A quarter of continued revenue growth and solid margins

January–March 2026

• Revenue from continuing operations was EUR 12.3m (9.8), an increase of 26 percent.
• Revenue in North America increased by 34 percent to EUR 11.7m (8.8), equivalent to 95 percent (89) of group revenue from continuing operations.
• New depositing customers (NDCs) from continuing operations totalled 34,573 (21,918), an increase of 58 percent.
• Adjusted EBITDA from continuing operations increased by 191 percent to EUR 2.7m (0.9), corresponding to an adjusted EBITDA margin of 22 percent (9).
• EBITDA from continuing operations increased by 318 percent to EUR 2.6m (0.6), equivalent to an EBITDA margin of 21 percent (6).
• Earnings per share from continuing operations totalled EUR 0.02 (-0.01) before and EUR 0.02 (-0.01) after dilution.

Significant events during Q1 2026

• On 9 January 2026, the group announced that Stephen Taylor-Matthews would step down as non-executive director, effective 31 January 2026.
• On 16 January, Catena Media launched MRKTPLAYS+, a strategic evolution of the successful MRKTPLAYS subaffiliation platform. MRKTPLAYS+ will provide additional services and support to partner publishers seeking to expand their subaffiliate activities in the iGaming market.

Significant events after the period

• No significant events after the period.

CEO Manuel Stan comments
In Q1, Catena Media reported revenue of EUR 12.3 million, representing growth of 26 percent from the same quarter last year. Adjusted EBITDA increased 191 percent to EUR 2.7m, equal to a margin of 22 percent. While revenue was lower than the particularly strong Q4 2025 figure, I am pleased with this performance. Q1 was a more balanced quarter that sets a more representative baseline for future periods. 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.

Casino solid despite organic search headwinds
Casino remains our most important vertical and the area of greatest long-term potential. Revenue of EUR 10.9 million was 43 percent higher than Q1 last year. The quarter-on-quarter decrease was driven primarily by volatility arising from a Google search algorithm update in December. Immediately after this update we saw positive signals, but our rankings subsequently came under pressure.

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.

Product diversification strategy in focus
In Q1, customer relationship management (CRM) continued to grow as a meaningful part of our casino offering. Our primary aim is to engage users and deliver a best-in-class experience that drives loyalty and repeat monetisation. We launched our first CRM product, PlayPerks, on PlayUSA.com in January, and are pleased with the early results. We plan to extend similar loyalty initiatives across other core products during the coming quarters. Social sweepstakes casino grew solidly despite the California ban that took effect on 1 January. We intend to leverage our sizeable loyal customer database in California through adjacent products going forward.

Continued progress in subaffiliation
Subaffiliation was strongly up year on year but saw a modest quarter-on-quarter revenue decrease that reflected a slow start to the year for our MRKTPLAYS platform. This was partly due to some partners experiencing the same SEO ranking challenges that affected our own products. Nevertheless, subaffiliation retained a stable share of group revenue and regained positive momentum towards the end of the quarter.

Since announcing the launch of our expanded MRKTPLAYS+ initiative early in Q1, we have built a strong pipeline of opportunities that we are currently reviewing. We are putting the right structures in place and expect to begin deploying capital in the near future.

Opportunities in prediction markets
Sports continues to be a challenging area where we are underperforming. Infrastructure investments in our sports products are ongoing but, as previously communicated, we do not expect a material financial impact in the short term.

Looking ahead, prediction markets represent arguably the most significant growth opportunity in the sports space. We have agreements in place with the leading operators and are actively building relevant content for users. Average cost-per-acquisition rates remain relatively low compared to sports betting. We expect these to increase as the market matures, competition grows and operators develop a deeper understanding of user value.

A further structural advantage is that while approximately 52 percent of US adults have access to regulated sports betting markets, prediction markets are generally accessible nationwide. We believe this presents the most meaningful growth opportunity in online sports affiliation today.

Structural simplification nears completion
Following the efficiency measures implemented last year, we have decided to close and liquidate Catena Media entities in several geographic markets. This will reduce administrative and organisational complexity without any expected impact on headcount or costs. When this is complete, the group will have transitioned from 13 entities in 2020 to five, all based in Malta or the US.

Outlook for Q2 and beyond
In Q1 we began making provisions towards the 2026 staff bonus programme, reflecting our confidence in the operating strategy and our teams’ continued efforts. Normalising for this provision versus Q1 2025, personnel expenses decreased by 36%. For Q2 and the remainder of 2026, we remain optimistic that the business is heading in the right direction.

In terms of market developments, the opening of Alberta as a regulated market on 13 July represents a significant opportunity. We intend to capitalise on this through our core brands and the MRKTPLAYS subaffiliation network. Alberta is a joint casino and sports launch with the added advantage that surrounding provinces are unregulated, which creates additional scope for meaningful customer acquisition.

I would like to thank our teams for their continued focus and commitment, and our shareholders for their ongoing support as we execute on our growth strategy.


Presentation of Catena Media’s results
CEO Manuel Stan and CFO Michael Gerrow will present the report in a combined webcast and teleconference on 12 May 2026 at 18:00 CEST.

Webcast
Via the webcast you are able to ask written questions. If you wish to participate via webcast, please use the following link:
https://catena-media.events.inderes.com/q1-report-2026

Teleconference
Via the teleconference you are able to ask questions verbally. If you wish to participate in the call, please register on the link below. After registration you will be provided phone numbers and a conference ID to access the conference:
https://events.inderes.com/catena-media/q1-report-2026/dial-in

The presentation will be available on the website:
https://www.catenamedia.com/investors/financial-reports-and-presentations