Raketech Group Holding increased adjusted EBITDA for a second consecutive quarter as its largest sports campaign to date boosted Nordic activity. Q2 2026 revenue rose to €5.6 million from €5.3 million in Q1, although it remained below the €6.8 million reported a year earlier. Adjusted EBITDA reached €1.3 million and the margin increased to 24.0%, supported by World Cup demand, media-led products and the Organic Publisher Network on AffiliationCloud.
Revenue increased 5.7% quarter-on-quarter but remained approximately 17.6% below Q2 2025.
Adjusted EBITDA improved for a second consecutive quarter, reaching €1.3 million.
The adjusted EBITDA margin rose to 24.0% from 21.2% a year earlier.
Raketech combined owned and external publisher inventory for its largest sports campaign to date.
Nordic organic publishing expanded, while the US market remained under pressure.
According to Raketech’s Q2 2026 financial update, adjusted EBITDA increased from €1.1 million in Q4 2025 to €1.2 million in Q1 2026 and €1.3 million in the latest quarter. However, it remained slightly below the €1.4 million recorded in Q2 2025.
The margin increase provides a clearer indication of the restructuring impact. Raketech attributed the improvement to lower costs and a more favourable revenue mix as it continued phasing out the Paid Publisher Network within SubAffiliation.
The latest figures show progress from Raketech’s sharp revenue decline in early 2025, when paid publisher weakness, Casumba Media and non-core US assets weighed on performance. Free cash flow before earnouts reached €1.0 million, while proceeds from the Casumba divestment totalled €0.9 million, including payments received after the reporting period.
Activity accelerated towards the end of Q2 as operator investment increased around the FIFA World Cup. Raketech used AffiliationCloud to combine traffic and commercial inventory from Raketech Owned Sport Publishers and external publishers within a single sales process.
The campaign became the largest sports initiative in the group’s history. Sweden and Denmark led the Nordic improvement as tournament activity lifted volumes and increased demand for commercial inventory. Raketech also introduced two media products before the tournament and remains on track to launch seven initiatives during 2026.
Affiliation Marketing, comprising Raketech’s owned publishers, grew approximately 1.9% from Q1. Casinofeber Media improved its commercial performance, while the group’s sports assets and television guides provided additional event-led content. The campaign tested whether Raketech can coordinate owned publishers, external partners and operator demand through one platform.
Raketech signed and activated two exclusive Organic Publishers in the Nordics during Q2. Growth in this network partly offset the continued withdrawal from paid publisher activity, increasing the importance of organic visibility, publisher quality and conversion performance.
Performance remained uneven between regions. Sweden and Denmark supported Nordic growth, but the US Organic Publisher Network has not returned to growth. Restoring momentum in the US remains a priority for the second half of 2026.
After the reporting period, Raketech signed an entrepreneurial partnership to establish an iGaming media platform for the Italian iGaming market. Expected to go live towards the end of Q3, it will be the first application of the group’s media-led product model outside the Nordics.
Preliminary July data showed revenue from Raketech Owned Publishers slightly above the Q2 average, supported by the World Cup. The Organic Publisher Network also performed slightly above the quarterly average, while overall SubAffiliation activity was softer as the Paid Publisher Network phase-out continued.
Raketech will now focus on expanding owned publishers, media-led products and its Organic Publisher Network. Its next results will provide a clearer indication of whether the improved margin can be sustained after World Cup-related demand normalises.
