(AsiaGameHub) – Catena Media Plc states that it has returned its business profile back to growth and earnings, benefitting from the simplification of its media unit in 2025.
Publishing its Q1 accounts, Catena sees corporate revenues stand at €12.3m, up 26% on 2025 comparatives result of €9.8m.
A breakdown of income sees North American business generate 95% of revenue at €11.7m, as Catena optimise a smaller network of LegalSportsReport.com, PlayUSA, Bonus.com, LineUps.com and GamingToday.com.
As of FY2026 trading Catena asserts the “closure and liquidation of all non-core markets, with no impact on its business”. Focused uniquely on US growth opportunities, Catena sees its Q1 adjusted EBITDA triple to €2.7m.
Earnings are boosted by stream-line efficiencies that see Catena’s EBITDA margins return to a 22% basis.
CEO Manuel Stan framed Q1 as evidence that Catena’s strategic reset in 2024 and 2025 had finally stabilised the media group on a leaner but higher-margin North American core.
“Viewed in the context of where the business stood 18 months ago, the trajectory is clear: we have returned to growth, diversified our revenue sources, and moved from single-digit EBITDA margins to consistently exceeding 20 percent,” Stan stated.
The recovery is being led by a sharp rebound in Catena’s casino vertical, which remains the group’s dominant earnings engine. Casino revenues climbed 43% year-on-year to €10.9m, accounting for 88% of total group revenues, while casino new depositing customers surged 98% to 28,256.
Stan underlined that casino would remain the company’s core priority despite ongoing SEO volatility caused by Google’s December 2025 algorithm update.
“Casino remains our most important vertical and the area of greatest long-term potential,” the CEO noted.
Catena believes that recent Google ranking disruptions have temporarily distorted search positioning across gambling affiliation, with Stan arguing that lower quality products had been artificially elevated in rankings.
“It is worth noting that the algorithm changes have temporarily elevated some low-relevance products that provide low user value. We expect Google’s continued quality-focused refinements to correct this over time.”
Alongside traditional casino affiliation, Catena continues to diversify revenues through CRM products, sweepstakes casino exposure and subaffiliation services operated through its MRKTPLAYS network.
As underscored by management: “The launch of the PlayPerks loyalty product on PlayUSA.com forms part of a wider strategy to deepen first-party user engagement and reduce dependency on pure search traffic economics.”
While sports revenues declined 34% to €1.5m, Catena believes that the future upside of its sports network now lies in US prediction markets rather than conventional sportsbook affiliation.
Stan described the emerging vertical as “arguably the most significant growth opportunity in the sports space”, confirming that Catena has already secured agreements with leading prediction market operators and is actively building content pipelines around the sector.
“We have agreements in place with the leading operators and are actively building relevant content for users,” Stan added.
Management believes prediction markets carry a structural advantage as products remain broadly accessible nationwide, unlike sportsbook betting which continues to be restricted by state-by-state regulation.
Q1 trading also underlined improved financial order across the business. Personnel expenses fell 23% year-on-year as Catena reduced headcount from 213 to 160 employees, continuing its transition towards a flatter operating structure.
The group continues to utilise its hybrid capital structure to preserve liquidity and create headroom for future technology and product investments. Catena again confirmed that interest payments on its €43.7m hybrid securities will remain deferred while management prioritises balance sheet flexibility and cash generation.
Operating cash flow improved to €4.4m, while cash and equivalents increased to €13.7m by period end.
Further simplification measures are ongoing, with Stan confirming that Catena’s corporate structure will soon shrink from “13 legal entities in 2020 to just five entities located across Malta and the United States.”
Closing the update, Stan maintained that Catena’s North American reset had now established a stronger long-term operating platform for the media group.
“For Q2 and the remainder of 2026, we remain optimistic that the business is heading in the right direction.”
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