Catena Media Reports 30% Revenue Decline in Third Quarter
Malta – 12 November 2026 – www.zonadeazar.com Catena Media has published its financial results for the third quarter of 2026, reporting revenue of €8.2 million, representing a 30% year-on-year decline.
The company, which specialises in affiliate marketing for online casinos and sports betting operators, also recorded a 75% reduction in adjusted EBITDA, which fell from €2.9 million to €700,000.
The results reflect the challenges facing traditional affiliate marketing businesses amid changes in search engines and customer acquisition strategies.
Key Financial Indicators
Between July and September 2026, Catena Media reported the following results:
- Revenue: €8.2 million, compared with €11.6 million in 2025.
- Adjusted EBITDA: €700,000, down 75%.
- Adjusted EBITDA margin: 9%, compared with 25% a year earlier.
- New depositing customers: 20,603, a decrease of 14%.
- Net result from continuing operations: a loss of €13.3 million, compared with a €9.2 million loss in 2025.
The company also recognised a €30.8 million impairment charge relating to intangible assets in its North American casino and sports betting businesses and Asia-Pacific casino operations.
The adjustment does not represent an immediate cash outflow but reflects a reduction in the estimated value of certain assets.
North America Accounts for 97% of Revenue
North America remains Catena Media’s most important geographical market.
During the third quarter, operations in the region generated €7.9 million, down 29% from €11.2 million a year earlier.
The region accounted for 97% of consolidated revenue, compared with 96% during the same period in 2025.
This geographical concentration also increases the company’s exposure to competitive and technological changes affecting the US market.
Search Engine Changes Affect Affiliate Marketing
One of the main factors behind the results was the transformation of the online search environment.
Catena Media explained that evolving algorithms, changing browsing habits and increasing competition are reducing the effectiveness of traditional SEO-driven affiliate marketing models.
These developments directly affect affiliates’ ability to attract visitors and convert them into customers for casino and sports betting operators.
The company also identified lower commercial spending among certain operators as another factor affecting performance.
Manuel Stan Accelerates Business Transformation
Manuel Stan, CEO of Catena Media, acknowledged that the quarter’s performance fell below the company’s expectations.
He explained that the results reinforce the need to reduce reliance on search engines and develop alternative revenue streams.
The strategy includes strengthening loyalty programmes, expanding marketplace platforms and exploring new technology opportunities.
One of the company’s main developments is MRKTPLAYS, which now represents more than one-third of group revenue.
Stan believes this diversification will support longer-term customer relationships and improve the commercial value of each website visit.
TraffiqX Becomes a Priority for 2027
As part of its transformation, Catena Media is developing traffiqX, a new technology platform designed to expand its services beyond traditional affiliate marketing.
The company expects to launch a beta version during the first quarter of 2027.
The project aims to introduce infrastructure, commercial intelligence and digital traffic management capabilities.
Catena Media has also recently made a strategic investment in Repackz.fun through its Catena Growth Ventures initiative, supporting its exploration of new commercial opportunities.
Nine-Month Results Also Show Pressure
During the first nine months of 2026, Catena Media recorded revenue of €30 million, representing a 3% decline compared with the corresponding period last year.
Adjusted EBITDA reached €4.6 million, down 11%.
However, the number of new depositing customers increased by 21% to 79,957.
These results demonstrate that, although the company achieved higher cumulative customer acquisition, changing commercial conditions affected its ability to generate revenue and profitability.
Catena Media Withdraws 2026 Growth Targets
Following the results, Catena Media confirmed that it no longer expects to achieve its 2026 double-digit organic growth targets for revenue and adjusted EBITDA.
The company had previously warned of this outcome when publishing preliminary figures in October.
Management will maintain its cost-control strategy while continuing to develop products less dependent on search-driven traffic.
During the quarter, the total cost base declined by 13% to €7.6 million.
Industry Impact and Next Steps
Catena Media’s results highlight the challenges facing iGaming affiliate businesses as search engines and digital customer acquisition continue evolving.
The company is investing in commercial models based on loyalty programmes, technology platforms and alternative traffic sources.
The launch of traffiqX and the expansion of MRKTPLAYS will be important indicators of the strategy’s progress during 2027.
With revenue declining by 30% and adjusted EBITDA falling by 75%, Catena Media is accelerating its transformation to reduce SEO dependence and strengthen its position within the international iGaming ecosystem.
Editó: @fonta
