Catena Media Profit Rises as Cost Cuts Take Effect
Catena Media’s interim results for the first half of 2025 show a sharp rise in profitability despite a drop in revenue. The improvement stems from operational restructuring and diversification of revenue channels.
Revenue Trends and Regional Performance
In Q2 2025, Catena Media posted €9.6 million in revenue from continuing operations, down 25% from €12.8 million a year earlier. Compared with Q1, revenue fell 2%, but adjusted for a weaker US dollar, it rose 6%. North America remained the core market, generating €8.7 million – 90% of group revenue – despite a 23% year-on-year drop.
For the first six months of 2025, revenue reached €19.4 million, 33% lower than the same period in 2024. New depositing customers fell 44% year-on-year to 42,147.
Profitability Strengthens
Earnings improved significantly. Adjusted EBITDA for Q2 rose 104% year-on-year to €1.4 million, a margin of 14% compared with 5% in 2024. EBITDA increased to €2.2 million from a €0.6 million loss. Earnings per share reached €0.01. In H1, adjusted EBITDA was €2.3 million, down 9%, but EBITDA grew to €2.8 million from €0.3 million.
In Q2, the company streamlined operations. It removed a management layer and cut over 50 roles, reducing headcount by about 25%. These measures should lower annual costs by €4.5 – 5.0 million, with the full impact expected in Q3. Catena Media also consolidated its technology stack to boost scalability and reduce licensing expenses.
Strategic Focus and Divestments
The company sold its esports-related assets in Q2, gaining €1.4 million. The sale allows greater focus on core operations. Catena Media is also expanding beyond SEO-driven revenue by growing paid media, sub-affiliation, and customer relationship management channels.
Casino revenue in Q2 rose slightly from Q1, supported by regulated markets despite seasonal slowdowns and legal restrictions in some areas. Sports betting revenue fell about 10% due to a limited sporting calendar. The company expects a rebound in Q3 with the start of new football seasons.
Outlook for the Second Half of 2025
CEO Manuel Stan said Q2 delivered the strongest quarter-on-quarter results in several years. He credited operational improvements rather than market launches or seasonal factors. The company plans to maintain earnings momentum, adapt content for generative AI search, and strengthen CRM and loyalty systems. With a net cash position excluding hybrid capital security, Catena Media aims to invest in long-term growth while further diversifying its business.
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