Positivity remains at Raketech amid 65% drop in profit as restructuring continues

Raketech took a huge hit in Q2 2026 as operating profit fell by nearly 65% year-on-year to €392,000 from €1.12m. Revenue for the Malta-headquartered, Stockholm-listed firm dropped by 17.6% to €5.6m from €6.8m. Despite the huge declines in profit and revenue, reported EBITDA fell by just 1.8% YoY to €1.297m (Q2 2025: €1.321m), while the EBITDA margin strengthened from 21.2% to 24%. The slide in performance comes as the affiliate marketing company continues to battle headwinds while ploughing on with its restructuring. Once again, management attributed the weakened performance to the continued phaseout of the Paid Publisher Network within its SubAffiliation arm. It also cited “softer revenues in non-core markets within Affiliation Marketing”, though claimed this was offset by growth in the Organic Publisher Network on AffiliationCloud. Bottom lines masking underlying improvements? On a more positive note, Raketech saw sequential improvements in revenue (€5.3m in Q1) and reported EBITDA (€1.17m in Q1). Profit also increased sequentially from €316,000 to €392,000. “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,” said Johan Svensson, Chief Executive Officer of Raketech. “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.” Johan Svensson. Credit: Raketech As was the case for nearly every single listed iGaming firm, much of Raketech’s Q2 performance hinged on the 2026 World Cup. The world’s biggest betting event paid off well for the company. Raketech launched the largest sports campaign in its history, as it successfully bundled traffic and commercial inventory across its Owned Sport Publishers and External Publishers using its AffiliationCloud platform, maximising operator value during the tournament. While activity was slow at the beginning of the quarter, it surged towards the end of the period as the tournament got underway. Sports activity around the World Cup lifted regional volumes in Sweden and Denmark, driving the positive growth seen when compared to Q1 2026. Preliminary data for July 2026, a month that included the majority of World Cup knockout games, indicates that revenues from Raketech’s Owned Publishers continued to be slightly stronger than the Q2 average, sustained by World Cup momentum. Svensson added: “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.” Raketech by market Market-by-market, Raketech’s main revenue driver, the Nordics, saw a 6.2% revenue decrease YoY to €4.22m. Despite this drop, the market represented 75.2% of overall group revenue, up from 66% in Q2 2025. There were stark declines in revenue in the rest of the world (€899,000 – down 37.7% YoY), the rest of Europe (€251,000 – down 36.9% YoY) and its underperforming US operations (€243,000 – down 48.9% YoY). Management confirmed that the US market remains highly challenging and has not yet returned to growth, with this a stated priority for the second half of 2026. Affiliation Marketing accounted for 71.8% of continuing revenue, bringing in €4.03m, though again this was a YoY decrease of 14.7%. Sub-Affiliation revenue came in at €1.59m, down 19.3% YoY and accounting for the remaining 28.2% of continuing revenue. By product vertical, sport and casino accounted for 38.2% and 61.8% of continued operations respectively, with casino revenue taking a sizable 24.7% hit to €3.47m. Raketech’s drastic cost-cutting restructuring carried on, as the business’ workforce dropped from 87 to 54 YoY. Despite having lesser staff, the company confirmed that it plans to expand into Italy in late Q3. It is also important to note that, in Q4 2025, Raketech changed its useful life estimate of certain websites and domains from indefinite to a finite life of eight years. This, the company said, prospectively increased Q2 2026 depreciation and amortisation to €905,000 (compared to just €205,000 in Q2 2025), which was the primary driver of lower operating and net profit figures. Svensson concluded: “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.”