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Catena Media (CTM) investor relations material

Catena Media Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary12 Aug, 2025

Executive summary

  • Revenue stabilized for the third consecutive quarter at €9.6 million, down 25% year-over-year but up 6% quarter-on-quarter when adjusted for FX.

  • Adjusted EBITDA more than doubled to €1.4 million, with margin rising to 14% from 5% in Q2 2024, driven by cost optimization.

  • Significant cost reductions included a 25% headcount reduction and tech stack migration, leading to annualized savings of €4.5–5.8 million.

  • Senior bond was repaid in June, resulting in a net cash position (excluding hybrid capital securities).

  • Revenue diversification advanced via growth in paid media, subaffiliation, and CRM, offsetting SEO challenges.

Financial highlights

  • Q2 revenue from continuing operations was €9.6 million, down 25% year-over-year and 2% quarter-on-quarter; FX-adjusted revenue up 6% sequentially.

  • Adjusted EBITDA reached €1.4 million, up 104% year-over-year; margin improved to 14% from 5% in Q2 2024.

  • North America contributed 90% of group revenue; casino revenue up 3% sequentially, down 21% year-over-year.

  • Sports revenue declined 37% year-over-year to €1.7 million.

  • Operating cash flow from continuing operations was €1 million for the quarter; cash and cash equivalents at period end: €6.6 million.

Outlook and guidance

  • Full impact of cost reductions and tech consolidation expected from Q3 onwards, with maximum savings realized by Q4.

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

  • Missouri is the only North American state expected to launch in 2025; Alberta's iGaming launch is anticipated in 2026.

  • Market penetration remains at 50% for online sports betting and 16% for online casino, indicating future growth potential.

  • Positive impact from July's Google algorithm update expected to support rankings and performance in Q3.

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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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