Q2 2026 Catena Media PLC Earnings Call Transcript
Key Points
- Revenue increased 4% year-on-year when adjusted for currency rate changes, showing resilience despite a challenging quarter.
- New depositing players increased 23% year-on-year, reaching 24,781, indicating continued customer acquisition strength.
- The marketplace program now contributes more than a third of group revenue, validating the strategic pivot beyond traditional SEO.
- Disciplined cost management continued, with total cost base flat year-on-year at EUR8.2 million and down 15% from Q1 2026.
- The company has a strong cash position of EUR13 million with no remaining debt instruments after repaying its senior bond in Q2 2025.
- Q2 revenue decreased 23% quarter-on-quarter to EUR9.5 million, marking a pause from recent quarters of solid growth.
- Adjusted EBITDA fell 11% year-on-year to EUR1.2 million, the lowest level since Q1 2025, with margin down to 13%.
- The sports segment revenue declined 43% year-on-year to EUR1.0 million, reflecting continued underperformance.
- Operating cash flow was negligible at EUR0.03 million during the quarter, a significant drop from EUR1 million in Q2 2025.
- The company plans to offer to buy back hybrid capital securities at only 20% of nominal value, indicating financial distress and potential shareholder dilution concerns.
Good afternoon, good evening, everyone. Welcome to Catena Media's Q2 Interim Report.
I am Manuel Stan, and today I'm joined by our Chief Financial Officer, Michael Gerrow.
Today we will be speaking to our Q2 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.
Q2 was a difficult quarter, which marked a pause from recent quarters of solid growth.
Q2 reflected the structural challenges that traditional affiliation is facing related to the shifting dynamics of organic search.
Q2 revenue amounted to EUR9.5 million. This represents a decrease of 1% versus the same quarter previous year and 23% down versus last quarter.
Q2 revenue saw a 4% year-on-year increase when adjusted for currency rate changes.
The adjusted EBITDA was EUR1.2 million, down 11% from EUR1.4 million the corresponding quarter last year. This meant a margin of 13% versus 14%
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