Q3 2025: Momentum Building Through Exclusive Partnerships and Streamlined Operations
6 november, 08:00
Quote from Johan Svensson, CEO “With a cleaner structure, stronger partnerships, and growing momentum in our Organic Publisher Network, Raketech enters the final quarter of the year with a sharper focus and enhanced flexibility to deliver on our platform-first strategy. Our priorities are unchanged, to expand exclusive partnerships, strengthen AffiliationCloud, and maintain disciplined capital allocation to drive sustainable, long-term value for partners, shareholders and employees.”
Q3 2025 FINANCIAL HIGHLIGHTS
- Our core Affiliation Marketing portfolio (Raketech owned publishers), excluding Casumba, remained stable overall compared to last year. The Paid Network (SubAffiliation) continues to experience the headwinds previously communicated. Meanwhile, the Organic Publisher Network generated approximately EUR 0.9 million in the quarter, compared to EUR 0.5 million in Q2 2025, reflecting growth driven by a new exclusive partnership. This underlines the strength of our platform model, and our aim is to continue broadening our footprint through additional exclusive partnerships to build on this momentum.
- Adjusted EBITDA from continued operations amounted to EUR 1.2 million, while reported EBITDA totalled EUR 1.1 million, largely in line with the same period last year. This reflects a stable performance across our Affiliation Marketing assets, continued growth within the Organic Publisher Network, and the benefits from ongoing streamlining initiatives.
- Free cash flow, before earnouts and including discontinued operations, totalled EUR 1.1 million in Q3 2025, slightly affected by tax payments settled during the quarter.
OPERATIONAL HIGHLIGHTS
- We have expanded our partnership with a US Sports betting and casino publisher within our Organic Publisher Network and AffiliationCloud through a USD 750k minority investment tied to an exclusive partnership. Combining their US audience and content with our technology and distribution reach, the collaboration became a key growth driver within the Organic Publisher Network, despite being live for only around 50 days.
- At the end of September, we completed the sale of the Casumba assets for a total consideration of EUR 12 million, fair valued at EUR 7.2 million, to be paid over four years. Raketech recognised a non-cash loss of approximately EUR 10 million related to the divestment. This loss has no impact on cash flow or underlying operational performance and is treated as a one-off item.
SUBSEQUENT EVENTS AFTER THE END OF THE PERIOD
- Preliminary data for October 2025 indicate that revenues from our Affiliation Marketing portfolio (Raketech owned publishers) were slightly lower compared to Q3 2025. Our external Organic Publisher Network continues to show positive momentum, with further expansion anticipated through additional exclusive partnerships.
CEO COMMENT
The third quarter marked another step forward in the execution of our platform-first strategy. We continue to sharpen the Group’s focus with clear priorities on exclusive partnerships, product development within AffiliationCloud, cost control and disciplined capital allocation.
Financial Overview
Revenues in Q3 from continued operations (excluding Casumba) amounted to EUR 6.2 million compared to EUR 10.7 million in Q3 last year. Adjusted EBITDA from continuing operations totalled EUR 1.2 million (vs. EUR 1.3 million in Q3 2024).
Affiliation Marketing continues to contribute positively to group results with revenues broadly in line with previous year.
SubAffiliation revenue was EUR 1.9 million, in line with Q2 2025. The Organic Publisher Network delivered EUR 0.9 million in the quarter compared to EUR 0.5 million in Q2 2025, driven by a new exclusive US publisher partnership live since early August.
The Paid Publisher Network continued to decline in line with market dynamics and is contributing minimal new traffic.
We continue to ensure that the cost base is sized appropriately for the more focused group.
At the end of September, we completed the sale of the Casumba assets further sharpening our focus, our core expertise and growth markets. The consideration of EUR 12 million is to be paid over four years and has been recognized on the balance sheet at a fair value of EUR 7.2 million.
Streamlining and Focus
During the quarter, we continued to streamline and sharpen our portfolio to strengthen Raketech for the next phase of growth. A key part of this effort was the divestment of the Casumba assets, driven by a shifting legal and market risk profile combined with a weaker sales trend. Overall, the transaction allows us to reallocate resources to accelerate the development of AffiliationCloud.
We have now completed the strategic transition to a decentralized Affiliation Marketing model, with entrepreneurial partnerships representing the clear majority of total revenues.
Going forward, we will classify all consumer-focused assets (Affiliation Marketing portfolio), whether operated in-house or through entrepreneurial partnerships, as Raketech Owned Publishers. Combined with our external organic publishers, and supported by the technology of AffiliationCloud, we can leverage both pillars commercially through bundled sales and exclusive commercial operator agreements. This allows us to optimize revenue across our full inventory and set the strategy around event driven opportunities such as the World Cup 2026, fully leveraging our growth pillars.
We also continue to monitor our cost structure carefully and remain flexible to adjust based on market dynamics to maintain the right balance between profitability and growth.
