Catena Media expects €30-35m write-down as search traffic shrinks

Catena Media no longer expects double-digit organic growth in revenue and adjusted EBITDA (earnings before interest, tax, depreciation and amortisation, adjusted) in 2026, after a third quarter in which revenue fell 29%. The affiliate company published preliminary, unaudited Q3 figures on 16 October 2026, with an expected non-cash impairment charge of €30-35m on intangible assets.

By the numbers

• Q3 revenue: €8.3m, down 29% from €11.6m.
• Nine-month revenue: €30.1m, against €31.0m a year earlier.
• Q3 adjusted EBITDA: €0.7m, against €2.9m. It includes a reversal of accruals made earlier in the year for the 2026 employee bonus programme, of the same amount.
• Nine-month adjusted EBITDA: €4.6m, against €5.2m.
• Impairment: booked in Q3 on intangible assets, under the IAS 36 accounting standard.

What drove it

The company named three factors. Generative search is changing how users find brands online and cutting new traffic across the affiliate industry. Its traditional search rankings fell, which it attributes to AI-assisted personalised search and to search engines raising lower-relevancy content. Some operators also cut marketing budgets during the usual summer slowdown.

Catena Media acquires more than 90% of new customers under cost-per-acquisition (CPA) deals, where it is paid per customer delivered. It says that leaves limited recurring revenue to buffer such pressures.

Chief executive Manuel Stan said the company is reducing its dependence on search through new revenue streams, including prediction markets, and customer loyalty programmes. It plans to launch a new platform, TraffiqX, in the first quarter of 2027.

The release does not say which intangible assets the impairment relates to. It does not explain how TraffiqX will earn revenue, or split the revenue fall between lower traffic and reduced operator budgets.

What’s next

Catena Media will publish its full Q3 2026 interim report on 10 November at 17:35 CET, with a webcast at 18:00 CET. All figures so far are preliminary and unaudited.