Affiliate Catena Media has posted its latest financial results from the third quarter of 2025, highlighting a revenue figure of €11.6m during the period, up 9% year-on-year.
Overall, the company's key revenue driver over the course of the quarter was the North American market, which churned out €11.2m - or 96% - of the group's overall revenue figure, up 18% in comparison to results from the same period of the prior year. Interestingly, North American revenue over the course of the year-to-date also fell by the same percentile compared to the first nine months of 2024.
Catena's Q3 2025
More specifically, Catena's Q3 revenue represents a rise of 9% year-on-year, despite a 12% drop in new depositing customers (NDCs), which reached 23,999. Profitability, however, improved drastically, with the affiliate reporting a 300% upswing in adjusted EBITDA year-on-year, which more than doubled to €2.9m, paired with a margin of 25% (13).
Earnings per share from continuing operations settled at €0.19, up from negative €0.55 during Q3 2024 before dilution.
Catena's year-to-date financials
For the first nine months of 2025, Catena posted a revenue figure of €31m, down 21% year-on-year from €39.5m. Revenue in North America fell 18% to €28.6m, accounting for 92% of total group revenue over the course of the year-to-date period.
Elsewhere, NDCs 66,146 during the year's first three quarters, a decline of 36% compared to the same period last year. Profitability, however, strengthened, with adjusted EBITDA rising 35% to €5.2m, complimented by a margin of 17% up from 10% last year, while EBITDA from continuing operations turned over a positive €5.5m figure, reversing a negative €1m loss in 2024. Earnings per share stood at negative €0.19, up from negative €0.62 before dilution.
CEO's comments
Speaking on these latest results, Catena Media CEO Manuel Stan said: "Q3 was a quarter of steady operating progress, with revenue up 9 percent from the same period last year - 15 percent adjusted for currency effects - and 22 percent from Q2. Adjusted EBITDA more than doubled both year-on-year and quarter-on-quarter. These figures reflected more diversified revenue streams and a solid contribution from organic search, supported by the first full quarterly impact of the cost optimisation measures implemented earlier this year.
"The drive and resilience of our teams was instrumental to achieving the uplift in top-line growth and profitability. The objectives and key result metrics we introduced early this year have channelled clear priorities, sharper execution and stronger accountability across our products."
During Q3, Catena announced the launch of its new proprietary subaffiliation platform, MRKTPLAYS.com in the North American market
