Catena Media closed 2025 with its strongest quarterly performance since launching its organisational reset in mid-2024, with the group’s restructuring efforts beginning to bear fruit.
While full-year revenue declined slightly from €49.6m to €46.6m, a sharp improvement in profitability during Q4 showed signs that the Stockholm-listed company is getting back on track after a turbulent couple of years.
Revenue from Catena’s continued operations rose by 51% to €15.6m in the last three months of 2025, with adjusted EBITDA rocketing notably by 211% to €4.7m. Growth was driven primarily by the company’s casino segment.
North America accounted for 98% of total group revenue in Q4, up from 87% last year and highlighting the affiliate marketing specialist’s sole focus on the continent since it began selling off European assets back in 2022.
Casino revenue, which has now become the firm’s main driver, surged 81% to €13.9m and represented 89% of total group revenue for the quarter.
New depositing customers (NDCs) increased 56% year-on-year to 40,364 and 117% specifically in casino. Growth was supported by improved product performance, higher organic search visibility and continued scaling of the company’s proprietary subaffiliation platform, MRKTPLAYS.
“Q4 marked our best operating performance since the organisational reset that we initiated in mid-2024,” said Catena Media CEO, Manuel Stan.
“Revenue and adjusted EBITDA increased sharply year on year and quarter on quarter. These results flowed from disciplined execution across the business and positive impacts from the structural changes implemented during the first half of 2025.
“While it is still early, and further work remains, the figures offer encouragement that the business is moving in the right direction. Adjusted EBITDA reached its highest level since Q1 2023.
“Driving this improvement was a significant increase from all revenue sources and tight cost control, which together lifted the margin to 30%. The revenue component underlines the importance of scaling the business in order to enhance profitability.”
Is this Catena’s stabilisation?
For the full year 2025, company revenue from continuing operations totalled €46.6m, down 6% from 2024.
Despite the revenue decline, adjusted EBITDA increased 84% to €9.9m, demonstrating improved operational efficiency. This has been a common factor throughout the year, with EBITDA growing irrespective of revenue performance.
Reported EBITDA turned positive at €10.6m compared to a slight loss the previous year. However, the group reported a net loss of €11.3m for the year, partly due to a €16.5m impairment charge recognised in Q3 relating to certain North American sports assets and Asia-Pacific casino assets.
Cost control played a central role in the turnaround, with personnel expenses dropping 27% year-on-year following an approximate 25% reduction in headcount implemented earlier in 2025.
Casino continues to be the primary growth engine but Stan acknowledged ongoing regulatory uncertainty around social sweepstakes casinos, particularly following a ban in California effective January 2026.
Despite this, the company sees the segment as strategically valuable for building brand presence and customer databases ahead of potential future state-level regulation of online casino gaming.
Sports declines don’t deter ambitious targets
In contrast, the sports segment remains under pressure. Sports revenue declined 33% year-on-year to €1.7m in Q4 and NDCs fell by 44%. Management does not expect a material short-term recovery, despite ongoing investments in core sports products.
Looking ahead, the business has set financial targets for 2026 that include double-digit organic revenue and adjusted EBITDA growth.
Strategic priorities include further scaling casino operations, expanding subaffiliation through the newly launched MRKTPLAYS+ platform, building first-party data capabilities via customer relationship management (CRM) and loyalty initiatives, as well as maintaining strict financial discipline.
Stan continued: “I would like to thank our teams for their outstanding contributions. They responded positively after the difficult but necessary step to rightsize the organisation earlier in the year.
“After adapting fast to the flatter structure, they delivered with intent. I am pleased we can reward their efforts and dedication with a company-wide bonus – the first such award for several years.
“This was reflected in the uptick in personnel costs compared to Q3. I also wish to thank the board for its continued support and strategic input.
“Our Q4 performance marks an important step forward. In 2026, we intend to build on this foundation by executing with discipline, allocating capital selectively and further strengthening the business.”
While risks remain, notably the previously mentioned regulatory uncertainty and continued weakness in sports, the Q4 performance could suggest that Catena’s restructuring is now starting to pay dividends.
The company now enters 2026 with improved profitability, a leaner cost base and a strategic focus on casino-led growth.
Its share price has flown so far today by over 70% to 3.3 SEK (€0.31) as of 11.00am GMT. This is in stark contrast to the last year, in which time it has dropped by almost 20%, but could again point to signs of a successful turnaround.
The business floated in Stockholm back in February 2016. At the time of its IPO, shares were trading at around 33 SEK.