Catena Media’s North American Rebound Gains Pace, but Search Volatility Still Shadows the Recovery

Catena Media’s recovery is no longer just a cost-cutting story.

The affiliate group opened 2026 with revenue from continuing operations climbing to €12.3 million, a 26% increase from €9.8 million a year earlier, as its North American business carried almost the entire operation. The region produced €11.7 million in revenue during the quarter, up 34% year-on-year and equal to 95% of the group’s continuing revenue.

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Profitability moved with it. Adjusted EBITDA rose to €2.7 million from €0.9 million, pushing the margin to 22%. Reported EBITDA came in slightly lower at €2.6 million, with a 21% margin. Earnings per share from continuing operations also turned positive, reaching €0.02 after a €0.01 loss in the same period last year.

The sharpest operational signal came from customer acquisition. New depositing customers jumped 58% to 34,573, suggesting Catena is converting traffic more effectively even while parts of the business remain exposed to search instability.

Prediction Markets and Alberta Expansion Become the Next Test

Casino remained the main engine. Revenue from the vertical reached €10.9 million, up 43% from the first quarter of 2025. Yet the improvement was not clean. Google’s December algorithm update continued to disturb rankings during the quarter, after early signals had appeared more favorable. That left Catena dealing with uneven traffic patterns across both its own portfolio and publisher partners.

The company is trying to reduce that dependency. Its CRM products gained ground in the quarter, helped by the January launch of PlayPerks on PlayUSA.com. Similar loyalty-driven products may now be rolled out across other core assets.

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Subaffiliation also grew year-on-year, though momentum softened from the prior quarter after a slower start for MRKTPLAYS. Some publishers using the platform faced the same SEO pressure affecting Catena’s owned sites. In January, the company introduced MRKTPLAYS+, a broader version of the platform aimed at giving iGaming publishers more support and services. Management sees enough early interest to begin preparing capital allocation for further development.

Sports remains the weak spot. Current infrastructure spending is not expected to materially improve short-term results, but Catena is looking beyond traditional sportsbook affiliation. Prediction markets have become a focus, with agreements already signed with major operators and dedicated content being built around the category. The company views the segment’s wider US geographic reach, compared with regulated sports betting, as a possible acquisition advantage.

Internally, Catena is still simplifying. After last year’s efficiency measures, it plans to close and liquidate entities in several markets, reducing administrative complexity without further headcount or cost impact.

The next market test comes in Canada. Alberta’s regulated market is scheduled to open on 13 July, and Catena plans to pursue it through both its main brands and the MRKTPLAYS network. The province’s combined casino and sports launch, along with nearby unregulated provinces, gives the company another chance to prove that its North American rebound can extend beyond one strong quarter.

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