Catena Media Posts Strong Profit Jump in Q3

The quarter was defined by sharp gains in efficiency. Adjusted EBITDA more than doubled, soaring 119% to €2.9 million from €1.3 million in Q3 2024. This lifted the Adjusted EBITDA margin to 25%, a twelve percentage point jump.

Operating Profit (EBITDA) also improved dramatically, increasing 300% to €2.7 million compared to a loss of €1.4 million in the prior year. However, the company recorded a loss after tax of €14.4 million, primarily due to a substantial impairment charge of €16.5 million against certain assets.

North American Growth and Asset Impairment

North America remains the dominant source of revenue for Catena Media. Q3 revenue from the region grew 18% to €11.2 million, accounting for 96% of the Group’s total revenue from continuing operations. The North American revenue was split between Casino (€9.487 million) and Sports (€1.699 million).

Despite this strong growth, the impairment charge in Q3 reflects revised profitability expectations for certain assets. €10.5 million of the charge was allocated to legacy US sports assets that have shown long-term weak performance. An additional €6.0 million was charged against Asia-Pacific casino assets. The company noted that the overall number of New Depositing Customers (NDCs) across the Group fell 12% to 23,999, despite the revenue increase.

Technology and Commercial Diversification

CEO Manuel Stan attributed the improved financial results to a combination of diversified revenue, solid search engine optimization (SEO), and the full quarterly impact of cost optimization measures. These measures included a roughly 25% reduction in personnel earlier in the year.

A key strategic step in Q3 was the launch of MRKTPLAYS.com in September. This proprietary sub-affiliation platform replaces manual processes with a scalable, technology-driven setup aimed at boosting growth in North America. This sub-affiliation vertical, along with Customer Relationship Management (CRM) efforts, achieved new record revenues in Q3. This diversification helps balance the company’s reliance on traditional SEO. Catena Media also continued its technical streamlining, migrating key products to a central platform and ensuring all top-tier brands meet Google’s Core Web Vitals standards for technical quality.

Outlook and Regulatory Headwinds

Looking forward, the company is preparing for the launch of regulated online sports betting in Missouri on December 1, 2025. However, the short-term outlook remains cautious due to external pressures.

CEO Stan noted concerns over industry headwinds from generative search AI and regulatory changes affecting the social sweepstakes casino vertical. Specifically, a California ban on social sweepstakes casino is set to take effect on January 1, which may lead to further legislative pressures in this segment across other jurisdictions.