Q1 2026: Solid Start to 2026 with Improved EBITDA and Strengthening Nordic Core
TRIQ I-IMSIDA IL-GZIRA, MT / ACCESS Newswire / April 29, 2026 /Raketech (STO:RAKE) - Quote from Johan Svensson, CEO "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."
FINANCIAL HIGHLIGHTS
Revenues from continued operations amounted to EUR 5.3 million (EUR 8.3 million in Q1 2025), while adjusted EBITDA amounted to EUR 1.2 million (EUR 1.3 million in Q1 2025), primarily reflecting the continued phase-out of the Paid Publisher Network within SubAffiliation.
Compared to Q4 2025, adjusted EBITDA improved to EUR 1.2 million (EUR 1.1 million in Q4 2025), supported by stronger performance in Affiliation Marketing.
Affiliation Marketing (Raketech owned publishers) delivered growth compared to Q4 of last year of approximately 1.5%, despite Q1 being seasonally weaker and having fewer days, supported by the February launches of media-led products including Casinofeber Media and TVMatchen/sport.
Free cash flow before earnouts was broadly in line with EBITDA, with EUR 0.6 million settled in earnouts during the period.
Proceeds from the Casumba divestment total EUR 0.7 million year-to-date.
SUBSEQUENT EVENTS AFTER THE END OF THE PERIOD
Preliminary data for April 2026 indicate that revenues from our Affiliation Marketing portfolio (Raketech owned publishers) were slightly stronger than the Q1 average. Performance within SubAffiliation was broadly in line with Q1 2026, with continued positive development in the Nordic Organic Publisher Network, while the US market remains more challenging.
At the end of April, we signed a new exclusive Organic Publisher agreement in the Nordics, which is expected to become a meaningful contributor over time.
CEO COMMENT
Improved EBITDA and stronger Nordic Affiliation Marketing
The first quarter of 2026 marked a solid start to the year for Raketech, with improved EBITDA compared to Q4 2025. This development was supported by strong performance in our Nordic Affiliation Marketing portfolio, where the media-led product initiatives launched in February, including Casinofeber Media and the pre-game content section on TVMatchen/sport, have started well and are contributing positively to engagement and overall performance.
Affiliation Marketing (Raketech owned assets) revenues increased quarter-on-quarter despite Q1 being seasonally weaker than Q4 and having two fewer days in the period. We view this as an encouraging sign that the underlying quality of our Nordic portfolio is improving, supported by stronger product positioning, deeper content, and increased user engagement.
The entrepreneurial partnership model for these assets also continues to be an important contributor, combining local market and product expertise with Raketech 's centralised capabilities in technology, commercial execution, data, finance, and compliance.
Financial Overview
Revenues from continued operations in Q1 2026, excluding Casumba, amounted to EUR 5.3 million (EUR 8.3 million in Q1 2025), while adjusted EBITDA totaled EUR 1.2 million (EUR 1.3 million in Q1 2025). Total revenues decreased year-on-year, primarily reflecting the previously communicated phase-out of the Paid Publisher Network within SubAffiliation.
Compared to Q4 2025, adjusted EBITDA improved to EUR 1.2 million (EUR 1.1 million), driven by stronger Affiliation Marketing revenues, which amounted to EUR 4.0 million, corresponding to growth of approximately 1.5%, despite the quarter being seasonally weaker and having two fewer days.
Affiliation Marketing - Nordic core, stronger engagement, scalable product model
The Nordics remain the core of our Affiliation Marketing business and delivered a solid performance in Q1 2026. During the quarter, several of our key Nordic assets developed well, supported by continued momentum following the December Google Core Update and ongoing product and content improvements across the portfolio.
Our media initiatives that were launched in February also contributed positively during the quarter. Casinofeber Media delivered an encouraging start following its launch, while TVMatchen/sport continued to expand audience reach and engagement, helping improve traffic quality.
Importantly, we see this as a scalable model beyond Sweden. Based on the positive early results, our focus during 2026 is to roll out five additional media-driven and event-led products across the Nordic markets, building on concepts such as Casinofeber Media and TVMatchen/sport. This includes two new pre-game content sections on our TV sport guide planned to be launched ahead of the FIFA World Cup. We are also evaluating selected expansion opportunities beyond the Nordics.
SubAffiliation - continued transition
Within SubAffiliation, our strategic direction remains unchanged. We continue the structured phase-out of the Paid Publisher Network, which remains the main driver behind the decline in Group revenues from last year.
Compared to Q4, the decline in the Organic Publisher Network was primarily related to one larger organic publisher in the US that has not yet developed as expected. To support this, we have strengthened the local team in the US.
At the same time, we saw 8% growth in the Nordics compared to Q4 2025, with activity levels increasing. In the Nordics we are bundling traffic with Raketech owned assets, which increases the overall volumes and has contributed to the growth of the Organic Publisher Network in the region for the quarter.
After the quarter, we signed a new exclusive Organic Publisher in the Nordics, which we expect to become one of our largest partners in the region and view as strategically important.
Platform-first execution and what comes next
Our platform-first strategy remains central to how we build Raketech. Through AffiliationCloud, we continue to integrate Raketech Owned Publishers, External Organic Publishers, and operators into a more connected commercial ecosystem, enabling better coordination, improved data utilisation, and more scalable execution.
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
LINK TO REPORT
The full Interim Report is available on https://raketech.com/investors/
REPORT INTERVIEW
Instead of hosting a traditional conference call in connection with the Q1 2026 report, DNB Carnegie will publish an interview with CEO Johan Svensson on May 6, 2026, conducted by DNB Carnegie Investment Bank.
For more information, please contact:
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 2026-04-29 08:00 CEST.
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Q1 2026 Solid Start To 2026 With Improved EBITDA And Strengthening
SOURCE: Raketech
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