Catena Media plc (CTM) Q2 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

I am Manuel Stan and today I'm joined by our chief financial officer, Mike Giroux. Today we will be sticking to our Q2 interim report, related financials and our strategy and outlook going forward. We will start today's presentation with a high level summary of the most important developments in the quarter. Q2 was a difficult quarter, which marked the pause from recent quarters of solid growth. Q2 reflected the structural challenges that traditional affiliation is facing related to the shifting dynamics of organic search. Q2 revenue amounted to 9.5 million euros. This represents a decrease of 1% versus the same quarter previous year and 23% down versus last quarter. Q2 revenue saw 4% year-on-year increase when adjusted for currency rate changes. The adjusted EBITDA was 1.2 million euros down 11% from 1.4 million euros the corresponding quarter last year. This meant a margin of 13% versus 14% the same period last year. The discipline cost management continued with a total cost base flat year on year at 8.2 million euros but down 15% from Q1 2026. The new depositing players increased 23% year-on-year, up to 24,781. From geographical perspective, the share of revenue coming from North America remains stable quarter-on-quarter at 97%, reflecting our focus on this geography. These challenges led the board and management teams to explore avenues for reshaping beyond traditional SEO affiliation. Moving on to operational developments. The quarterly revenue decline underlines the structural changes that traditional affiliates face in relation to shifting dynamics in organic search. This impact extends beyond Catena Media and the industry we are part of to every other industry reliant on organic search. Earlier this year, the board and management began exploring avenues for r...