‘Our best operating performance since the reset’ – Catena Media CEO on Q4 turnaround

Catena Media’s fourth quarter of 2025 marked a turning point for the Malta-headquartered affiliate group, with CEO Manuel Stan describing the period as the company’s strongest operational performance since its organisational reset began in mid-2024.

Mr Stan noted that both revenue and profitability improved sharply, not only year-on-year but also compared to the previous quarter, attributing the shift to disciplined execution and structural changes introduced earlier in 2025.

“Q4 marked our best operating performance since the organisational reset that we initiated in mid-2024,” he said, explaining that the results were the outcome of “disciplined execution across the business and positive impacts from the structural changes implemented during the first half of 2025.”

He cautioned that work remains, but said the figures are an early signal that the company’s direction is now stabilising. “While it is still early, and further work remains, the figures offer encouragement that the business is moving in the right direction.”

A key indicator for Mr Stan was the return of margins to levels not seen since early 2023. Adjusted EBITDA reached its highest level since Q1 2023, with margins climbing to 30 per cent. He pointed out that this was not simply the result of cost cutting, but of scaling what works.

Much of that scaling came from a renewed focus on the Casino segment, which Mr Stan described as the primary growth engine after 18 months of deliberate refocusing.

He also noted that the company had also been “disciplined” in terminating initiatives that were not delivering returns. “This approach has allowed us to expand what works and to exit what does not.”

Mr Stan highlighted that both regulated casino and social sweepstakes casino delivered strong growth during the quarter, supported by improved product performance and better organic search visibility. At the same time, he acknowledged that the latter carries regulatory uncertainty in some US states.

The picture was less positive in sports, where Mr Stan was candid about continued difficulties, noting that although investment is ongoing to improve core products, the company “do[es] not expect to see a material upturn in this segment in the short term.”

Beyond product focus, Mr Stan pointed to diversification as another pillar of the turnaround. Subaffiliation and CRM both played a growing role in Q4’s performance.

“Subaffiliation continued to scale during the quarter as our MRKTPLAYS proprietary platform again contributed significantly,” he said, while also noting that “our customer relationship management (CRM) vertical also evolved significantly during the quarter, more than doubling in size from Q3.”

Internally, Mr Stan credited the organisation’s response to earlier restructuring measures for enabling the shift in performance. After what he described as the “difficult but necessary step to rightsize the organisation,” teams adapted quickly to a flatter structure.

“They delivered with intent,” he said, adding that the improved results allowed the company to award “a company-wide bonus – the first such award for several years.”

Looking ahead, Mr Stan said the focus for 2026 remains on execution rather than expansion for its own sake.

“In 2026, we intend to build on this foundation by executing with discipline, allocating capital selectively and further strengthening the business.”