Catena Media has reported a transformative 2025 fiscal year, characterized by a successful pivot to a product-led operating model. While total revenue from continuing operations dipped 6% to €46.6m, the company achieved a massive 84% increase in adjusted EBITDA, which climbed to €9.9m. This resulted in a margin recovery to 21%, nearly doubling the previous year’s performance.
Restructuring for Long-Term Sustainability
The affiliate giant spent much of 2025 implementing deep structural changes, including a 25% reduction in headcount and the removal of redundant management layers. These difficult decisions generated annual cost savings of approximately €5m, significantly narrowing the company’s total cost base.
Manuel Stan, CEO of Catena Media, addressed the organizational shift:
“In 2025, Catena Media worked to improve performance across our three strategic pillars of People, Product and Profit. We took tough decisions in the first half of the year to position the business better to deliver long-term sustainable growth. Headcount reductions are painful and were the most challenging part of this process. At the same time, it was essential to adapt the operating model to better support a consolidated product portfolio and to drive clearer accountability.”
Diversification and the North American Market
North America remains the firm’s core engine, contributing €43.8m in revenue. Despite search engine volatility and reduced marketing spend from some operators, Catena saw a strong second-half recovery driven by its new MRKTPLAYS subaffiliation platform. This strategic development is designed to reduce the company’s reliance on organic search traffic by building diverse revenue channels through customer relationship management (CRM) and AI-driven tools. By focusing on higher-margin products and platform consolidation, Catena aims to stabilize its earnings as the affiliate sector continues to evolve.
