Q2 2026 Continued EBITDA Improvement, Highlighted By The Largest Sports Campaign To Date
Q2 2026: Continued EBITDA Improvement, highlighted by the Largest Sports Campaign to Date
Quote from Johan Svensson, CEO “Looking ahead, our priorities are unchanged. We will continue to strengthen our Raketech Owned Publishers (Affiliation Marketing), scale our media-led products further, and grow the Organic Publisher Network while leveraging the synergies between our own publishers and the network. With EBITDA improvement, a stronger margin, and revenue growth across both business areas, we believe Raketech is entering the second half with a stronger foundation for gradual improvement.”
FINANCIAL HIGHLIGHTS
- Revenues from continued operations amounted to EUR 5.6 million (EUR 6.8 million in Q2 2025), while adjusted EBITDA amounted to EUR 1.3 million (EUR 1.4 million in Q2 2025). This reflects the continued phase-out of the Paid Publisher Network within SubAffiliation, together with softer revenues in non-core markets within Affiliation Marketing, partly offset by continued growth in the Organic Publisher Network on AffiliationCloud.
- Adjusted EBITDA continued its sequential improvement, reaching EUR 1.3 million in Q2 2026 (EUR 1.2 million in Q1 2026; EUR 1.1 million in Q4 2025), driven by sustained growth in Affiliation Marketing.
- Affiliation Marketing (Raketech Owned Publishers) delivered growth compared to Q1 2026 of approximately 1.9%, supported by the various media-led products launched during the first half of 2026.
- Free cash flow before earnouts amounted to EUR 1.0 million, with EUR 0.1 million settled in earnouts during the period.
- Proceeds from the Casumba divestment total EUR 0.9 million, including amounts received after the reporting period.
SUBSEQUENT EVENTS AFTER THE END OF THE PERIOD
- Preliminary data for July 2026 indicate that revenues from our Affiliation Marketing portfolio (Raketech Owned Publishers) were slightly stronger than the Q2 average, boosted by the FIFA World Cup. Performance within SubAffiliation was slightly softer than the Q2 2026 average, reflecting the continued phase-out of the Paid Publisher Network. The strategic-focused Organic Publisher Network was slightly stronger in July than the Q2 average, while the US market remains challenging.
- Subsequent to the period end, the Group signed a new entrepreneurial partnership to launch an iGaming media platform in the Italian market, marking the first application of its media-led product model outside the Nordics.
CEO COMMENT
Improved EBITDA and our largest sports campaign to date
The second quarter of 2026 marked our second consecutive quarter of EBITDA improvement, with revenues growing in both Affiliation Marketing and SubAffiliation compared to the first quarter. Development was supported by our Nordic Affiliation Marketing portfolio, where the media-led product initiatives rolled out during the year continue to contribute positively to engagement and overall performance, and by increased activity within SubAffiliation in the Nordic Organic Network.
The quarter started at a slower pace, and activity then accelerated towards the end of the period as investments around the FIFA World Cup increased. This resulted in the largest sports campaign in Raketech's history, where we bundled traffic and commercial sales across Raketech Owned Sport Publishers and External Publishers through AffiliationCloud, creating stronger value for our operator partners.
Financial Overview
Revenues from continued operations amounted to EUR 5.6 million in Q2 2026, up from EUR 5.3 million in Q1 2026 and down from EUR 6.8 million in Q2 2025. EBITDA amounted to EUR 1.3 million, compared to EUR 1.2 million in Q1 2026 and EUR 1.3 million in Q2 2025, while adjusted EBITDA amounted to EUR 1.3 million, compared to EUR 1.2 million in Q1 2026 and EUR 1.4 million in Q2 2025.
Both revenues and adjusted EBITDA therefore improved sequentially, supported by stronger performance in Affiliation Marketing towards the end of the period. Although adjusted EBITDA was slightly lower year-on-year, the adjusted EBITDA margin strengthened to 24.0% in Q2 2026, from 21.2% in Q2 2025, reflecting an improved revenue mix and a lower cost base.
Free cash flow before earnouts amounted to EUR 1.0 million.
Affiliation Marketing – media-led products and a strengthening Nordic core
We launched two additional media products during the quarter, ahead of the FIFA World Cup. Both build on the concepts established earlier in the year, and we remain on track to launch a total of seven media initiatives during 2026.
Both launches were an operational success, and the two products added meaningfully to the traffic and commercial inventory we brought to operators during the tournament. We will continue to invest in our sports assets, including our TV sport guides. We are well prepared for the upcoming football season and will continue to strengthen our position ahead of the next major championships.
Casinofeber Media continues to perform strongly and has further strengthened the Casinofeber brand, contributing to increased commercial performance during the quarter. We view this as further support for applying the media-led model across additional markets and product types, and it remains the basis for the initiatives we plan for the second half.
SubAffiliation – growth in the Nordics
We signed and went live with two new exclusive Organic Publishers in the Nordics during the quarter, and we expect these partners to become meaningful contributors over time.
Development in the Nordics was positive, with Sweden and Denmark driving growth compared to the first quarter as activity around the FIFA World Cup lifted volumes towards the end of the period. Volumes across the Organic Publisher Network in the region continue to benefit from closer coordination with our Raketech Owned Publishers, and appetite among our partners remains good. The US market has yet to return to growth, and restoring momentum there remains a priority for the second half.
Platform-first execution and what comes next
Our platform-first strategy remains central to how we build Raketech. Through AffiliationCloud we brought Raketech Owned Publishers, External Organic Publishers, and operators into a single commercial process rather than negotiating asset by asset.
After the quarter, we signed a new entrepreneurial partnership with a local entrepreneur to launch a new iGaming media platform targeting the Italian market, which is expected to go live towards the end of Q3. This is the first application of our media-led product model outside the Nordics, and it follows the same logic as our Nordic launches.
Preliminary data for July 2026 indicate that revenues from our Affiliation Marketing portfolio (Raketech Owned Publishers) were slightly stronger than the Q2 average, boosted by the FIFA World Cup, while performance within SubAffiliation was slightly softer than the Q2 average.
Looking ahead, our priorities are unchanged. We will continue to strengthen our Raketech Owned Publishers (Affiliation Marketing), scale our media-led products further, and grow the Organic Publisher Network while leveraging the synergies between our own publishers and the network.
With EBITDA improvement, a stronger margin, and revenue growth across both business areas, we believe Raketech is entering the second half with a stronger foundation for gradual improvement.
Johan Svensson, CEO
LINK TO REPORT
The full Interim Report is available on https://raketech.com/investors/