Catena Media withdraws 2026 targets as preliminary Q3 revenue falls 29%
The affiliate group abandons its organic growth projections after quarterly revenue slid to €8.3m and adjusted EBITDA tumbled by more than 75%.
- Preliminary third-quarter revenue fell 29% year-on-year to €8.3m, down from €11.6m.
- Catena Media withdrew its 2026 targets for double-digit organic growth in revenue and adjusted EBITDA.
- A non-cash impairment charge on intangible assets between €30m and €35m will be booked in the third quarter.
Catena Media has withdrawn its medium-term financial targets after publishing preliminary figures for the third quarter of 2026 that revealed a severe downturn in top-line revenue, diminished operating profits, and an impending multi-million-euro asset write-off.
In a trading update outlining performance for the three months to 30 September, the Malta-headquartered digital sports betting and igaming affiliate reported group revenue of €8.3m. This represents a 29% contraction compared to the €11.6m (£9.76m) achieved during the identical trading period of the previous year.
Profitability slumps amid impairment
The group's underlying earnings faced an even sharper contraction across the quarter. Adjusted EBITDA slumped by more than 75% year-on-year, sliding from €2.9m in the third quarter of the prior year to €0.7m. The recorded €0.7m figure included the benefit of a €0.7m reversal in financial accruals that had previously been earmarked for the company's 2026 employee bonus programme.
Across the wider nine-month period of 2026, Catena Media accumulated €4.6m in total adjusted EBITDA. That total falls short of the €5.2m in adjusted EBITDA posted across the corresponding nine months of 2025.
Compounding the financial deterioration, the organisation announced that it expects to recognise a significant non-cash impairment charge on its intangible assets. The upcoming accounting writedown is projected to be between €30m and €35m when the complete Q3 financial statement is finalised.
Targets abandoned during North American transition
The drop in operational performance prompted the board to formally abandon its targets for 2026. The company had previously established an objective to achieve double-digit organic growth across both total group revenue and adjusted EBITDA by that financial year.
Chief Executive Officer Manuel Stan, who assumed leadership of Catena Media following his appointment in 2024, continues to oversee the company during an operational pivot. The Malta-based enterprise is currently executing a strategic shift to become solely focused on North American gambling markets.
Operational delivery and share price reaction
From a commercial standpoint, Catena Media confirmed that the overwhelming majority of its conversion volume relies on upfront fees, with more than 90% of new players secured via cost-per-acquisition (CPA) commercial terms. In addition, the firm's proprietary sub-affiliation network, MRKTPLAYS, has become a key driver of overall receipts, having generated more than one-third of group revenue in the first half of 2026.
In preparation for its future technology roadmap, Catena Media has scheduled the launch of a new proprietary system, named TraffiqX, for the first quarter of 2027. Guiding the platform's infrastructure is Martin Zetterlund, who has been brought in as Interim Chief Technology Officer. Zetterlund formerly held the role of Managing Director for Sweden at management consultancy firm Accenture.
Investors responded negatively to the trading announcement and the abandonment of the 2026 guidance. Shares in Catena Media tumbled by nearly 20% to reach SEK 2.55 (£0.19) in the wake of the disclosure. The slump follows a wider downturn for the equity, which had reached a peak trading price of SEK 4.40 just two months earlier.
