Operator

Welcome to the Catena Media Q1 2026 Report Presentation. [Operator Instructions] Now I will hand the conference over to CEO, Manuel Stan; and CFO, Michael Gerrow. Please go ahead.

Manuel Stan
Chief Executive Officer

Good morning, good evening, everyone. Welcome to Catena Media's Q1 Interim Report. I am Manuel Stan, and today, I'm joined by our Chief Financial Officer, Mike Gerrow. Today, we will be speaking to our Q1 interim report, related financials and our strategy and outlook going forward. We will start today's presentation with a high-level summary of the most important developments in the quarter. I am pleased to see another solid quarter with strong revenue and more importantly, continued efficiency translating into a strong bottom line.

Q1 revenue amounted to EUR 12.3 million. This represents an improvement of 26% versus the same period last year and 21% down versus last quarter. While this is a decline from a very strong Q4, it is a significant step-up from Q1 previous year. The adjusted EBITDA almost tripled to EUR 2.7 million from EUR 0.9 million the corresponding quarter last year. This meant lifting the margin to 22%, up from 9% in the same period last year. This was our third consecutive quarter with adjusted EBITDA margin over 20%.

We continue to focus on operational efficiency and diversification. The diversification efforts continued and performance marketing channels showed another strong quarter, albeit a step down from the all-time high registered in Q4. Our disciplined cost management approach continued in Q1. Normalized for direct costs and incentive programs, the year-on-year comparable costs have decreased with 26%. From a geographical perspective, the share of revenue coming from North America remained