Catena Media shares rise 9 per cent after Q1 2026 results release
Catena Media PLC, a leading digital affiliate marketing company for the iGaming industry, has released its Q1 2026 financial results, showing significant growth in revenue, profitability, and customer acquisition metrics.
Key metrics
Revenue increased by 26 per cent year-on-year to €12.3 million from €9.76 million in Q1 2025. Adjusted EBITDA surged by 191 per cent to €2.7 million, with a margin of 22 per cent. This marks the third consecutive quarter with an EBITDA margin above 20 per cent, the threshold set by management as a key target.
Main financial metrics for Catena Media
| Metric | Q1 2026 | Q1 2025 | Change |
| Revenue | €12.3 million | €9.76 million | +26 per cent |
| Adjusted EBITDA | €2.7 million | €0.93 million | +191 per cent |
| EBITDA Margin | 22 per cent | 10 per cent | +12 p.p. |
| New Depositing Customers (NDC) | 34,573 | 18,390 | +88 per cent |
| Operating Cash Flow | €4.4 million | €3.2 million | +38 per cent |
| Cash Balance | €13.7 million | – | – |
Source: SiGMA News.
Following the report, Catena Media shares rose 9.32 per cent to €2.73, with market capitalisation at about €18.20 million. Year-to-date, shares have delivered 45 per cent return to investors.
Management comments
Catena Media CEO Michael Stan said the following in a statement: “Q1 demonstrated strong revenue growth and improved efficiency. Our strategic focus is on diversification, performance marketing and operational discipline. The number of NDC grew 88 per cent year-on-year to 34,573.”
New depositing customers (NDC) is a standard metric in iGaming affiliate marketing, denoting players who made their first deposit with an operator partner via the affiliate. This metric measures revenue for companies like Catena Media.
CFO Michael Gerrow added: “Discipline in expense management reduced the normalised cost base by 26 per cent. Operating cash flow increased by 38 per cent to €4.4 million, with a cash balance of €13.7 million at the end of the quarter.”
Business structure
North America accounted for 95 per cent of total revenue, reflecting the company’s strategic focus on regulated US and Canadian markets in recent years.
Breaking down the revenue by sector:
- Online casino (88 per cent of revenue): Revenue grew by 43 per cent year-on-year, and NDC increased by 98 per cent. Growth was primarily driven by performance marketing channels, where Catena Media utilises a cost-per-acquisition (CPA) model for traffic generation as opposed to relying exclusively on organic search. Direct costs increased by 110 per cent due to channel mix shifts, but total expenses fell by 11 per cent quarter-over-quarter due to fixed cost optimisation. Personnel costs decreased by 18 per cent year-on-year, or 32 per cent when normalised.
- Sports betting (12 per cent of revenue): Revenue fell 34 per cent year-on-year after the sale of the esports segment. Despite this decline, the segment maintained a 30 per cent EBITDA margin, indicating high profitability in the remaining business.
The company has no outstanding bank debt following the repayment of its bond loan. The company holds €44 million in hybrid capital, a financial instrument that falls between debt and equity, with €5.4 million in deferred interest payments accrued.
Strategic initiatives
Key Q1 2026 achievements included launches of two major products:
- Play Perks is the first group-wide loyalty programme launched on playusa.com to boost player engagement with operator partners. It is rolling out to other group brands. Such programs reward players for ongoing activity, helping affiliates show long-term value to operators.
- Marketplace Plus is an updated sub-affiliate platform that provides small affiliates with access to operator partners via Catena Media’s infrastructure. Updates include marketing support, strategic advice and capital access, positioning Catena Media as a full ecosystem participant beyond traffic provision.
The company also recorded its highest Employee Net Promoter Score (eNPS) since 2022, with an increase of 50 points year-on-year. The company’s full return-to-office policy is now in effect.
Alberta market launch
The company is positioning ahead of the regulated online gambling market launch in the Canadian province of Alberta on July 13, 2026. The new regime will cover both sports betting and casino.
Alberta is significant in scale, with the province and nearby US markets forming an important addressable audience. With its existing US presence, management estimates coverage of 51 per cent of the US population and 17 per cent of Canada’s.
Full-year outlook
Management provided a cautious forecast for the rest of the year: the target is to maintain an EBITDA margin above 20 per cent and to continue diversifying revenue and traffic sources. Investments in the Marketplace Plus platform will continue, partially funded by deferring hybrid capital interest payments to ensure sufficient liquidity for growth.
*Adjusted EBITDA is a non-GAAP measure used to assess operational efficiency excluding one-off and non-cash items.
This article was originally published in Russian on 12 May 2026.
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