Raketech posted Q1 2026 revenue from continuing operations of €5.3m, down 36.0% from €8.3m in the same period last year, as the Stockholm-listed affiliate group continued to wind down lower-margin business lines and consolidate around its Nordic affiliation marketing base.
Top-Line and Earnings
The revenue decline was driven primarily by the ongoing phase-out of the Paid Publisher Network within Raketech’s SubAffiliation segment. SubAffiliation revenue fell 61.2% year-on-year to €1.3m, its share of total group revenue dropping from 41.7% in Q1 2025 to 25.3% in the current quarter. The company generated no revenue from betting tips and subscriptions in Q1 2026, a line that contributed approximately €308,000 in the prior-year period following earlier divestments.
Despite the top-line contraction, the EBITDA picture was more mixed. Reported EBITDA reached €1.17m, a 15% year-on-year increase, with margins rising to 22.1% from 12.3% in Q1 2025. Adjusted EBITDA came in at €1.21m, down 7.5% year-on-year but ahead of the €1.1m recorded in Q4 2025. Net profit fell 65.5% to €272,000, while adjusted operating profit declined 70.8% to €316,000.
Affiliation Marketing Holds
The AffiliationCloud-powered affiliation marketing segment generated €4.0m in Q1 2026, a 12.4% decline year-on-year in absolute terms. Its share of total group revenue rose from 54.6% to 74.7%, reflecting the faster contraction of SubAffiliation rather than organic growth in the core segment. The Nordics accounted for 73.8% of total Q1 revenue, up from 64.1% a year earlier, as the group’s retreat from international markets continued. The Nordic region itself saw revenue decline 26.2% year-on-year, with steeper falls in the US, down 48.4%, and the Rest of World markets, down 58.1%. New depositing customers fell 38.2% year-on-year, a direct consequence of the portfolio restructuring.
By vertical, casino activity represented 66.2% of Q1 revenue, down from 75.1% in 2025, while sports betting’s share grew from 24.9% to 33.8%. The February 2026 launch of Casinofeber Media and TVMatchen/sport media-led products contributed to a 1.5% sequential uptick in affiliate marketing performance, according to the company.
Restructuring and Leadership
Raketech’s restructuring has reduced its full-time headcount from 102 to 59 employees, with contractors down from 38 to 24. The company sold its Casumba Media business in September 2025, citing regulatory exposure and ongoing operational challenges. In February 2026, it appointed Victoria Darmanin as Interim Chief Financial Officer, replacing outgoing CFO Måns Svalborn as it works to stabilise its financial position.
The reshaping of the business is intended to redirect the group toward what CEO Johan Svensson describes as higher-quality and more sustainable revenue streams, centred on AffiliationCloud — a platform that integrates Raketech-owned publishers, external organic publishers, and operator partners into a shared commercial ecosystem.
“Looking ahead, our priorities are clear. We will continue to strengthen our Nordic Affiliation Marketing portfolio, scale the successful media and sports content concepts into additional markets and products, and improve execution within the Organic Publisher Network. With improved EBITDA, stable development across our Nordic core, and a clearer operating structure, we believe Raketech is entering 2026 with a stronger foundation for gradual improvement.” — Johan Svensson, CEO, Raketech
Market Context
Raketech operates across several regulated European markets where the affiliate channel faces growing scrutiny. Swedish operator ATG reported its own revenue decline in early 2026 as the country’s tax environment tightened, reducing the commercial headroom for performance marketing partners. Sweden’s overall gambling revenue grew just 0.5% in Q3 2025, underlining the limited growth backdrop against which affiliates operating in the Nordic core are working. The group’s reduced exposure to unregulated or grey-market operators — partly the result of the Casumba disposal — may improve the quality of remaining revenue, but the near-term cost on reported figures remains significant.
Raketech trades on Nasdaq First North Premier Growth Market in Stockholm. The Q1 report was published on 29 April 2026. The company’s next scheduled financial disclosure has not been confirmed.
Source: Raketech Group Holding Plc
