ANNUAL REPORT 2025
In 2025, Catena Media took decisive steps to build a leaner, more agile organisation around our three strategic pillars of People, Product and Profit. Tough decisions in the first half reshaped the cost base and sharpened our focus on fewer, stronger products. The launch of our MRKTPLAYS subaffiliation platform opened a scalable new revenue stream, while improved organic search performance powered a strong finish to the year.
Comments from the CEO
"In 2025, Catena Media worked to improve performance across our three strategic pillars of People, Product and Profit. We took tough decisions in the first half of the year to position the business better to deliver long-term sustainable growth. These actions included rightsizing the organisation and embedding a simpler, flatter, more agile operating model. By year-end, the changes were delivering more consistent execution, greater organisational clarity and stronger margins. The year ended with our best quarterly results since the transformation plan began in mid-2024. Q4 revenue increased 53 percent to EUR 15.6m and adjusted EBITDA more than tripled to EUR 4.7m.
Manuel Stan, CEO
OUR STRATEGY
Catena Media's strategy is built on the three foundational pillars we introduced in 2024: People, Product and Profit. These interconnected areas provide the framework for our ability to grow, adapt and succeed in online affiliate marketing for casino gaming and sports betting in North America.
PEOPLE
We rely on people and their talent to drive the business forward. In 2025, a rightsizing initiative reduced headcount by around 25 percent. We introduced a slimmer structure by removing one management layer and adopted objectives and key results to sharpen priorities. Our employee net promoter score rose by nearly 50 points in the last two quarters.
PRODUCT
Our branded products are our main differentiator. We shifted focus to our best-performing, top-tier products in casino and sports and adopted a more rigorous approach to project evaluation. In parallel, we diversified the portfolio by launching our MRKTPLAYS subaffiliation platform and expanding our CRM activities.
PROFIT
After almost two years of declining earnings, we took further measures to grow revenue and reduce cost. The rightsizing reduced annual costs by EUR 4.5–5.0m. These initiatives bore fruit in the final two quarters, with the adjusted EBITDA margin reaching 30 percent in Q4, double the level of Q4 2024.
A leaner organisation delivering stronger results
Revenue from continuing operations recovered steadily during 2025 as the benefits of the group's strategic and operational changes took effect. After a challenging first half marked by search ranking volatility, performance improved in Q3 following the launch of MRKTPLAYS and a favourable search algorithm update. The momentum continued into Q4, which saw the strongest quarterly revenue since the transformation plan began in mid-2024, driven by growth in regulated and social sweepstakes casino, expanding subaffiliation volumes and further gains in organic search positioning.
Our priorities for 2026
- Diversify revenue streams by expanding across subaffiliation, CRM, paid media and emerging verticals, reducing reliance on any single channel.
- Maintain operational discipline by scaling initiatives that deliver measurable results and transitioning away from those that underperform.
- Onboard new subaffiliation partners and deepen the proposition, including through the expanded MRKTPLAYS+ platform.
- Deepen collaboration and alignment through our hub-based model in Malta and Miami.
- Strengthen our position in North America by deepening penetration in existing markets and ensuring readiness as new states and provinces move towards regulation.
2025 in numbers
47
Revenue (EURm)
10
Adjusted EBITDA (EURm)
21%
Adjusted EBITDA margin
107
New depositing customers (thousands)
QUARTERLY HIGHLIGHTS 2025
Market
Catena Media has been a leader in online casino and sports affiliation in the US and Canada for almost a decade. By year-end, North America accounted for virtually all group revenue. Our largest casino brands are Bonus.com, PlayUSA.com and GamingToday.com. The largest states by revenue are Michigan, Pennsylvania and New Jersey. In Canada, we are also active in Ontario.
Market penetration¹
The charts display the current percentages of the adult population¹ in the US with access to legal online sports betting (50%) or casino (16%). These figures highlight the market's substantial untapped potential, as many states have yet to regulate these activities, indicating significant long-term growth opportunities.
¹Total adult population based on management’s assessment.
MRKTPLAYS — our scalable new growth platform in subaffiliate marketing
The launch of MRKTPLAYS in 2025 marked one of Catena Media's most significant strategic advances in recent years: establishing a scalable new growth engine. The platform is a unified, technology-driven marketplace that connects content publishers with operators across North America. Automation handles onboarding and reporting, eliminating friction and enabling rapid scaling without proportional increases in overhead.
In early 2026, we launched MRKTPLAYS+, an expanded offering that selectively supports promising publishers with operational services including conversion optimisation, lifecycle marketing and, in selected cases, potential investment capital collaboration.
We believe all companies share an obligation to conduct themselves as good corporate citizens.
For us, this involves going beyond ensuring the sustainability of our own business model. It also means addressing the wider operating environment – the sector we operate in, our key stakeholders such as our employees, and the natural environment and its resources.
Our sustainability areas
Catena Media sustainability strategy is based on three pillars: responsible business, responsible employer and environmental responsibility.