Catena Media first-quarter revenue from continuing operations was EUR 9.8m (16.0), a decrease of 39 percent. Revenue in North America decreased 39 percent to EUR 8.8m (14.3), equivalent to 89 percent (90) of group revenue from continuing operations.

New depositing customers (NDCs) from continuing operations totalled 21,918 (44,077), a decrease of 50 percent. Adjusted EBITDA from continuing operations decreased 51 percent to EUR 0.9m (1.9), corresponding to an adjusted EBITDA margin of 9 percent (12). 

EBITDA from continuing operations decreased 31 percent to EUR 0.6m (0.9), equivalent to an EBITDA margin of 6 percent.

Catena Media first-quarter performance was mixed in Q1 North America, where search-engine algorithm updates pose an ongoing challenge. Encouragingly, we saw progress in two key diversification areas: subaffiliation and lifecycle marketing. Both these streams reached all-time highs during the quarter, reflecting the success of our long-term efforts to reduce reliance on organic search alone. 

While we are excited to see growth in these areas, the replacement of revenue from our owned brands with subaffiliation comes at a lower margin. That said, demand from both partners and operators continues to grow, providing our internal teams with strong motivation heading into Q2.