Catena Media Q2 Revenue Falls 1% as SEO Traffic Converts Less

Catena Media will build a new automated marketplace connecting publishers and advertisers after another quarter showed how heavily traditional iGaming affiliation still depends on organic search. Q2 revenue slipped 1% to €9.5 million, while adjusted EBITDA fell 11% to €1.2 million.

Good to Know

• Catena Media plans a commercial launch for its new marketplace in the first half of 2027.
• MRKTPLAYS now generates more than one third of group revenue.
• New depositing customers increased 23% to 24,781 in Q2.

Catena Media Looks Beyond Traditional SEO Affiliation

The company says search rankings are no longer producing the same level of clicks and traffic, even when visibility remains relatively stable. Catena Media therefore began investing in Q2 in a technical infrastructure platform designed to reduce reliance on Google and other organic search channels.

The planned marketplace will connect publishers with advertisers across more verticals and use analytics to automate much of that relationship. Final testing is due late in 2026 before a full commercial release during the first half of 2027.

CEO Manuel Stan said:

“In Q2, we reported revenue of EUR 9.5m, broadly in line with the same quarter last year, and adjusted EBITDA of EUR 1.2m, a decrease of EUR 0.2m from the comparable quarter. These results reflect industry-wide headwinds in organic search and mark a pause after several quarters of strong operating performance.”

MRKTPLAYS provides a working model for that strategy. The sub-affiliation platform now contributes more than one third of Catena Media revenue, although higher direct costs from the business reduced casino margins during the quarter.

Casino remained the main revenue source. Q2 casino revenue increased 8% to €8.5 million and represented 90% of group revenue, while casino new depositing customers grew 35%. Sports revenue, meanwhile, dropped 43% to €1.0 million.

North America accounted for 97% of continuing revenue and generated €9.2 million, up 6% year over year. Across the first half, group revenue increased 12% to €21.8 million and adjusted EBITDA rose 70% to €3.9 million, showing a stronger six month picture than Q2 alone.

Catena Media is not abandoning SEO. The company plans to keep investing in its organic brands while developing products that rely more on direct customer relationships, including PlayPerks on PlayUSA.com.

The company also approved a share buyback covering up to 5.98% of outstanding shares. Catena Media said the programme will meet long term incentive obligations rather than return excess capital to shareholders. A separate tender offer will target CATME H01 hybrid securities at 20% of nominal value.

The post Catena Media Q2 Revenue Falls 1% as SEO Traffic Converts Less appeared first on iGaming.org.