Catena Media has reported preliminary Q3 2026 revenue of €8.3m ($9.34m), down 29% year-on-year, as weaker search performance and reduced operator marketing budgets weighed on the affiliate group's results.
Adjusted EBITDA fell to €0.7m from €2.9m for Q3 2025. The latest figure includes a €0.7m reversal of employee bonus accruals, a benefit that matched the reported adjusted EBITDA total.
Revenue for the first nine months was €30.1m, compared with €31m a year earlier, while adjusted EBITDA for that period was €4.6m against €5.2m.
Catena Media quarterly revenue
Revenue in €m across four consecutive quarters. Q3 2026 is preliminary and unaudited. Source: Catena Media
The Malta-headquartered business also expects to recognise a non-cash impairment of between €30m and €35m on intangible assets for Q3. Its preliminary release did not disclose Q3 net income, so the effect on the statutory bottom line remains to be confirmed in the full interim report. The latest complete report recorded H1 net profit after tax of €1.3m.
Catena Media has withdrawn its target for double-digit organic growth in group revenue and adjusted EBITDA for 2026. It said shifts in organic search, including the growing use of AI-assisted search, reduced traffic to its sites. Seasonal cuts to marketing budgets by gambling operators added to the pressure.
Catena Media's exposure to organic-search changes is concentrated in North America. The region produced 97% of continuing-operations revenue for Q2, leaving the group particularly exposed to changes in its search and customer-acquisition conditions. Q2 group revenue was €9.5m and adjusted EBITDA was €1.2m.
More than 90% of new customers now come through cost-per-acquisition agreements, Catena Media said. That mix provides less recurring income than revenue-sharing arrangements. The company is developing its TraffiqX platform to broaden its publisher and advertiser business, with a launch planned for Q1 2027.
Catena Media CEO, Manuel Stan, said: "This was a weak quarter and our results reflect that." The preliminary figures are unaudited. Its full Q3 report is scheduled for 10 November.
Earlier this year, Catena Media posted a 26% Q1 revenue increase, as reported in May by Global Gaming Insider, before the subsequent slowdown.
Catena Media cited prediction markets among the new verticals it is pursuing to reduce its reliance on search traffic
