Catena Media’s third-quarter continuing-operations revenue declined 30% year on year to €8.2 million. Adjusted EBITDA fell 75% to €0.7 million, and the company recorded a €30.8 million impairment against North American casino and sports assets and Asia-Pacific casino assets.
North America generated €7.9 million, or 97% of continuing-operations revenue, but the region’s revenue fell 29%. New depositing customers declined 14% to 20,603. For the first nine months, revenue was down 3% to €30 million, while NDCs increased 21% to 79,957.
Affiliate business implications
Management pointed to lower organic search traffic, more volatile rankings, generative-search zero-click behaviour and reduced operator marketing budgets. The group is accelerating its move towards loyalty products and alternative revenue streams. Its traffiqX affiliate-advertiser exchange is planned for beta in Q1 2027. The results underline the commercial exposure of SEO-led affiliate models to search changes and operator spending cycles.