Catena Media plc (CTM) Q4 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning. Good evening, everyone. Welcome to Catena Media's Q4 Interim Report. I am Manuel Stan, and today I am joined by our Chief Financial Officer, Mike Jurrell. Today, we will be speaking to our Q4 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. I am pleased to see a solid quarter with growth in both revenue and earnings. Q4 amounted to 15.6 million euros. This represents an improvement of 53% versus Q4 2024 and 34% versus Q3 2025. The adjusted EBITDA improved to 4.7 million euros, an increase of 60% from the previous quarter, as well as over 200% versus Q4 2024. The adjusted EBITDA margin improved to 30%, a 5% point increase from the previous quarter, and 15 percentage points stronger than Q4 2024. During the quarter, we continue to focus on operational efficiency and diversification. From revenue diversification perspective, Q4 represented another step in the right direction as our performance marketing verticals CRM, sub-affiliation and paid media continue to increase their share of group revenue. Our disciplined cost management approach continued in Q4 with year-on-year decreases as well as quarter-on-quarter decreases when normalizing for exceptions. Direct costs increased in line with the performance marketing channel's growth. From geographical perspective, the share of revenue coming from North America increased to an all-time high of 98%, reflecting our focus on this geography. While we continue to evaluate other geographies, North America remains our core focus for the immediate future. While the quarter was overall positive for us, we recognize that regulatory uncertainties surrounding social sweepstakes ca...