Revenue stayed flat for the third quarter in a row, but profits have taken a big step forward. Catena Media revenue came in at €9.6m for Q2 2025, with the company’s cost-cutting drive starting to show in the bottom line. Management says the real impact will be clearer in the months ahead.

  • Q2 2025 revenue from continuing operations landed at €9.6m, 25% lower than a year ago but only 2% down from Q1. Stripping out currency shifts from a weaker US dollar, that’s actually a 6% increase. North America brought in €8.7m, making up 90% of the total.

  • The number of new depositing customers slid 36% year-on-year to 20,229. It’s another drop from Q1, showing acquisition is still under pressure. The plan is to make up for this through more paid media, subaffiliation, and CRM activity.

  • Adjusted EBITDA more than doubled to €1.4m, lifting the margin to 14%. CEO Manuel Stan said the boost was “driven by underlying business improvements rather than state launches or seasonal tailwinds.” Total EBITDA hit €2.2m, turning around last year’s €0.6m loss.

  • Across the first half of 2025, revenue from continuing operations reached €19.4m, down 33% on last year. Adjusted EBITDA dipped 9% to €2.3m, while overall EBITDA jumped to €2.8m from €0.3m. Earnings per share moved up to €0.003 compared to a €0.07 loss.

  • In May, Catena Media announced a big shake-up, cutting around 25% of its workforce and removing a management layer. The aim is to trim annual costs by €4.5-5.0m, with most of the savings expected to show from Q3.

  • The company has also streamlined operations by merging its tech stack into a single scalable platform and consolidating software licences. As older contracts wind down, these steps should bring more savings without hurting revenue streams.

  • Efforts to diversify beyond SEO are picking up pace, with paid media, subaffiliation, and CRM now a bigger slice of income. These channels do come with higher direct costs, but they rise in step with revenue growth.

  • Casino revenue inched up from Q1 despite the usual summer slowdown and tighter rules on social sweepstakes. Sports betting slipped 10%, reflecting the thin sports calendar in Q2, but Q3 should get a lift from the new football season.

  • During the quarter, Catena sold its esports assets, booking a €1.4m gain. The deal frees up cash and resources to double down on its main business lines.

  • In June, the group cleared its senior bond, leaving it in a net cash position (excluding the hybrid capital security). This puts it in a stronger place to invest in AI-ready content, CRM, and loyalty tools aimed at deepening customer engagement.

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