison of online gambling and financial products, including sports betting, casino, financial services and lotteries. It conducts its operations through four business lines: iGaming Vertical, Financial Services Vertical, New Verticals, and Emerging Markets. The iGaming Vertical business line comprises a portfolio of performance-based affiliate sites targeting different iGaming verticals in various geographies. The Financial Services Vertical business line includes a portfolio of lead websites in the financial services vertical. Catena Media was founded in 2008 and is headquartered in Gzira, Malta.
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