Catena Media’s casino surge powers Q4 turnaround as sports continues to drag on performance

Catena Media has reported its strongest quarterly performance since initiating its organisational reset in mid-2024, with Q4 revenue from continuing operations rising by 53 per cent year-on-year to €15.6 million and EBITDA increasing by 573 per cent to €5.1 million.

The group’s adjusted EBITDA reached €4.7 million, more than tripling compared to the same period in 2024, while the adjusted EBITDA margin doubled to 30 per cent. EBITDA margin for the quarter stood at 33 per cent, up from 7 per cent a year earlier. Earnings per share returned to positive territory at €0.04.

The performance marks a significant turnaround following a challenging year that saw Catena Media recognise a €16.5 million impairment charge in Q3 related to North American sports assets and Asia-Pacific casino assets.

Despite the strong final quarter, full-year revenue from continuing operations declined by 6 per cent to €46.6 million. However, profitability improved materially, with adjusted EBITDA rising by 84 per cent to €9.9 million and EBITDA reaching €10.6 million compared to a loss the previous year.

North America now accounts for 98 per cent of group revenue, with revenue from the region rising 71 per cent in Q4 to €15.2 million.

New depositing customers increased by 56 per cent in the quarter to 40,364, although on a full-year basis they fell by 17 per cent.

The group’s cost base reflects the structural changes implemented earlier in 2025. Personnel expenses, excluding incentive accruals, fell by 38 per cent year-on-year to €3.1 million in Q4 following a headcount reduction of around 25 per cent in Q2. Other operating expenses fell by 18 per cent. 

Operating cash flow from continuing operations improved to €1.4 million in Q4 and €7.7 million for the year, up 169 per cent compared to 2024.

As at 31st December 2025, cash and cash equivalents stood at €9.3 million, while equity totalled €107.5 million. Total liabilities fell sharply to €5.6 million from €24 million the previous year following significant debt repayments during the year.

Catena Media continues to defer interest payments on its €43.7 million hybrid capital securities in order to preserve capital for technology investment and operational priorities. Accumulated deferred interest stood at €4 million as at January 2026.

The Casino segment was the main revenue driver, accounting for €13.9 million of Q4 revenue, an 81 per cent increase year-on-year. By contrast, the Sports segment declined by 33 per cent to €1.7 million.

The company has set financial targets for 2026 of achieving double-digit organic growth in both revenue and adjusted EBITDA, while maintaining a net interest-bearing debt to adjusted EBITDA ratio between 0 and 1.75.