Raketech reported a sequential improvement in revenue and earnings during the second quarter of 2026, with stronger activity toward the end of the period helping the iGaming affiliate enter the second half of the year on firmer footing.
Revenue from continuing operations reached €5.6 million in Q2, up from €5.3 million in the opening quarter of 2026 but below the €6.8 million generated a year earlier. The year-on-year decline largely reflected Raketech’s continued withdrawal from its Paid Publisher Network within SubAffiliation, alongside weaker results from non-core Affiliation Marketing markets.
Adjusted EBITDA came to €1.3 million, improving from €1.2 million in Q1 and €1.1 million in Q4 2025. Although the figure remained slightly below the €1.4 million recorded in Q2 last year, Raketech’s adjusted EBITDA margin increased to 24.0% from 21.2%.
The stronger margin was supported by a more favorable revenue mix and a reduced cost base, continuing a sequential improvement that began late last year.
World Cup campaign strengthens Affiliation Marketing
Raketech’s Affiliation Marketing division, which includes its owned publisher assets, increased revenue by approximately 1.9% compared with Q1.
Performance accelerated during the latter part of the quarter as betting operators increased spending around the 2026 FIFA World Cup. Raketech used AffiliationCloud to combine traffic and commercial sales from its own sports publishers with external publishers, creating what the company described as its largest sports-related campaign to date.
The Nordic market remained one of the company’s strongest areas. Sweden and Denmark delivered improved SubAffiliation volumes compared with the first quarter, while two new exclusive Organic Publisher partnerships went live during Q2.
Raketech continues to shift its SubAffiliation strategy away from paid publisher traffic and toward the Organic Publisher Network. That transition has weighed on headline revenue comparisons but is intended to create a more sustainable and higher-quality business mix.
The United States remains a weaker part of the portfolio, however, and restoring growth in the market has been identified as one of Raketech’s priorities for the second half of 2026.
Cash generation remains positive
Free cash flow before earnout payments reached €1.0 million during the quarter, while Raketech settled approximately €0.1 million in earnouts.
The group also reported €0.9 million in proceeds connected with the earlier divestment of its Casumba assets, including payments received after the quarter ended.
Raketech had already reported signs of improvement in Q1, when adjusted EBITDA climbed to €1.2 million despite revenue falling to €5.3 million as the Paid Publisher Network was progressively phased out. The company said at the time that stronger Nordic owned assets and new media products were supporting its underlying performance.
Italy expansion planned for Q3
Early third-quarter trading provided further evidence of stabilization. Preliminary July figures showed Affiliation Marketing revenue slightly above the Q2 monthly average, helped by continued World Cup activity.
Raketech’s Organic Publisher Network also performed slightly above the second-quarter average during July, although overall SubAffiliation revenue was softer as the Paid Publisher Network continued to shrink.
The company is also preparing to take its media-led strategy beyond the Nordic region. After the quarter ended, Raketech agreed an entrepreneurial partnership to launch a new iGaming media platform in Italy.
The project is expected to go live toward the end of the third quarter and will represent the first use of Raketech’s media-led product model outside the Nordics.
For the remainder of 2026, Raketech plans to concentrate on strengthening its owned publishing portfolio, expanding media-led products and increasing the scale of its Organic Publisher Network.
With EBITDA improving for a second consecutive quarter, margins moving higher and both core business areas growing sequentially, the company believes its operating position has strengthened heading into the second half of the year.