Catena Media H1 recovery hit by SEO winds

Catena Media cites softer-than-anticipated trading results, due to short-term SEO volatilities impacting the visibility of its predominant US media assets.

The Stockholm-listed iGaming media group saw Q2 revenue remain broadly flat at €9.5m, combined with a 46% decline in EBITDA to €1.2m (Q2 2025: €2.2m).

Leadership cites that Catena is contending with a period of continued volatility in organic search, in which several SEO-focused websites have been exposed to changes in Google’s ranking and search coverage.

Despite underwhelming Q2 topline results, Catena views a significant improvement in KPIs as its media network increased new depositing customer (NDC) referrals by 23% to 24,781.

The firm continues to highlight its strategic transformation as North American media accounts for 97% of group income at €9.2m, up 6% from €8.7m in Q2 2025.

Year-to-date results provided a stronger picture, with Catena maintaining its H1 recovery despite the softer second quarter.

Revenue from continuing operations increased 12% to €21.8m, while North American revenue grew 20% to €21m, representing 96% of group revenue.

H1 NDCs increased 41% to 59,354, while adjusted EBITDA rose 70% to €3.9m, improving its margin from 12% to 18%. Reported EBITDA increased 35% to €3.8m.

Manuel Stan, Chief Executive Officer, described Q2 as a pause following several quarters of stronger operating performance.

“In Q2, we reported revenue of EUR 9.5m, broadly in line with the same quarter last year, and adjusted EBITDA of EUR 1.2m, a decrease of EUR 0.2m from the comparable quarter. 

These results reflect industry-wide headwinds in organic search and mark a pause after several quarters of strong operating performance.

Leadership maintains H1 recovery despite SEO headwinds.

“We will continue to invest in and develop our core organic brands,” Stan added. 

“They will remain important contributors to revenue alongside new products such as our PlayPerks loyalty programme on PlayUSA.com.”

Deep investments and share repurchases

Catena is responding by accelerating its move beyond traditional affiliation towards becoming a technical infrastructure platform provider, connecting publishers and advertisers through a wider marketplace.

Investment in the new platform began during Q2 and contributed to increased capital expenditure. Final testing is scheduled for late 2026 ahead of a full commercial launch in H1 2027.

The strategy builds on the progress of MRKTPLAYS, which now contributes more than one-third of group revenue.

“MRKTPLAYS has grown steadily since its launch and today contributes more than a third of group revenue,” Stan remarked.

“Its impact validates a broader thesis: Catena Media’s highest-value growth role is not only generating affiliation leads but also building the connective infrastructure between publishers and operators.”

Alongside its operational investment, Catena intends to launch a share buyback covering up to 5.98% of outstanding shares, following shareholder approval at its 30 June extraordinary general meeting.

The capital measures accompany Catena’s broader objective of maintaining its H1 recovery while reducing its long-term exposure to Google and establishing new technology-led revenue streams beyond traditional affiliation.