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Catena Media ended 2025 with a strong fourth quarter, showing clear improvements in both revenue and profitability. According to the company’s Q4 and year-end report, the recovery was once again driven by casino performance in North America, while the sports segment remained under pressure.
After a difficult couple of years, Q4 stands out as one of the more solid quarters Catena Media has delivered in some time.
Revenue up sharply in the fourth quarter
Group revenue for Q4 2025 came in at €15.6m, up 53% year-on-year. Almost all of this revenue was generated in North America, which accounted for 98% of total group revenue during the quarter.
Profitability improved materially. Adjusted EBITDA reached €4.7m, compared to €1.5m in Q4 2024, with margins expanding to 30%. Earnings per share from continuing operations turned positive at €0.04, compared to a loss in the prior-year period.
The group ended the year with €9.3m in cash, supported by positive operating cash flow in the quarter.
Casino remains the clear growth driver
Casino continued to dominate Catena Media’s revenue mix. The segment generated €13.9m in Q4, an 81% increase year-on-year, and represented close to 90% of total revenue for the quarter.
The company points to a mix of regulated US casino markets, social sweepstakes products and improved monetisation through CRM and sub-affiliation as the main contributors.
Sports betting, however, continued to decline. Revenue from the sports segment fell to €1.7m, down 33% compared to Q4 2024, underlining the challenges Catena Media has faced in this vertical.
Full-year figures show margin progress
For the full year, Catena Media reported €46.6m in revenue, down 6% from 2024. Despite the decline in top-line revenue, profitability improved significantly.
Adjusted EBITDA for 2025 increased to €9.9m, with margins expanding to 21%, up from 11% the previous year. The company still reported a net loss for the year, but at a much lower level than in 2024.
New depositing customers declined on a full-year basis, although Q4 showed a return to growth.
Strategy focused on execution rather than expansion
Management describes 2025 as a year focused on execution and tighter priorities. The group continues to concentrate on fewer products and markets, with a strong emphasis on casino in North America.
New initiatives during the year included the launch of PlayPerks, a loyalty product on PlayUSA.com, and an expanded sub-affiliation offering through MRKTPLAYS+.
There was no mention of M&A activity in the report, with the company instead highlighting operational improvements and cost discipline.
Looking ahead
Q4 2025 suggests that Catena Media has found a more stable footing, largely by doubling down on casino and reducing exposure elsewhere. The main questions going forward are how sustainable the current casino momentum is, and whether the sports segment will recover or continue to be scaled back.
For now, the fourth quarter shows that Catena Media’s streamlined approach is starting to translate into better numbers.
