TRIQ I-IMSIDA IL-GZIRA, MT / ACCESS Newswire / November 5, 2026 / Raketech (STO:RAKE) – Quote from Johan Svensson, CEO “Looking ahead, our priorities are clear. We continue to adjust the cost base in line with the current size of the business and our strategic priorities. Free cash flow will be directed towards amortising the bank facility and towards continued investment in our core markets such as Sweden, Denmark and Italy, where we will continue to expand industry and sport media and strengthen commercial capability within SubAffiliation. Following completion, leverage will fall to around 1.2x adjusted EBITDA, before taking into account the deferred consideration still to be received from the sale of the Casumba assets and the US divestments. With the earnout settlement agreed, adjusted EBITDA stable at a stronger margin and our media-led model, established in Sweden, now being rolled out across our markets, we believe Raketech is entering 2027 on a stronger foundation for gradual improvement.”
FINANCIAL HIGHLIGHTS
- Revenues from continued operations amounted to EUR 5.0 million (EUR 6.2 million in Q3 2025), while adjusted EBITDA amounted to EUR 1.2 million (EUR 1.2 million in Q3 2025). The decline in revenues primarily reflects the previously communicated phase-out of the Paid Publisher Network within SubAffiliation, together with softer revenues in non-core markets within Affiliation Marketing.
- Adjusted EBITDA from continued operations remained stable at EUR 1.2 million (EUR 1.3 million in Q2 2026; EUR 1.2 million in Q3 2025), while the adjusted EBITDA margin strengthened to 23.0% (19.6% in Q3 2025), reflecting the lower cost base following the organisational restructuring.
- Affiliation Marketing (Raketech Owned Publishers) revenues amounted to EUR 3.7 million (EUR 4.3 million in Q3 2025), with Sweden delivering growth both compared to Q2 2026 and year-on-year, and Denmark delivering strong year-on-year growth.
- Free cash flow before earnouts amounted to EUR 1.3 million, with EUR 0.9 million settled in earnouts during the period.
- Proceeds from the Casumba divestment total EUR 1.2 million, including amounts received after the reporting period.
SUBSEQUENT EVENTS AFTER THE END OF THE PERIOD
- Preliminary data for October 2026 indicate that revenues from our Affiliation Marketing portfolio (Raketech Owned Publishers) were above September but somewhat below the Q3 average. Within SubAffiliation, the Organic Publisher Network continued to grow, while the Paid Publisher Network continued to decline as expected.
- On 6 October 2026, Raketech launched Corriere del Gioco (corrieredelgioco.it), a local iGaming media product targeting the Italian market and the first application of the media-led product model outside the Nordics.
- On 19 October 2026, Raketech announced that it had entered into an agreement with the sellers of Casumba Media Ltd to settle the remaining earnout obligation in full for EUR 8.2 million, compared with approximately EUR 20.3 million outstanding under the existing terms (including interest accrued to the date of the agreement), payable by March 2028. Following further discussions with Bank of Valletta, the Group agreed to reduce the bank financing to EUR 5.2 million bearing interest at a current rate of 6.65%. The remaining EUR 3.0 million is funded from existing cash and was paid to the sellers in October 2026. Completion is expected towards the end of the fourth quarter of 2026. Refer to note 12 for further details.
CEO COMMENT
Agreement to settle the Casumba earnout at a substantial discount, and stable adjusted EBITDA at a stronger margin
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, before taking into account the deferred consideration still to be received from the sale of the Casumba assets and the US divestments. We view this as an important milestone for Raketech. 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.
The third quarter of 2026 marked another quarter of stable adjusted EBITDA from continuing operations. Revenues were lower than in the second quarter, with activity normalising after the FIFA World Cup in June and July, while our focus on cost control and operational execution kept adjusted EBITDA at a stable level and further strengthened the adjusted EBITDA margin.
Financial Overview
Revenues from continued operations amounted to EUR 5.0 million in Q3 2026, down from EUR 5.6 million in Q2 2026 and from EUR 6.2 million in Q3 2025. Total revenues decreased year-on-year, primarily reflecting the previously communicated phase-out of the Paid Publisher Network within SubAffiliation, together with softer revenues in non-core markets within Affiliation Marketing. Adjusted EBITDA amounted to EUR 1.2 million, compared to EUR 1.3 million in Q2 2026 and EUR 1.2 million in Q3 2025, and the adjusted EBITDA margin strengthened to 23.0% in Q3 2026, from 19.6% in Q3 2025, reflecting the lower cost base following the organisational restructuring.
Free cash flow before earnouts amounted to EUR 1.3 million, above adjusted EBITDA for the quarter.
Casumba earnout – agreement to settle at a substantial discount
The settlement of EUR 8.2 million is financed through EUR 5.2 million from Bank of Valletta, revised from the EUR 5.5 million initially communicated, and EUR 3.0 million from existing cash, which was paid to the sellers in October. On completion, the earnout obligation is removed from the balance sheet, while total borrowings from Bank of Valletta increase to slightly below EUR 8.0 million, with the new financing repayable over three years. We move from an earnout payable by March 2028 to a predictable bank repayment schedule at an interest rate of 6.65%, and annual net finance costs will decrease by just above EUR 1.0 million. The difference between the carrying value and the settlement amount will be recognised as a non-recurring, non-cash gain on completion, with no effect on EBITDA.
