Catena Media increases Q1 revenue 26% to €12.3m

Catena Media has reported the group’s financial results for Q1 2026, as revenue from continuing operations increased 26% for a total of €12.3m (US$14.4m), while adjusted EBITDA climbed 191% to €2.7m. 

The affiliate’s revenue from North America operations increased 34% to €11.7m, as CEO Manuel Stan believes Q1 2026 represented a “more balanced quarter” and helped set a “more representative baseline for future periods.”

“While revenue was lower than the particularly strong Q4 2025 figure, I am pleased with this performance,” Stan said.

“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.”

Catena Media’s casino revenue increased 43% to €10.9m, described as the group’s “most important vertical and the area of greatest long-term potential.”

The casino revenue increase was generated despite “organic search headwinds,” including “volatility” caused by a Google search algorithm update in December. Catena Media’s new depositing customers (NDCs) grew 58% during Q1 to 34,573. 

Within its report, Catena Media described sports as a “challenging area” for the affiliate and one where the group is “underperforming.” While infrastructure improvements are still ongoing, Catena Media does not expect a material financial impact in the short-term. 

In terms of potential expansion, the affiliate views prediction markets as the “most significant growth opportunity in the sports space.” Catena Media stated it has already formed agreements with “leading operators” and is currently working to build relevant content for users. 

The group is also looking toward Alberta’s regulated iGaming launch on 13 July, intending to capitalize on the new market through its core brands and subaffiliation network.