Raketech Q2 revenue drops as publisher network phase-out continues

Raketech recorded lower year-on-year revenue in the second quarter of 2026 as the company continued the planned phase-out of its Paid Publisher Network. Despite the decline, the group reported sequential improvement in adjusted EBITDA and continued to see positive development across parts of its Affiliation Marketing operations.

Revenue from continued operations reached EUR 5.6 million in Q2 2026 compared with EUR 6.8 million in the same period of 2025. Adjusted EBITDA was EUR 1.3 million compared with EUR 1.4 million a year earlier. The company attributed the year-on-year pressure primarily to the ongoing reduction of the Paid Publisher Network within its SubAffiliation activities together with softer revenue from non-core markets in Affiliation Marketing.

At the same time, the quarterly figures showed improvement compared with the opening months of the year. Revenue increased from EUR 5.3 million in Q1 2026 while adjusted EBITDA rose from EUR 1.2 million. Raketech also reported an adjusted EBITDA margin of 24.0% for Q2 compared with 21.2% in Q2 2025, reflecting a stronger revenue mix and a lower cost base.

Affiliation Marketing provides a stronger base

A central feature of Raketech's second-quarter performance was the continued development of its Affiliation Marketing portfolio. Revenue in this business area increased by approximately 1.9% compared with the previous quarter, supported by media-led products launched during the first half of 2026.

The company has increasingly focused on owned publishing assets and products designed to create additional engagement around sports and gaming content. During the quarter, Raketech launched two additional media products ahead of the FIFA World Cup. The initiatives were intended to expand traffic and commercial inventory available to operator partners while strengthening the group's position in sports-focused publishing.

Raketech said the tournament period resulted in the largest sports campaign in its history. Through AffiliationCloud, the group combined traffic and commercial sales across Raketech Owned Sport Publishers and external publishers. The company presented the model as part of its broader platform-first approach to connecting publishers and operators through a more integrated commercial process.

Casinofeber Media also continued to perform well during the quarter, according to the company. Raketech said the product further strengthened the wider Casinofeber brand and contributed to commercial performance during the period.

Organic Publisher Network shows continued progress

While the Paid Publisher Network remains in a controlled phase-out, Raketech is placing greater strategic emphasis on its Organic Publisher Network. The company reported that activity in the Nordic region remained positive during the quarter with Sweden and Denmark supporting growth compared with Q1.

Raketech also signed and launched two new exclusive Organic Publisher partnerships in the Nordics during Q2. Management expects these publishers to become more meaningful contributors over time. The company said network performance in the region has also benefited from closer coordination between external organic publishers and Raketech's owned publishing assets.

The picture was less consistent in the United States. Raketech said the US market had yet to return to growth and identified the restoration of momentum there as an important priority for the second half of 2026. The company nevertheless reported that its strategic-focused Organic Publisher Network was slightly stronger in July than the Q2 average.

This regional contrast highlights the different operating conditions facing Raketech across markets. While the Nordic business provides a comparatively stable base, the US remains an area where further execution and market development will be required.

Cash flow remains an important consideration

Raketech also reported free cash flow before earnouts of EUR 1.0 million for the quarter. The company settled EUR 0.1 million in earnouts during the period while proceeds associated with the Casumba divestment totaled EUR 0.9 million, including amounts received after the reporting period.

The figures are relevant to the group's broader efforts to simplify its portfolio and direct resources toward activities that management considers strategically important. Raketech previously announced the divestment of its Casumba assets as part of a platform-first strategy focused on core iGaming affiliation activities. The transaction was completed in September 2025.

The company continues to frame portfolio management as an important part of its operating model. Rather than relying exclusively on historical revenue streams, Raketech is concentrating on owned publishing assets, organic publisher relationships and technology-supported commercial processes.

Raketech expands its media-led strategy into Italy

Following the end of Q2, Raketech signed a new entrepreneurial partnership to launch an iGaming media platform targeting Italy. The initiative is significant because it represents the first application of Raketech's media-led product model outside the Nordic region.

The new partnership is expected to go live toward the end of Q3 2026. Raketech said the model follows the same principles used in its Nordic launches while adapting the approach to a new market environment.

The expansion gives the company an opportunity to test whether its media-led approach can be transferred beyond its established regional base. It also reflects management's stated intention to build scalable products that can be applied across multiple markets rather than relying solely on conventional affiliate publishing models.

Such expansion also carries the practical requirement of maintaining appropriate local compliance, commercial controls and market-specific content standards. For a publicly listed company operating across different jurisdictions, disciplined execution remains an important part of the strategy.

July indicators point to a firmer second half

Preliminary July data provided an early indication of how Raketech's business was developing after the close of the quarter. The company said revenue from its Affiliation Marketing portfolio was slightly stronger than the Q2 average, supported by activity surrounding the FIFA World Cup.

