Catena Media has reported a solid final quarter of revenue growth and a marked improvement in profitability for October to December 2025, alongside the launch of a new iteration of its subaffiliation platform, as the group continues to refine its iGaming-focused operating model.
Revenue from continuing operations for Q4 25 reached €15.6 million, representing a 53 percent increase, year-on-year.
North America remained the primary contributor, with revenue in the region rising 71 percent to €15.2 million, representing 98 percent of group revenue from continuing operations. New depositing customers from continuing operations totalled 40,364 during the quarter — up 56 percent compared with the prior-year period.
Profitability improved significantly in Q4, with adjusted EBITDA from continuing operations increasing 211 percent to €4.7 million, corresponding to an adjusted EBITDA margin of 30 percent.
EBITDA from continuing operations rose to €5.1 million, compared with €800,000 a year earlier, producing an EBITDA margin of 33 percent.
Dominant North America
Earnings-per-share from continuing operations amounted to €0.04 before and after dilution, compared with a loss of €0.02 in the prior-year quarter.
For the full year ended December 2025, revenue from continuing operations totalled €46.6 million, a decrease of six percent year-on-year. North America generated €43.8 million of this total, equivalent to 94 percent of group revenue from continuing operations. New depositing customers from continuing operations reached 106,510, down 17 percent, over 2024.
Despite the lower annual revenue, profitability improved on a full-year basis. Adjusted EBITDA from continuing operations increased 84 percent to €9.9 million, with an adjusted EBITDA margin of 21 percent.
EBITDA from continuing operations rose to €10.6 million, compared to a loss of -€300,000 in 2024.
During Q3 25, the group recognised an impairment charge of €16.5 million related to a write-down in the book value of certain North American sports assets and casino assets in the Asia-Pacific region.
New Offering
Catena Media has also confirmed the launch of MRKTPLAYS+, described as an evolution of its existing MRKTPLAYS subaffiliation platform.
The new offering is intended to provide additional services and support to partner publishers seeking to scale subaffiliate activities within the iGaming market.
The results reflect Catena Media’s continued focus on its core iGaming and sports betting affiliate operations, with an emphasis on North America as its primary growth market and on improving operational efficiency following portfolio adjustments.
CEO Manuel Stan commented: “Q4 marked our best operating performance since the organisational reset that we initiated in mid-2024.
“Revenue and adjusted EBITDA increased sharply year on year and quarter on quarter.
“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.”
“Adjusted EBITDA reached its highest level since Q1 2023. Driving this improvement was a significant increase from all revenue sources and tight cost control, which together lifted the margin to 30%. The revenue component underlines the importance of scaling the business in order to enhance profitability.
