Raketech reported a year-over-year decline in Q2 2026 revenue and EBITDA, citing the ongoing phase-out of its Paid Publisher Network, while its Affiliation Marketing segment showed modest growth and the company expects improved results in the second half
Raketech has released its financial results for the second quarter of 2026, confirming a decrease in both revenue and adjusted EBITDA compared to the same period last year. The company attributed the decline primarily to the continued phase-out of its Paid Publisher Network, a move that has affected its SubAffiliation segment. Despite these headwinds, Raketech reported that its core Affiliation Marketing business continued to grow, and management remains optimistic about the outlook for the remainder of the year.
Revenue and EBITDA Impacted by Network Changes
According to Raketech's official Q2 2026 report, revenue from continued operations reached EUR 5.6 million, down from EUR 6.8 million in Q2 2025. Adjusted EBITDA for the quarter was EUR 1.3 million, a slight decrease from EUR 1.4 million in the prior-year period. The company explained that these declines were largely the result of the ongoing reduction of its Paid Publisher Network within the SubAffiliation segment. Additionally, softer performance in non-core markets within Affiliation Marketing contributed to the weaker results, though this was partially offset by growth in the Organic Publisher Network on AffiliationCloud.
Affiliation Marketing Shows Modest Growth
Despite the overall revenue decline, Raketech highlighted a 1.9% quarter-over-quarter increase in its Affiliation Marketing segment, driven by the launch of new media-led products earlier in the year. The company also reported that adjusted EBITDA improved from EUR 1.2 million in Q1 2026 to EUR 1.3 million in Q2, indicating some operational momentum. Free cash flow before earnouts was EUR 1 million, and Raketech settled EUR 0.1 million in earnouts during the quarter. The company also received EUR 0.9 million from the divestment of Casumba, further supporting its cash position.
Post-Q2 Developments and H2 Outlook
Raketech noted that preliminary data for July 2026 suggests Affiliation Marketing profits are benefiting from increased activity around the FIFA World Cup. The Organic Publisher Network also performed slightly better in July than in Q2, despite ongoing challenges in the U.S. market. However, the SubAffiliation segment remained softer than in the previous quarter. Following Q2, Raketech entered a new partnership to launch an iGaming media venture in Italy, marking the first expansion of its media-led product model outside the Nordics. CEO Johan Svensson stated that the company will continue to focus on strengthening its owned publishers, scaling media-led products, and leveraging synergies between its publishing assets and network. Management expects to see improved traction in the second half of 2026.
In gambling industry reporting, 'revenue' typically refers to the amount an operator or affiliate earns after deducting player winnings and promotional costs from total wagers or gross receipts. Adjusted EBITDA is a measure of operating profitability that excludes certain non-cash and non-recurring items, providing a clearer view of ongoing business performance. For affiliates like Raketech, changes in network structure or product mix can have a significant impact on reported revenue and EBITDA, especially when phasing out legacy segments or expanding into new markets.
