TLDR Catena Media reported Q1 2026 revenue of €12.3 million, beating estimates by 4.2% and growing 25.5% year-over-year Adjusted EBITDA surged 191% YoY to €2.7 million with margins hitting 22%, up from 9% a year ago Despite the earnings beat, Catena Media stock fell 25% to SEK 2.54 following the release A December Google algorithm update caused ranking pressure and a sequential revenue dip from Q4 The company is eyeing Alberta’s regulated gambling market opening on July 13 as its next growth driver
Catena Media delivered a Q1 2026 earnings beat across all major metrics, but its stock sold off sharply as investors focused on ongoing risks tied to Google search algorithm changes.
The affiliate marketing and gambling media company reported net revenue of €12.3 million for the quarter ending March 31. That topped analyst estimates of €11.8 million and marked a 25.5% increase compared to the same quarter last year.
Adjusted EBITDA came in at €2.7 million, up 191% from €0.9 million in Q1 2025. That beat the consensus forecast of €2.4 million. The EBITDA margin expanded to 22%, a big jump from just 9% a year ago.
Earnings per share hit €0.02, double what analysts expected. In Q1 2025, the company had posted a loss of €0.01 per share.
Despite these results, the stock listed on Nasdaq Stockholm dropped 25% to SEK 2.54 as of the May 12 earnings release.
Google Algorithm Changes Pressure Rankings
The main concern for investors centers on Google search algorithm updates. A December update disrupted Catena Media’s organic search rankings and led to a drop in revenue from the strong Q4 2025 period.
Revenue fell 21.2% from Q4 to Q1 on a sequential basis. Management attributed this directly to the algorithm change.
CEO Manuel Stan said on the earnings call