iGaming affiliate and media group Catena Media has released its 2024 annual report, outlining a year of significant strategic transformation marked by a shift to a product-led organisational structure under a newly appointed management team and board of directors.
The report reflects a challenging year for the business, with total revenue from continuing operations falling 35% to €49.6 million, down from €76.7 million in 2023. Adjusted EBITDA declined sharply to €5.4 million, representing a 79% drop compared to the prior year’s €25.4 million. The adjusted EBITDA margin also fell significantly, decreasing from 33% in 2023 to 11% in 2024.
Reported EBITDA swung into negative territory, with the company recording a €0.3 million loss versus €23.6 million in 2023, while the EBITDA margin turned from 31% to -1%. Operating cash flow also declined markedly to €2.9 million, representing an 85% decrease year-on-year.
New depositing customers (NDCs) for the year stood at 128,700, down 30% from 184,257 in 2023, further reflecting softer performance across the company’s key markets.
Despite these headwinds, Catena Media noted a 30% reduction in net interest-bearing debt, which now stands at €12.9 million. The company’s net interest-bearing debt to adjusted EBITDA multiple increased from 0.66 to 2.41, indicating the financial impact of the lower earnings base.
The report signals a transitional period for Catena Media as it works to reshape its operations and reestablish momentum through its restructured model and renewed strategic focus in the iGaming affiliate sector.
CEO Manuel Stan said: “For Catena Media, 2024 was a year of challenges and systematic changes as we implemented a transition to a new product-led organisation that prioritises the development of our strongest core brands. Despite challenging conditions from the Q2 low, we’ve defended core revenue streams and achieved a significant improvement in our profit margins by year-end, reflecting the results of our strategic initiatives. With our new structure in place, we are better positioned to pursue a return to growth.”
