Q4 2025 Catena Media PLC Earnings Call Transcript
Key Points
- Catena Media PLC (CTTMF) reported a strong Q4 with revenue of EUR15.6 million, marking a 53% increase year-on-year and a 34% increase quarter-on-quarter.
- Adjusted EBITDA improved significantly to EUR4.7 million, a 60% increase from the previous quarter and over 200% compared to Q4 2024.
- The adjusted EBITDA margin improved to 30%, reflecting a 5-percentage point increase from the previous quarter and a 15-percentage point increase from Q4 2024.
- Revenue diversification efforts showed positive results, with performance marketing verticals like CRM and sub-affiliation reaching new highs.
- The company's focus on North America paid off, with 98% of revenue coming from this region, highlighting successful geographical targeting.
- Regulatory uncertainties surrounding social sweepstakes casinos and the rise of generative search present potential headwinds for future quarters.
- The Missouri sports betting launch had a modest financial impact due to market size and existing competition from neighboring states.
- Sports revenue decreased by 33% year-on-year, reflecting underperformance and the divestment of e-sports products.
- Direct costs increased significantly by 227% year-on-year, driven by the growth in performance marketing channels.
- The company has deferred interest payments on its hybrid capital security, accumulating EUR4.0 million in deferred interest, indicating financial constraints.
Good morning. Good evening, everyone. Welcome to Catena Media's Q4 interim report. I am Manuel Stan, and today I am joined by our Chief Financial Officer, Mike Gerrow.
Today, we will be speaking to our Q4 interim report, related financials, and our strategy and outlook going forward. We will start today's presentation with a high-level summary of the most important developments in the quarter.
I am pleased to see a solid quarter with growth in both revenue and earnings. Q4 amounted to EUR15.6 million. This represents an improvement of 53% versus Q4 2024 and 34% versus Q3 2025. The adjusted EBITDA improved to EUR4.7 million an increase of 60% from the previous quarter, as well as over 200% versus Q4 2024.
The adjusted EBITDA margin improved to 30%, a 5-percentage point increase from the previous quarter, and 15% points stronger than Q4 2024.
During the quarter, continue to focus on operational efficiency and diversification. From revenue diversification perspective, Q4 represented another step in the right
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