Catena Media Q2 revenue flat at €9.5m as it builds automated marketplace to cut search dependency

Catena Media's second-quarter numbers tell a story of a business holding steady on top-line revenue while investing heavily to reshape how it generates that revenue. The Malta-headquartered iGaming affiliate reported €9.5 million in revenue from continuing operations for the three months to June, down just 1% from the same period last year.

The cost of that stability showed up further down the income statement. Adjusted EBITDA fell 11% to €1.2 million, while reported EBITDA dropped 46% from €2.2 million to the same figure. Operating expenses rose to €9.1 million from €8.1 million, and profit after tax from continuing operations shrank to €60,000 from €493,000 a year earlier.

CEO Manuel Stan connected the quarter's weakness directly to the changing dynamics of online search. He said the performance reflected industry-wide difficulties in organic search, with traditional affiliate models remaining exposed to shifts in search traffic.

Catena Media is responding with a technology bet. The group has started building a next-generation automated marketplace that connects publishers and advertisers directly, designed to reduce its reliance on organic search traffic. Investment began during the second quarter, with final testing expected by the end of 2026 and a full commercial launch targeted for the first half of 2027.

The company already operates MRKTPLAYS, a platform that now contributes more than a third of group revenue. Catena stressed it is not walking away from organic search entirely and will continue investing in its core brands while expanding additional revenue channels.

North America remains the dominant market, generating €9.2 million or 97% of continuing operations revenue in Q2. New depositing customers rose 23% year-on-year to 24,781. But the split between segments tells a more nuanced story. Casino revenue grew 8% to €8.5 million, though segment adjusted EBITDA fell 18% to €1.1 million.

Sports revenue dropped 43% to €1 million.

The half-year picture looks stronger. Revenue for January to June rose 12% to €21.8 million, adjusted EBITDA climbed 70% to €3.9 million, and the group swung to a €1.3 million profit after tax from continuing operations compared with a €148,000 loss in H1 2025.

Catena ended June with €13 million in cash and equivalents, roughly double the €6.6 million it held a year earlier. The group employed 164 people at quarter-end.

For Malta's iGaming affiliate sector, Catena's strategic turn is a signal. The model that built the industry, heavy investment in organic search rankings, is facing structural headwinds from algorithm changes and AI-driven search. Betting on a proprietary marketplace is a capital-intensive response that smaller operators may struggle to replicate.