Catena Media PLC, a leading global affiliate network, has released its financial results for the second quarter of 2025, showcasing significant improvements in profitability driven by ongoing business optimization and cost-efficiency measures. Despite year-over-year revenue declines, the company delivered its strongest Q2 EBITDA performance in recent years, underscoring the impact of its stabilization strategy.
Q2 2025 Financial Highlights (Ended June 30)
- Revenue from continuing operations: €9.6 million ($11.24 million), down 25% YoY
- Adjusted EBITDA: €1.4 million ($1.64 million), up 104% YoY
- Adjusted EBITDA margin: 23% (vs. -4% in Q2 2024)
- EBITDA from continuing operations: €2.2 million ($2.58 million), up 483%
- Earnings per share (EPS): €0.01 ($0.012)
- New Depositing Customers (NDCs): 20,229, down 36% YoY
When adjusted for currency translation effects due to a weaker U.S. dollar, revenue increased by 6%, and North American revenue rose 7% quarter-over-quarter.
North America Remains Core Market
- North America revenue: €8.7 million ($10.19 million), down 23% YoY
- Accounts for 90% of total continuing operations revenue
- Q2 NA revenue down 1% QoQ, but up 7% when adjusted for FX
Despite a decline in NDCs and top-line revenue, North America continues to be Catena’s primary growth engine, supported by operational efficiencies and diversification beyond SEO.
H1 2025 Performance Overview
- Total revenue (continuing operations): €19.4 million ($22.71 million), down 33% YoY
- North America revenue: €17.4 million ($20.37 million), down 32% YoY
- Adjusted EBITDA: €2.3 million ($2.69 million), down 9%
- EBITDA from continuing operations: €2.8 million ($3.28 million), up 744%
- EPS: €0.003 ($0.0035), up from a loss of €0.07 in H1 2024
- NDCs: 42,147, down 44% YoY
Strategic Actions & Corporate Updates
- Esports divestment: €1.4 million ($1.64 million) generated from asset sale
- Headcount reduction: 25% cut as part of cost optimization
- Board changes: Five directors re-elected, one new appointment at AGM
- Auditor update: KPMG Malta appointed as external auditor
CEO Commentary: Manuel Stan on Stabilization & Outlook
CEO Manuel Stan attributed the EBITDA surge to Catena’s transformation program, emphasizing that Q2 gains were driven by core business improvements rather than external factors like state launches or seasonal spikes.
“This was our strongest Q2 in years, and it reflects the impact of our leaner, more agile operating model,” said Stan. “We expect annual savings of €5.3–5.8 million from Q2 optimization efforts, with full benefits materializing in Q3.”
Stan also highlighted June as the most profitable month of the quarter, and expressed confidence in continued momentum through H2, supported by:
- Increased investment in paid media, sub-affiliation, and CRM
- Strategic adaptation to generative AI search
- Enhanced customer engagement and loyalty tools
“We’re committed to de-risking our business model and building scalable, tech-driven affiliate solutions that strengthen our core brands,” Stan added.
Looking Ahead
Catena Media maintains a bullish outlook for H2 2025, aiming to:
- Sustain earnings momentum
- Expand non-SEO revenue streams
- Optimize content and technology for evolving search environments
- Strengthen CRM and loyalty infrastructure
