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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.
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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