Catena Media posts 26% revenue growth as North America contributes 95% of Q1 revenue
Catena Media reported Q1 2026 revenue from continuing operations of EUR12.3m, up 26% year-on-year, as the affiliate group continued its recovery from last year’s restructuring period while expanding margins despite ongoing SEO volatility.
Adjusted EBITDA rose 191% to EUR2.7m, producing a 22% margin compared with 9% a year earlier. EBITDA increased 318% to EUR2.6m.
North America continued to dominate the business, accounting for 95% of group revenue after regional revenue increased 34% to EUR11.7m.
New depositing customers climbed 58% year-on-year to 34,573.
Casino remains primary earnings driver despite SEO disruption
Casino generated EUR10.9m in revenue during the quarter, up 43% from Q1 2025, although performance declined sequentially following Google search algorithm changes introduced in December.
Management attributed the softer quarter-on-quarter performance to ranking pressure across key products, highlighting the continuing exposure of affiliate operators to organic search volatility.
Management said competing products had temporarily benefited from the algorithm changes, though the longer-term impact on acquisition economics across the affiliate sector remains unclear.
The results highlight continued efforts across the affiliate sector to reduce reliance on SEO-driven acquisition by expanding CRM capabilities and owned-audience monetisation.
CRM and loyalty strategy expands beyond traditional affiliation
Catena continued investing in CRM-led monetisation during the quarter, launching its PlayPerks loyalty product on PlayUSA.com.
The initiative forms part of a broader strategy to increase repeat monetisation and reduce dependence on first-time acquisition revenue as search-driven traffic becomes less predictable.
Social sweepstakes casino also remained resilient despite California’s ban taking effect in January, with management indicating the group intends to leverage its existing database through adjacent products.
Subaffiliation remains strategic diversification channel
Subaffiliation revenue increased year-on-year, although growth slowed sequentially as some MRKTPLAYS partners encountered similar SEO challenges to Catena’s owned assets.
The company launched MRKTPLAYS+ during the quarter, expanding the platform beyond traditional subaffiliation into broader publisher support services.
Management said it is preparing to deploy capital into selected opportunities as it builds out the initiative.
The continued emphasis on subaffiliation aligns with broader efforts across the affiliate sector to diversify traffic sourcing.
Prediction markets emerge as sports growth focus
Catena acknowledged continued underperformance in its sports division, with infrastructure investment ongoing but limited short-term revenue contribution expected.
Management identified prediction markets as a key growth focus within sports affiliation, citing nationwide accessibility compared with state-by-state sportsbook regulation.
The company said it has already secured agreements with leading prediction market operators and is building dedicated content around the vertical.
The strategy reflects increasing affiliate interest in prediction markets as US sportsbook acquisition channels mature. However, long-term CPA sustainability and the regulatory trajectory of the sector remain unresolved.
Restructuring programme nears completion
Catena also confirmed plans to close and liquidate multiple entities as part of an ongoing simplification programme.
Once completed, the group expects to reduce its corporate structure from 13 entities in 2020 to five entities based in Malta and the US.
Personnel expenses declined 36% year-on-year on a normalised basis, excluding provisions related to the 2026 staff bonus programme.
Alberta launch provides next regional catalyst
Looking ahead, management identified Alberta’s regulated market launch on 13 July as a key near-term opportunity for both casino and sports acquisition.
The province is expected to become one of the most commercially significant Canadian openings since Ontario, particularly given surrounding provinces remain unregulated.
Catena said it plans to target the launch through both its core brands and the MRKTPLAYS network.
Source: Catena Media