SubAffiliation was described as slightly softer than the Q2 average because the Paid Publisher Network phase-out continued. At the same time, the Organic Publisher Network was slightly stronger in July than its Q2 average while the US market remained challenging.

These figures should be viewed as preliminary indicators rather than a full-quarter performance measure. Nevertheless, they provide some evidence that the positive momentum seen in parts of Affiliation Marketing continued into the early stages of the third quarter.

Johan Svensson outlines priorities for the next phase

Johan Svensson, Chief Executive Officer of Raketech, remains focused on strengthening the company's owned assets while expanding the media-led model and improving organic network performance.

He said:

“I am pleased with where the company is headed, despite the temporary decline due to the Paid Publisher Network phase-out. 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.”

The statement reflects the strategic direction already visible in the company's recent financial development. Raketech is continuing to move away from lower-priority activities while allocating greater attention to owned publishing, organic traffic and technology-enabled commercial relationships.

The company's official management information identifies Johan Svensson as Chief Executive Officer and confirms that Raketech remains focused on platform-driven growth across its affiliation activities.

What the Q2 figures mean for Raketech

Raketech's Q2 2026 results present a mixed but increasingly defined picture. On a year-on-year basis, revenue and adjusted EBITDA were lower. However, both measures improved sequentially from Q1 and the adjusted EBITDA margin strengthened materially.

The continuing phase-out of the Paid Publisher Network remains a significant factor in reported revenue. That pressure is not presented by the company as an isolated quarterly issue but rather as part of a deliberate transition toward a more focused operating structure.

Meanwhile, growth in Affiliation Marketing, stronger Nordic organic activity and the expansion of media-led products provide the principal areas of development. The launch of a new media platform in Italy further demonstrates that Raketech intends to extend the model internationally.

For investors and industry observers, the second half of 2026 will therefore be important in determining whether the company's recent sequential improvements can translate into more sustained growth. The direction of the Organic Publisher Network, progress in the US and performance of new media-led products are likely to remain key operational indicators.

Conclusion

Raketech enters the second half of 2026 with revenue still affected by the deliberate phase-out of the Paid Publisher Network but with several indicators pointing toward a more focused business model. The sequential rise in adjusted EBITDA, stronger margin performance and continued development in Affiliation Marketing suggest that the company is working to offset the effects of its restructuring through higher-priority activities.

The Nordic market remains central to that strategy while the Organic Publisher Network and media-led initiatives are becoming increasingly important parts of the group's growth framework. The move into Italy also provides a practical test of whether the media-led model can be extended successfully beyond its established markets.

For now, Raketech's position is best understood as one of transition rather than immediate expansion. The company has accepted near-term revenue pressure in pursuit of a different operating mix built around owned publishing assets, organic growth and AffiliationCloud. The next several quarters will show whether that strategy can deliver the stronger and more sustainable performance management is targeting.

FAQs

What was Raketech's revenue in Q2 2026?
Raketech reported EUR 5.6 million in revenue from continued operations in Q2 2026 compared with EUR 6.8 million in Q2 2025.

What was Raketech's adjusted EBITDA in Q2 2026?
Adjusted EBITDA was EUR 1.3 million in Q2 2026 compared with EUR 1.4 million a year earlier.

Why did Raketech's revenue decline year on year?
The company attributed the decline primarily to the continued phase-out of the Paid Publisher Network within SubAffiliation and softer revenue from non-core Affiliation Marketing markets.

Did Raketech improve compared with Q1 2026?
Yes. Revenue increased from EUR 5.3 million in Q1 to EUR 5.6 million in Q2 while adjusted EBITDA increased from EUR 1.2 million to EUR 1.3 million.

What happened to Raketech's EBITDA margin?
The adjusted EBITDA margin increased to 24.0% in Q2 2026 from 21.2% in Q2 2025.

What is Raketech's Organic Publisher Network?
It is part of Raketech's SubAffiliation activities and is focused on organic publisher relationships. The company reported positive Nordic development and slightly stronger July performance compared with the Q2 average.

Is Raketech expanding outside the Nordic region?
Yes. After Q2, Raketech signed an entrepreneurial partnership to launch an iGaming media platform in Italy. The project is described as the first application of its media-led model outside the Nordics.

What is AffiliationCloud?
AffiliationCloud is Raketech's platform for coordinating owned publishers, external publishers and operator relationships within a more integrated commercial process.

What did Raketech report about July 2026?
The company said preliminary July data showed slightly stronger Affiliation Marketing revenue than the Q2 average while the Organic Publisher Network was also slightly stronger. SubAffiliation remained softer due to the continued Paid Publisher Network phase-out.

What are Raketech's priorities for the second half of 2026?
Raketech said its priorities are to strengthen its owned publishers, scale media-led products, grow the Organic Publisher Network and leverage the commercial synergies between owned publishers and the network.