The deferred consideration from the sale of the Casumba assets, EUR 12.0 million payable in monthly instalments through December 2029, of which EUR 1.2 million has been received to date, and the remaining consideration of approximately EUR 0.9 million from the two US divestments, are unaffected by the agreement. The Casumba receivable is pledged to Bank of Valletta, and its carrying value of EUR 6.6 million exceeds the Group’s remaining net debt following completion.
Affiliation Marketing – growth in Sweden and Denmark, media-led products across the Nordics
Affiliation Marketing revenues amounted to EUR 3.7 million, down from EUR 4.0 million in Q2 2026 and EUR 4.3 million in Q3 2025. The quarter had a softer August following the strong World Cup months of June and July, with revenues improving month by month since. The decline compared to last year was primarily driven by non-core markets, while revenues in our regulated core markets were broadly stable year-on-year. Sweden, our largest market, delivered growth both compared to Q2 2026 and year-on-year, and Denmark delivered strong year-on-year growth.
Casinofeber Media continues to perform strongly and has further strengthened the Casinofeber brand, contributing to increased commercial performance during the quarter, and serves as our proof of concept for the media-led model. In November, we launched the Casinofeber Media Awards (casinofeber.se/media/awards), an annual award for the Swedish gambling industry decided by reader votes, which further strengthens the brand’s position in the industry. During the quarter we launched BetXpert Media in Denmark, and after the quarter, on 6 October, we launched Corriere del Gioco (corrieredelgioco.it) in Italy, the first application of the model outside the Nordics. We will continue to invest in Casinofeber Media while applying the same model in our other markets.
SubAffiliation – continued transition
Within SubAffiliation, our strategic direction remains unchanged. The decline in revenues, both compared to Q2 2026 and year-on-year, was driven by the Paid Publisher Network, where the remaining revenue-share player databases continue to decline through natural churn, including in Brazil following the regulatory changes in that market. The Paid Publisher Network is expected to be a progressively smaller share of the business area going forward.
The strategically important Organic Publisher Network on AffiliationCloud delivered growth compared to Q2 2026, with revenues in the Nordics now well above the same period last year. The exclusive publisher agreements signed during Q2 had closer to full effect in Q3, and in the Nordics we are bundling traffic and commercial sales between Raketech Owned Publishers and External Organic Publishers, which increases the overall volumes, strengthens our position in our core markets and has contributed to the growth. We expect the Organic Publisher Network to continue to grow in the fourth quarter. The US market remains challenging.
Building for Growth in Our Core Markets
During 2026 we have launched six media products: Casinofeber Media, three sport editorial sections across our TV sport guides, BetXpert Media in Denmark and Corriere del Gioco in Italy. Two further local industry media launches are planned for the remainder of the fourth quarter, including Finland ahead of the licensing regime expected in 2027. Our ambition is to grow both Affiliation Marketing and the Organic Publisher Network, where bundling traffic and commercial sales between Raketech Owned Publishers and External Organic Publishers strengthens our position with operators in our core markets.
Preliminary data for October 2026 indicate that revenues from our Affiliation Marketing portfolio (Raketech Owned Publishers) were above September but somewhat below the Q3 average. Within SubAffiliation, the Organic Publisher Network continued to grow, while the Paid Publisher Network continued to decline as expected.
Looking ahead, our priorities are clear. We continue to adjust the cost base in line with the current size of the business and our strategic priorities. Free cash flow will be directed towards amortising the bank facility and towards continued investment in our core markets such as Sweden, Denmark and Italy, where we will continue to expand industry and sport media and strengthen commercial capability within SubAffiliation.
Following completion, leverage will fall to around 1.2x adjusted EBITDA, before taking into account the deferred consideration still to be received from the sale of the Casumba assets and the US divestments. With the earnout settlement agreed, adjusted EBITDA stable at a stronger margin and our media-led model, established in Sweden, now being rolled out across our markets, we believe Raketech is entering 2027 on a stronger foundation for gradual improvement.
Johan Svensson, CEO
LINK TO REPORT
The full Interim Report is available on https://raketech.com/investors/
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About Raketech Group
Raketech is a leading online affiliate and content marketing company, with expertise in delivering comparison services for sports and gaming, online guides, communities, and social media products. Raketech guides sports and gaming enthusiasts to the best possible services, while also delivering high-quality traffic and leads to its partners. Raketech grows both organically and via acquisitions and operates its business in accordance with a clear framework for responsible affiliate marketing services. The company’s shares are listed in Nasdaq First North Premier Growth Market with ticker RAKE. DNB Carnegie Investment Bank AB (publ) is the company’s Certified Adviser. For more information, visit www.raketech.com.
This information is information that Raketech is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 2026-11-05 08:00 CET.
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