Affiliate Raketech reported revenue from continued operations of €5.6m ($6.5m) for Q2 2026, down 17.6% year-on-year from €6.8m.
The Malta-based gambling affiliate attributed the decline primarily to a change in product mix and the continued withdrawal of its Paid Publisher Network within SubAffiliation.
Revenue nevertheless increased from €5.3m in Q1, marking a second consecutive quarter of sequential improvement.
Adjusted EBITDA fell 6.6% year-on-year to €1.3m, while reported EBITDA was broadly unchanged at €1.3m. Reduced costs helped the adjusted EBITDA margin rise from 21.2% to 24.0%.
The cost reduction followed Raketech’s restructuring and asset disposals. Employee expenses declined from €1.7m to €1.0m, with its workforce falling from 87 to 54 full-time employees. Contractor numbers decreased from 37 to 29.
Despite the wider margins, higher depreciation and amortisation contributed to operating profit falling 64.9% to €0.4m. Raketech recorded a net loss of €0.2m, compared with a €0.4m profit during Q2 2025.
The full interim report showed that net debt stood at €19.3m, representing 3.55 times adjusted EBITDA for the preceding 12 months.
Affiliation Marketing generated €4.0m, a 14.7% decline but approximately 1.9% above Q1. Raketech introduced two media products before the FIFA World Cup, taking its planned 2026 programme towards seven initiatives.
Sports revenue proved more resilient than casino activity. Sports revenue declined 2.8% to €2.1m, while casino revenue contracted 24.7% to €3.5m. Nordic markets supplied 75.2% of continued-operations revenue, compared with 66.0% one year earlier.
Raketech Q2 financial performance
Raketech’s revenue, adjusted EBITDA and net result for Q2 2025 compared with Q2 2026, in €m
SubAffiliation revenue decreased 19.3% to €1.6m as Raketech continued removing paid publishers from the network. The affiliate added two exclusive organic publishers in the Nordics, although its US revenue fell 48.9% to €0.2m.
Raketech plans to launch an iGaming media platform in Italy towards the end of Q3. The project will be its first use of the media-led model outside the Nordic region.
In April, Raketech reported Q1 revenue of €5.3m and adjusted EBITDA of €1.2m as the Paid Publisher Network phase-out continued to weigh on year-on-year comparisons.
Free cash flow before earnouts fell 45.3% to €1.0m, while proceeds received or due from the Casumba divestment totalled €0.9m
