Flat revenue and lower earnings as organic search headwinds persist

April–June 2026

• Revenue from continuing operations was EUR 9.5m (9.6), a decrease of 1 percent.
• Revenue in North America increased by 6 percent to EUR 9.2m (8.7), equivalent to 97 percent (90) of group revenue from continuing operations.
• New depositing customers (NDCs) from continuing operations totalled 24,781 (20,229), an increase of 23 percent.
• Adjusted EBITDA from continuing operations decreased by 11 percent to EUR 1.2m (1.4), corresponding to an adjusted EBITDA margin of 13 percent (14).
• EBITDA from continuing operations decreased by 46 percent to EUR 1.2m (2.2), equivalent to an EBITDA margin of 13 percent (23).
• Earnings per share from continuing operations totalled EUR 0.001 (0.01) before and EUR 0.001 (0.01) after dilution.

January–June 2026

• Revenue from continuing operations was EUR 21.8m (19.4), an increase of 12 percent.
• Revenue in North America increased by 20 percent to EUR 21.0m (17.4), equivalent to 96 percent (90) of group revenue from continuing operations.
• New depositing customers (NDCs) from continuing operations totalled 59,354 (42,147), an increase of 41 percent.
• Adjusted EBITDA from continuing operations increased by 70 percent to EUR 3.9m (2.3), corresponding to an adjusted EBITDA margin of 18 percent (12).
• EBITDA from continuing operations increased by 35 percent to EUR 3.8m (2.8), equivalent to an EBITDA margin of 18 percent (15).
• Earnings per share from continuing operations totalled EUR 0.02 (-0.002) before and EUR 0.02 (-0.002) after dilution.

Significant events during Q2 2026

• The annual general meeting on 27 May elected a board of directors comprising four members. Erik Flinck, Sean Hurley and Martin Zetterlund were re-elected as directors, and Seth Young was elected as a new director.
• An extraordinary general meeting on 30 June authorised the company to acquire and hold own shares representing up to 10 percent of total issued share capital, equivalent to 7,877,444 shares.

Significant events after the period

• On 11 August 2026, the group announced its intention to launch a share buyback programme of up to 5.98 percent of outstanding shares under the authorisation granted at the extraordinary general meeting on 30 June. The purpose of the programme is to meet the company’s obligations under its long-term incentive programmes.
• On 11 August 2026, the group announced its intention to launch a voluntary offer to buy back CATME H01 hybrid capital securities at a price of 20.00 percent of the nominal amount, that is, SEK 20 for every SEK 100 of nominal value. No capitalised interest or accrued but unpaid interest will be paid in connection with the offer. Further details regarding the offer’s application period and technical execution will be made available on the company’s investor relations web page.

CEO Manuel Stan comments
In Q2, we reported revenue of EUR 9.5m, broadly in line with the same quarter last year, and adjusted EBITDA of EUR 1.2m, a decrease of EUR 0.2m from the comparable quarter. These results reflect industry-wide headwinds in organic search and mark a pause after several quarters of strong operating performance. The quarterly revenue decline underlines a structural reality facing our industry: traditional affiliation remains closely tied to the shifting dynamics of organic search.

Reshaping the business beyond traditional SEO
The financial volatility that arises from the unpredictability of a search-dependent business model led Catena Media’s board and management earlier this year to begin exploring how to reshape the business towards a model that reduces exposure to any single external factor.

This process will see the company evolve beyond traditional affiliation and lead generation into a technical infrastructure platform provider that brings together industry players in a single ecosystem. We are currently developing this ecosystem as a next-generation and fully automated marketplace that connects publishers and advertisers across a wider set of verticals, with deep analytics and intelligence at its core.

Investment into building the platform began in Q2 and is reflected in the increase in capital expenditure that we report for the period. We have reorganised our products and squads to drive the project forward and, for competitive reasons, are disclosing few operational details at the present time. However, I look forward to sharing more on the project’s progress in the coming quarters as we complete final testing in late 2026, ahead of a full commercial launch in the first half of next year.

Building on MRKTPLAYS’ success
The innovative capacity that enabled us to develop our successful MRKTPLAYS platform will be pivotal to delivering this shift. MRKTPLAYS has grown steadily since its launch and today contributes more than a third of group revenue. Its impact validates a broader thesis: Catena Media’s highest-value growth role is not only generating affiliation leads but also building the connective infrastructure between publishers and operators.

The cash reserve we have generated in recent quarters thanks to strong cash flow will allow us to fund the tech capabilities and growth-oriented investment necessary to develop the new infrastructure platform as we broaden the business beyond traditional SEO.

Share buyback tied to employee incentive plan
Following shareholder authorisation at the recent EGM, we also intend to launch a share buyback programme of up to 5.98 percent of outstanding shares. This is solely to meet obligations under our long-term incentive programme and should not be read as a broader capital return or capital allocation signal.

Together, the steps we are taking are deliberate measures to invest in new capabilities, meet our incentive commitments through disciplined capital allocation, and to reshape the business mix to reduce reliance on any single channel.

We strongly believe this combination will provide a durable foundation for growth, shaped by the strength of our partnerships and our execution rather than unpredictable external factors.

Continued commitment to our core organic brands
To be clear, this is not a retreat from organic search and traditional search engine optimisation. We will continue to invest in and develop our core organic brands. They will remain important contributors to revenue alongside new products such as our PlayPerks loyalty programme on PlayUSA.com, whose strong performance since launch in January underscores the value of offsetting our exposure to Google traffic.

While Q2 was softer than the standard we have set in recent quarters, I am confident we are making the right strategic choices to position the company for long-term growth, and I wish to thank the board of directors and our teams for their contributions and commitment to this vision.

Presentation of Catena Media’s results
CEO Manuel Stan and CFO Michael Gerrow will present the report in a combined webcast and teleconference on 11 August 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/q2-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/q2-report-2026/dial-in

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