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Catena Media’s revenue rises by 53% in Q4
The affiliate marketing business, Catena Media, saw its share price increase by 70% in Q4 after a strategic reset in 2025.
Revenue jumped 53% and reached €15.6 million in Q4, compared to €10.2 million in the same period in 2024. Most of the revenue was generated in North America, where it increased by 71% to €15.2 million for the last three months of 2025.
Adjusted EBITDA was up 211% as a result of this and reached €4.7 million, representing a 30% margin. The number of new depositing customers also rose by 56% year-on-year from continuing operations and totalled 40,364.
Catena Media CEO Manuel Stan said:
“Q4 marked our best operating performance since the organisational reset that we initiated in mid-2024. Revenue and adjusted EBITDA increased sharply year-on-year and quarter-on-quarter. These results flowed from disciplined execution across the business and positive impacts from the structural changes implemented during the first half of 2025. While it is still early, and further work remains, the figures offer encouragement that the business is moving in the right direction.”
Online casinos were reported as the company’s main revenue driver; however, the sports segment saw a quarterly revenue decline.
Stan added:
“I would like to thank our teams for their outstanding contributions. They responded positively after the difficult but necessary step to rightsize the organisation earlier in the year. After adapting fast to the flatter structure, they delivered with intent. I am pleased we can reward their efforts and dedication with a company-wide bonus – the first such award for several years. This was reflected in the uptick in personnel costs compared to Q3.”
Catena has been focusing resources on areas with visible competitive and long-term potential while cutting unsuccessful initiatives. This approach has helped the company to operate more effectively and improve returns on invested capital.
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