Catena Media reported revenue of €46.6 million from continuing operations in 2025, down 6 per cent from €49.6 million the year before, as the Malta-headquartered group navigated what it described as a year of organisational transition and operational pressure.

Adjusted EBITDA rose to €9.9 million from €5.4 million, while adjusted EBITDA margin improved to 21 per cent from 11 per cent.

In its annual report, the company said difficult decisions taken early in the year helped create a leaner and more agile operating model, with the benefits becoming more visible after the summer through improved revenue trends, stronger margins and more consistent execution.

One of the group’s most significant measures came in the second quarter, when it removed more than 50 roles and cut headcount by around 25 per cent. Catena Media said the move, which also included the removal of one management layer, was aimed at aligning the organisation more closely with its product-led strategy and reducing annual costs by between €4.5 million and €5 million.

As of 31st December 2025, the group had 151 employees, down from 173 a year earlier. The company is headquartered in Malta and also highlighted the establishment of a North American hub in Miami as part of its efforts to strengthen collaboration and execution.

The company’s performance improved markedly in the second half of the year. In Q4 alone, revenue from continuing operations rose by 53 per cent year-on-year to €15.6 million, while adjusted EBITDA climbed to €4.7 million, giving the group an adjusted EBITDA margin of 30 per cent. Catena Media linked this improvement to restructuring measures, better organic search performance, and growth in areas such as regulated and social sweepstakes casino.

For the full year, North America remained Catena Media’s main market, accounting for 98 per cent of group revenue in Q4. Revenue in the region was broadly flat at €43.8 million, but the company said the second-half rebound provided a stronger platform for 2026 after a challenging start to the year marked by search-ranking volatility, lower operator spending, and underperforming products.

Catena Media also pointed to the September launch of MRKTPLAYS, its new subaffiliation platform, as a notable strategic development during the year. The company said the platform formed part of its broader push to diversify revenue streams and reduce reliance on organic search.

Despite the operational improvement, the year was not without setbacks. In Q3, the group booked a €16.5 million impairment charge linked to a write-down in the book value of North American sports and Asia-Pacific casino assets. Earnings per share before and after dilution still improved to a loss of €0.10, compared to a loss of €0.58 in 2024.

The company also said it deferred interest payments on its H01 hybrid capital securities and does not plan to redeem them in the near term, saying the move was intended to create more financial headroom for strategic investment. Meanwhile, Catena Media repaid its senior unsecured floating-rate bonds during the year.

Looking ahead, Catena Media said its financial targets for 2026 include double-digit organic growth in both revenue and adjusted EBITDA.