Catena Media CEO Manuel Stan has stated the business will shift “beyond affiliation and lead generation into a technical infrastructure and intelligence platform” following a set of underwhelming financial results for the second quarter of the year.
On the affiliate’s Q2 earnings call, the boss added that Catena must “reduce the dependency on SEO” amid dramatic changes unfolding in the affiliate sector.
Revenue slid 1% year on year (YoY) to €9.5m (£8.1m) and adjusted EBITDA reduced 11% to €1.2m, in a Q2 that “reflected the structural challenges that traditional affiliation is facing relating to the shifting dynamics of organic search”, Stan said.
EBITDA plummeted 46% YoY from €2.2m to €1.2m, but new depositing customers increased 23% to 24,781, up from 20,229 in Q2 2025.
Looking at H1:
- Revenue increased 12% YoY to €21.8m
- Adjusted EBITDA and EBITDA from continuing operations grew 70% and 35%, respectively
- New depositing customers rose 41% to 59,354
Historically, affiliates have relied heavily on ranking highly in Google, but search now increasingly favours large brands, while AI-generated results are significantly impacting click-through rates for comparison sites.
When asked if the traditional SEO affiliation model was “broken”, Stan responded: “The way users discover content is shifting, and revenue from organic search is more volatile than it used to be. I think this is likely to continue, so we need to adapt to that.
“We remain committed to our organic brands. We continue to see these as important revenue contributors, and we keep investing in them, but we need to reduce the dependency on SEO.
“[Sub-affiliation platform] MRKTPLAYS already contributes more than a third of group revenues, which shows we can actually provide a connected infrastructure between publishers and operators today, and this is the platform we want to build on.”
MRKTPLAYS, which launched in September 2025, aims to connect operators with publishers.
Stan noted the new product would be a “next-generation, fully automated marketplace that connects publishers and advertisers across a wider set of verticals with analysis and intelligence at its core”.
Geographically, North America revenue increased 6% YoY to €9.2m, equivalent to 97% of total group revenue in Q2, up from 90% in 2025. The company operates sites including Bonus.com and Legal Sports Report in the US.
By vertical, casino generated €8.5m in revenue (up 8%) while sports delivered just €1.0m (down 43%)
Stan added: “While Q2 was softer than the standard we have set in recent quarters, I am confident we are making the right strategic choices to position the company for long-term growth.”
The post Catena Media CEO announces new business model after Q2 profits slump first appeared on EGR Intel.
Manuel Stan says affiliate must reduce reliance on SEO as ongoing organic search volatility weighs on Q2 earnings
The post Catena Media CEO announces new business model after Q2 profits slump first appeared on EGR Intel.