Raketech has released its financial report for the third quarter of 2026, reporting revenues from continued operations of EUR 5.0 million, compared to EUR 6.2 million in Q3 2025.
Despite the revenue normalization following the strong FIFA World Cup months in June and July, adjusted EBITDA from continued operations remained stable at EUR 1.2 million. Rigorous cost control and operational execution following recent organizational restructurings helped strengthen the adjusted EBITDA margin to 23.0%, up from 19.6% during the same period last year.
Reflecting on the period and the strategic milestone regarding debt reduction, CEO Johan Svensson stated:
“After the quarter, we reached agreement with the sellers of Casumba Media Ltd to settle the remaining earnout in full for EUR 8.2 million, compared with approximately EUR 20.3 million payable under the existing terms, with completion expected towards the end of the fourth quarter. On completion, the earnout obligation will have been settled with EUR 5.2 million of new bank financing and EUR 3.0 million of existing cash, bringing total amortising borrowings from Bank of Valletta to slightly below EUR 8.0 million. Net interest-bearing debt falls from EUR 18.1 million at the end of the quarter to approximately EUR 5.6 million, reducing leverage from 3.8x to around 1.2x adjusted EBITDA… Until now, a large share of our cash flow has gone towards paying for assets we no longer own. Going forward, the cash we generate will go towards reducing our own bank debt and investing in growth.”
Segment performance: Affiliation marketing and SubAffiliation
Revenues within Affiliation Marketing (Raketech Owned Publishers) totaled EUR 3.7 million. While non-core markets experienced softer contributions, core regulated markets delivered resilience, with Sweden achieving growth both sequentially and year-on-year, alongside strong year-on-year growth in Denmark. Casinofeber Media continued its strong performance as a proof of concept for Raketech’s media-led model, reinforced by the launch of the annual Casinofeber Media Awards in Sweden.
Within SubAffiliation, revenues reflected the anticipated phase-out of the Paid Publisher Network as player databases experience natural churn. Conversely, the strategically vital Organic Publisher Network on AffiliationCloud delivered sequential growth, bolstered by exclusive publisher agreements and traffic bundling across core Nordic markets.
Broadening the media-led model across Europe
Building on its strategy, Raketech has launched six media products throughout 2026, including Casinofeber Media, editorial sections across TV sport guides, BetXpert Media in Denmark, and Corriere del Gioco (corrieredelgioco.it) in Italy, which launched on October 6 as the first application of the model outside the Nordics. Additional local media launches are planned for the fourth quarter, including entry into Finland ahead of its anticipated 2027 licensing regime.
Preliminary data for October 2026 indicate that Affiliation Marketing portfolio revenues recovered above September levels, while the Organic Publisher Network continued its expansion. With leverage falling to approximately 1.2x adjusted EBITDA upon completion of the Casumba settlement, Raketech enters 2027 on a significantly stabilized financial footing.
