Catena Media abandons 2026 growth goal after 29% Q3 drop

Catena Media has dropped its 2026 target of double-digit organic growth in group revenue and adjusted EBITDA. Preliminary figures show third-quarter revenue down 29% at €8.3 million.

Adjusted EBITDA for the quarter came in at €0.7 million, down from €2.9 million. Over nine months, revenue slipped to €30.1 million from €31 million, and adjusted EBITDA to €4.6 million from €5.2 million.

CEO Manuel Stan said:

“This was a weak quarter and our results reflect that. The search landscape is undergoing a rapid and fundamental shift, and as a predominantly CPA-based business our results reflect the effects of these changes immediately and in full.”

Catena puts the decline down to changes in search. AI-driven personalized results are reshaping traffic, and search engines are ranking less relevant content higher. On top of that, some operators have cut their marketing spend. More than 90% of Catena’s new customers sign on cost-per-acquisition (CPA) deals, which leaves the company with little recurring revenue to absorb the hit.

To spread that risk, Catena is building new revenue streams, including prediction markets and TraffiqX, a platform due to launch in Q1 2027. It is also investing in customer loyalty programs to strengthen its brands.

In Q2, revenue fell 1%, which Stan attributed to structural pressures across the industry. Final Q3 results are due on November 10.