Catena Media revenues fall 29% in Q3 2026 as generative search erodes traffic
Company warns of €30m–€35m impairment and shifts strategy toward TraffiqX
Key Takeaways
- Catena Media reported €8.3m revenue in Q3 2026, a 29% year-on-year decline.
- Adjusted EBITDA for the quarter was €700,000, down 76% from €2.9m in 2025.
- The company expects a non-cash impairment of €30m–€35m on intangible assets for the quarter.
- More than 90% of new customers are acquired on CPA terms, limiting recurring revenue.
- Catena Media plans to launch the TraffiqX platform in Q1 2027 to diversify revenue.
Catena Media recorded a 29% year-on-year revenue decline in the third quarter of 2026, with €8.3m (£7m) of revenue in the period, and said generative search is reducing organic traffic. The Malta-headquartered group reported adjusted EBITDA of €700,000, a 76% drop from €2.9m in the same quarter of 2025, and shares opened down 21% at SEK2.52 (19p) in Stockholm after preliminary results published on 16 October.
Causes cited by management
Management pointed to several factors in the 16 October statement. They said that “generative search” is changing how customers discover brands and is “reducing new traffic across the affiliate industry.” They also blamed the loss of organic visibility on “search engines continuing to elevate less relevant content in search results.” In addition, they reported that operators cut marketing budgets ahead of the expected summer slowdown.
“The search landscape is undergoing a rapid and fundamental change, and as a principally CPA-based business our results reflect the effects of these changes immediately and in full,” said Manuel Stan, CEO of Catena Media.
Catena Media indicated that more than 90% of new customers are acquired under CPA agreements, leaving the group with limited recurring revenue to cushion the mix of market pressures.
Financial impact and outlook
The company expects to recognise a non-cash impairment on intangible assets of €30m-€35m for the three months to the end of September. In the first nine months of 2026, revenue fell from €31m to €30.1m, while adjusted EBITDA was €4.6m, down from €5.2m in 2025. After Q3, Catena Media said it no longer expects to meet its double-digit organic growth target for 2026 for revenue and adjusted EBITDA.
Strategy and next steps
Manuel Stan described the strategic response: diversify revenue sources and reduce dependence on search. The company announced its TraffiqX project and new verticals, including a move into prediction markets, and plans to launch the TraffiqX platform in the first quarter of 2027. Catena Media will publish its Q3 interim report on 10 November. See more on [news](/news) and planned [b2b](/b2b) developments.
“We are reducing our reliance on search by diversifying revenue streams… These initiatives will be supported by TraffiqX,” Stan added.
Frequently Asked Questions
How much did Catena Media earn in Q3 2026?
Catena Media reported €8.3m of revenue in the third quarter of 2026, a 29% decrease compared with the same period in 2025.
What impact did generative search have on Catena Media’s results?
The company says generative search reduced new organic traffic and visibility in search engines, contributing to the 29% revenue decline and the 76% fall in adjusted EBITDA.
What impairment charge does Catena Media expect?
Catena Media expects to record a non-cash impairment on intangible assets of between €30m and €35m for the three months to the end of September 2026.
When will Catena Media publish its Q3 interim report?
Catena Media will publish its Q3 interim report on 10 November 2026.
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About the author
Emilio Navarro
Industry Technology Correspondent
Emilio Navarro covers the cross-cutting technology and business of iGaming — platforms, data and AI, compliance tooling, affiliate marketing, financial results, and the stories that fit no single rubric. The reports open with the announcement, cite vendors and figures exactly as published, and keep a healthy distance from press-release language. When a supplier unveils a new engine or the advertising rulebook changes, Emilio Navarro reports what genuinely changes.
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