Catena Media Q3 Revenue Falls 30% as Search Pressures Intensify

Catena Media’s third-quarter revenue fell 29.8% year-on-year to €8.176 million as weaker search traffic and reduced operator marketing budgets weighed on its affiliate business.

Adjusted EBITDA declined 75.1% to €730,000. New depositing customers fell 14.2% to 20,603, while the company recorded a €30.8 million non-cash impairment.

The final results broadly matched October’s preliminary announcement, although revenue finished slightly below the initial €8.3 million estimate. 

Bonus Reversal Supports EBITDA

The adjusted EBITDA figure included a €700,000 benefit from reversing employee bonus accruals recognised during the first half of 2026.

Subtracting that benefit leaves approximately €30,000 in adjusted EBITDA. This calculation illustrates the reversal’s contribution; it is not a separately reported company performance measure. 

Casino revenue declined 27.8% to €7.123 million, accounting for 87.1% of the total. Sports revenue fell 40.9% to €1.053 million. North America remained the dominant geography, generating €7.919 million, or 96.9% of revenue.

Cost-per-acquisition agreements contributed 86% of revenue, compared with 91% a year earlier. Revenue share remained at 7%, while fixed fees increased from 2% to 7%.

Impairment Exceeds Nine-Month Revenue

The €30.8 million writedown exceeded Catena’s approximately €30 million revenue for January-September.

The impairment covered North American casino and sports assets and Asia-Pacific casino assets. It reflects a reduction in their assessed recoverable value and does not itself represent a cash outflow. Catena reported a quarterly net loss of €13.34 million. 

Loyalty and Marketplace Products Gain Priority

CEO Manuel Stan described AI-driven changes in search behaviour as a lasting challenge, while characterising operators’ cautious marketing spending as temporary.

MRKTPLAYS contributed more than one-third of group revenue, although it also faced pressure from search conditions and advertiser budgets.

Catena is expanding loyalty products to generate more value from returning audiences. Bonus+, launched on Bonus.com during Q3, builds on PlayPerks at PlayUSA and is scheduled to reach additional brands in Q4.

The traffiqX exchange for licensed publishers and advertisers remains scheduled for a Q1 2027 beta launch, with initial partners signed. 

The company no longer expects to achieve its previous target of double-digit organic revenue and adjusted EBITDA growth in 2026. Management expects difficult conditions to persist as it reduces reliance on new search traffic.