Catena Media Maintains Profitability With 26% Revenue Boost In Q1 2026

Catena Media reported a strong start to 2026, maintaining profitability in Q1 while delivering a 26% year-on-year increase in revenue from continuing operations.

Revenue for the three months to 31 March reached €12.3m, up from the same period in 2025. The company also posted a sharp 191% rise in adjusted EBITDA, supported by a focus on operational efficiency and higher-margin revenue streams.

Casino and subaffiliation segments contributed majorly to growth, offsetting a decline in sports revenue. The company described the quarter as “more balanced” compared to a sportsbook-heavy Q4.

New depositing customers rose 58% year-on-year, while North America remained the dominant market, accounting for 95% of total revenue. CEO Manuel Stan pointed to the year-on-year improvement as a more meaningful indicator than sequential comparisons.

“While this [revenue] is a decline from a very strong Q4, it is a significant step-up from Q1 previous year,” he said. “We continue to focus on operational efficiency and diversification.”

“Viewed in the context of where the business stood 18 months ago, the trajectory is clear. We’ve returned to growth, diversified our revenue sources, and moved from single-digit EBITDA margins to consistently exceeding 20%,” Stan added, regarding the business’ trajectory.

Casino segment drives the bulk of performance

Casino anchors Catena’s business, delivering the majority of revenue during the quarter. The segment’s revenue rose 43% to €10.9m, representing 88% of the total, while its new depositing customers nearly doubled to 28,256.

Quarter-on-quarter performance was affected by volatility linked to a Google search algorithm update in December. The update initially produced positive signals before rankings came under pressure. Stan noted that some of the disruption may be temporary.

“It is worth noting the algorithm changes have temporarily elevated some low-relevance products that provide low user value,” he said. “We expect Google’s continued quality-focused refinements to correct this over time.”

Sports segment struggles despite ongoing investment

While casino delivered strong gains, sports revenue fell 34% year-on-year to €1.5m, while new depositing customers declined 17% to 6,317. The company attributed the drop to ongoing operational challenges affecting its sportsbook-facing products.

Catena said it is investing in infrastructure improvements across its top-tier sports assets to strengthen functionality and long-term competitiveness.

Profitability returns as cost discipline holds

On the bottom line, Catena’s revenue growth outpaced a modest increase in operating costs. The company moved from a €239,000 operating loss in Q1 2025 to a €1.7m operating profit. Pre-tax profit reached €1.8m, compared to a €277,000 loss in the prior year.

After €550,000 in income tax, net profit stood at €1.3m. Including a €371,000 positive currency translation impact, bottom-line net profit reached €1.6m, a significant turnaround from the €1.3m loss reported a year earlier.

Looking ahead, the company expects steady progress through 2026, supported by its focus on efficiency, diversification and ongoing product investment. “For Q2 and the remainder of 2026, we remain optimistic that the business is heading in the right direction,” he added.

Catena Media has continued its profitable run with significant increases in revenue and EBITDA. The highest revenue was contributed by the casino segment, while sports revenue declined for this quarter. With minimal improvements, Catena can maintain revenue growth throughout the year.