Catena Media has described its third quarter as “disappointing”, with revenue from continuing operations down 30% to €8.2m (Q3 2025: €11.6m) as search changes and tighter operator budgets weighed on the affiliate.

Q3 in numbers

  • North America revenue: down 29% to €7.9m, or 97% of the group.
  • New depositing customers: 20,603, down 14%.
  • Adjusted EBITDA: down 75% to €0.7m, a 9% margin (25%).
  • EPS: -€0.18 (-€0.12).
  • Impairment: €30.8m on North American casino and sports assets and Asia-Pacific casino assets.

For the first nine months, revenue was down 3% at €30.0m, while NDCs rose 21% to 79,957 and adjusted EBITDA fell 11% to €4.6m.

Why revenue fell

CEO Manuel Stan pointed to generative search, which keeps more users on the results page, as well as more personalised results and frequent algorithm changes that affected rankings. Operators also tied spending more closely to sportsbook budgets, and consolidation in the sector delayed marketing decisions.

“Q3 was a disappointing quarter that interrupted the progress of recent periods.”

“Generative search has transformed the way users consume content online, resulting in the “zero-click” phenomenon.”

Stan said the move away from relying on search rankings is “already well advanced”:

“MRKTPLAYS accounts for more than a third of group revenue, and our loyalty programmes are becoming a meaningful revenue stream.”

  • Bonus+: a loyalty programme launched on Bonus.com in Q3, building on PlayPerks on PlayUSA.com, to roll out across brands in Q4.
  • traffiqX: an open exchange linking licensed publishers and advertisers, with Discover, Deal, Deliver and Decode modules and a beta planned for Q1.
  • Collectbase: a strategic investment in the parent of Repackz.fun, the first through Catena Growth Ventures.

Catena deferred the interest payment on its hybrid capital securities on 10 October, with accumulated deferred interest at €8.7m. It has also been buying back shares, taking its holding above 5%, and appointed Stefan Grech as SVP Technology.