Malta-headquartered Catena Media reported broadly flat revenue for the second quarter of 2026, while earnings declined as the company continued to face challenges linked to organic search.

Revenue from continuing operations stood at €9.5 million between April and June, down 1 per cent from €9.6 million in the same quarter last year. Adjusted EBITDA fell by 11 per cent to €1.2 million, while EBITDA declined by 46 per cent from €2.2 million to €1.2 million.

Profit after tax from continuing operations fell to €60,000, compared with €493,000 in the corresponding period of 2025. Total operating expenses increased to €9.1 million from €8.1 million.

Despite the weaker quarterly earnings, the group's performance over the first half of the year improved. Revenue for January to June increased by 12 per cent to €21.8 million, while adjusted EBITDA rose by 70 per cent to €3.9 million. Profit after tax from continuing operations reached €1.3 million, compared with a €148,000 loss in the first six months of 2025.

North America continued to account for the vast majority of the group's business, generating €9.2 million, or 97 per cent of continuing operations revenue, during the second quarter. New depositing customers increased by 23 per cent year-on-year to 24,781.

Performance differed between Catena Media's main segments. Casino revenue increased by 8 per cent to €8.5 million, although adjusted EBITDA in the segment fell by 18 per cent to €1.1 million. Sports revenue, meanwhile, declined by 43 per cent to €1 million.

CEO Manuel Stan said the quarterly performance reflected industry-wide difficulties in organic search, with traditional affiliation remaining exposed to changes in search traffic. Catena Media is consequently working to reduce its dependence on organic search by developing a next-generation automated marketplace connecting publishers and advertisers.

Investment in the platform started during the second quarter, with final testing expected towards the end of 2026 and a full commercial launch planned for the first half of 2027. The company said its existing MRKTPLAYS platform now contributes more than a third of group revenue.

Catena Media stressed that the strategy does not represent a withdrawal from organic search, saying it will continue investing in its core brands while expanding other products and revenue channels.

As at the end of June, the group had €13 million in cash and cash equivalents, compared with €6.6 million a year earlier. Catena Media employed 164 people at the end of the period.