Catena Media reported a decline in revenue but a recovery in profitability during 2025, as the igaming affiliate continued restructuring its operating model and shifting toward a more product-led strategy.
Revenue from continuing operations fell 6% year-on-year to €46.6m, while adjusted EBITDA increased 84% to €9.9m, resulting in a margin of 21%, up from 11% in the prior year. Operating cash flow rose 169% to €7.7m, reflecting improved cost control and operational efficiency despite lower top-line performance. The company also reported a decline in new depositing customers to 106,510, down 17% year-on-year.
Performance across the year was uneven, with weaker results in the first half linked to search volatility and product performance, followed by a stronger second half driven by cost reductions, improved search rankings and growth in subaffiliation. Fourth-quarter revenue increased 53% year-on-year to €15.6m, while adjusted EBITDA reached €4.7m, representing a 30% margin.
The igaming affiliate implemented structural changes during the year, including a 25% reduction in headcount and the removal of a management layer, generating annual cost savings of between €4.5m and €5.0m. These measures contributed to a reduction in the total cost base to €36.7m from €44.3m in 2024.
North America remained the core market, accounting for the majority of group revenue, with full-year regional revenue broadly flat at €43.8m. The igaming affiliate cited continued pressure from lower operator marketing spend and cost-per-acquisition rates, alongside ongoing search engine volatility, although diversification into subaffiliation and customer relationship management (CRM) contributed to improved performance in the second half.
The launch of the MRKTPLAYS subaffiliation platform represented a strategic development during the year, aimed at expanding revenue channels beyond traditional search-driven acquisition. The company also continued investment in technology, including platform consolidation and AI-driven tools, to support scalability and reduce reliance on organic search traffic.
Across the igaming sector, the results reflect wider dynamics affecting affiliate businesses, including increased competition for traffic, evolving search algorithms and operator cost controls. At the same time, the shift toward diversified revenue streams and product-led models is becoming more prominent as igaming affiliates seek to stabilise earnings and improve margins.
“In 2025, Catena Media worked to improve performance across our three strategic pillars of People, Product and Profit. We took tough decisions in the first half of the year to position the business better to deliver long-term sustainable growth,” commented Manuel Stan, CEO.
“Headcount reductions are painful and were the most challenging part of this process. At the same time, it was essential to adapt the operating model to better support a consolidated product portfolio and to drive clearer accountability and a shared direction,” he added.
