📊 Catena Media Q2 & H1 2025 Financial Summary

Transformation in motion: Profits surge despite revenue dip

Catena Media, the publicly listed online gambling affiliate giant, has published its interim financial results for Q2 and the first half of 2025, highlighting the early benefits of its ongoing business transformation and cost optimization strategy.

Q2 2025 Highlights (April–June)

• Revenue from continuing operations: €9.6 million
  ↘️ Down 25% YoY (Q2 2024: €12.8m)
  ↘️ Down 2% QoQ (Q1 2025)
  ↗️ +6% QoQ when adjusted for a weaker USD

• North American revenue: €8.7 million
  ↘️ Down 23% YoY (Q2 2024: €11.2m)

• New Depositing Customers (NDCs):
  📉 20,229 in Q2 — a 36% YoY decline

• Adjusted EBITDA from continuing operations:
  💹 €1.4 million — +104% YoY
  📈 Adjusted EBITDA margin: 14%

• EBITDA from continuing operations:
  🚀 €2.2 million — +483% YoY

Strategic & Operational Milestones

• Cost optimization plan launched in May:

  • Removed one management layer

  • Cut 50+ roles (~25% of workforce)

  • Targeted €4.5m–€5.0m in annual savings

• Board refresh during May AGM:

  • Søren Vilby joined as new director

  • Re-elected: Erik Flinck, Martin Zetterlund, Sean Hurley, and Stephen Taylor-Matthews

  • Board terms extended through to 2026 AGM

• Other Q2 developments:

  • Divestment of non-core assets

  • KPMG Malta appointed as new auditor

  • Dan Castillo stepped down from his non-executive director role in April

H1 2025 Summary (January–June)

• Revenue from continuing operations:
  📉 €19.4 million — -33% YoY

• North American revenue:
  📉 €17.4 million — -32% YoY

• NDCs for H1:
  📉 42,147 — -44% YoY

• EBITDA from continuing operations:
  🚀 €2.8 million — +744% YoY

🔍 Outlook

While revenue softness persists, Catena Media’s leadership maintains a cautiously optimistic outlook, citing improved operational efficiency and margin expansion as signs of recovery momentum heading into H2 2025.