Raketech revenue decline persisted as World Cup brought hope
19 AUG 2026
The affiliate reported Q2 revenue from continuing operations of €5.6 million (£4.8 million/$6.5 million), down 17.6% year-on-year, while adjusted EBITDA was broadly flat at €1.3 million.
The company noted that adjusted EBITDA improved sequentially for a second consecutive quarter, rising from €1.2 million in Q1 2026 to €1.3 million in Q2. Adjusted EBITDA margin increased to 24.0% from 21.2% a year earlier, reflecting an improved revenue mix and lower operating costs. Free cash flow before earnouts totalled €1.0 million during the quarter.
Raketech CEO Johan Svensson highlighted that although the quarter “started at a slower pace”, it culminated in “the largest sports campaign in Raketech's history”, driven by increased operator spending around the FIFA World Cup towards the end of the period.
Nordic growth across segments
The group’s affiliation marketing business, which represented 71.8% of total revenue, generated €4.03 million during Q2, down 14.7% year-on-year but up 1.9% compared with Q1 2026. The company said the increase was supported by media-led product initiatives launched during the first half of the year.
During the quarter, Raketech launched two additional media products ahead of the FIFA World Cup and remained on track to roll out seven media initiatives throughout 2026. Svensson said the launches were "an operational success" and contributed additional traffic and commercial inventory during the tournament.
The CEO also highlighted continued strong performance from Casinofeber Media and said the team “further strengthened the Casinofeber brand, contributing to increased commercial performance during the quarter”. Management believes the results support further expansion of its media-led model into additional markets and product categories.
Within subaffiliation, revenue reached €1.6 million during the quarter. While the figure was down 19.3%, impacted by the ongoing withdrawal of the paid publisher network, Raketech reported positive growth in its Nordic organic publisher network after signing and launching two new exclusive organic publishers in the region in Q2.
Sweden and Denmark drove growth compared with Q1, supported by increased FIFA World Cup activity. Svensson said volumes within the organic publisher network continued to benefit from closer coordination with Raketech's owned publishing assets. However, he acknowledged that “the US market has yet to return to growth, and restoring momentum there remains a priority for the second half”.
Platform-first strategy expands as July trading improves
Following the quarter, Raketech signed a new entrepreneurial partnership to launch an iGaming media platform in Italy, marking the first application of its media-led product model outside the Nordic region. The platform is expected to go live towards the end of the third quarter.
The initiative forms part of the group's platform-first strategy, which uses AffiliationCloud to connect owned publishers, external organic publishers and operators through a single commercial process.
Looking ahead, preliminary July figures indicated that Affiliation Marketing revenue was slightly stronger than the Q2 average, supported by the FIFA World Cup. Subaffiliation performance was slightly softer than the Q2 2026 average due to the continued phase-out of the paid publisher network, although the organic publisher network recorded stronger performance. The US market remained challenging.
Commenting on the outlook, Svensson said: “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,” he continued.