QoQ growth within our key priority segment AffiliationCloud
The quarter was also marked by an important strategic milestone through a USD 750k minority investment in a US Sports betting and casino publisher, expanding our partnership and securing an agreement for Raketech and AffiliationCloud to be the exclusive channel for their commercial activity. We are pleased with this significant validation of our platform-first strategy where Raketech provides the technology, data and distribution and the publisher brings content and audience. We continue to explore further opportunities to grow through other exclusive, scalable partnerships.
The partnership creates immediate commercial leverage for AffiliationCloud, enhances our US position, and highlights where Raketech’s organic and exclusive partnership-driven future growth will come from.
Conclusion & Next Steps
With a cleaner structure, stronger partnerships, and growing momentum in our Organic Publisher Network, Raketech enters the final quarter of the year with a sharper focus and enhanced flexibility to deliver on our platform-first strategy. Our priorities are unchanged, to expand exclusive partnerships, strengthen AffiliationCloud, and maintain disciplined capital allocation to drive sustainable, long-term value for partners, shareholders and employees.
Johan Svensson, CEO
LINK TO REPORT
The full Interim Report is available on https://raketech.com/investors/
REPORT PRESENTATION
CEO Johan Svensson and CFO Måns Svalborn will present the report in a conference call on Thursday, November 6, 2025, at 09:00 CEST.
The presentation can be followed via both a conference call and an online audio cast, including a Q&A session open to all listeners at the end of the presentation.
If you wish to participate via webcast, please use the link below. Via the webcast you are able to ask written questions.
https://raketech.events.inderes.com/q3-report-2025
If you wish to participate via teleconference, please register on the link below. After registration, you will be provided with phone numbers and a conference ID to access the conference. You can ask questions verbally via teleconference.
https://events.inderes.com/raketech/q3-report-2025/dial-in
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 2025-11-06 08:00 CET.
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Q3 2025 Momentum Building Through Exclusive Partnerships And Streamlined Operations
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Q3 2025: Momentum Building Through Exclusive Partnerships and Streamlined Operations
6 november, 08:00
Quote from Johan Svensson, CEO “With a cleaner structure, stronger partnerships, and growing momentum in our Organic Publisher Network, Raketech enters the final quarter of the year with a sharper focus and enhanced flexibility to deliver on our platform-first strategy. Our priorities are unchanged, to expand exclusive partnerships, strengthen AffiliationCloud, and maintain disciplined capital allocation to drive sustainable, long-term value for partners, shareholders and employees.”
Q3 2025 FINANCIAL HIGHLIGHTS
- Our core Affiliation Marketing portfolio (Raketech owned publishers), excluding Casumba, remained stable overall compared to last year. The Paid Network (SubAffiliation) continues to experience the headwinds previously communicated. Meanwhile, the Organic Publisher Network generated approximately EUR 0.9 million in the quarter, compared to EUR 0.5 million in Q2 2025, reflecting growth driven by a new exclusive partnership. This underlines the strength of our platform model, and our aim is to continue broadening our footprint through additional exclusive partnerships to build on this momentum.
- Adjusted EBITDA from continued operations amounted to EUR 1.2 million, while reported EBITDA totalled EUR 1.1 million, largely in line with the same period last year. This reflects a stable performance across our Affiliation Marketing assets, continued growth within the Organic Publisher Network, and the benefits from ongoing streamlining initiatives.
- Free cash flow, before earnouts and including discontinued operations, totalled EUR 1.1 million in Q3 2025, slightly affected by tax payments settled during the quarter.
OPERATIONAL HIGHLIGHTS
- We have expanded our partnership with a US Sports betting and casino publisher within our Organic Publisher Network and AffiliationCloud through a USD 750k minority investment tied to an exclusive partnership. Combining their US audience and content with our technology and distribution reach, the collaboration became a key growth driver within the Organic Publisher Network, despite being live for only around 50 days.
- At the end of September, we completed the sale of the Casumba assets for a total consideration of EUR 12 million, fair valued at EUR 7.2 million, to be paid over four years. Raketech recognised a non-cash loss of approximately EUR 10 million related to the divestment. This loss has no impact on cash flow or underlying operational performance and is treated as a one-off item.
SUBSEQUENT EVENTS AFTER THE END OF THE PERIOD
- Preliminary data for October 2025 indicate that revenues from our Affiliation Marketing portfolio (Raketech owned publishers) were slightly lower compared to Q3 2025. Our external Organic Publisher Network continues to show positive momentum, with further expansion anticipated through additional exclusive partnerships.
CEO COMMENT
The third quarter marked another step forward in the execution of our platform-first strategy. We continue to sharpen the Group’s focus with clear priorities on exclusive partnerships, product development within AffiliationCloud, cost control and disciplined capital allocation.
Financial Overview
Revenues in Q3 from continued operations (excluding Casumba) amounted to EUR 6.2 million compared to EUR 10.7 million in Q3 last year. Adjusted EBITDA from continuing operations totalled EUR 1.2 million (vs. EUR 1.3 million in Q3 2024).
Affiliation Marketing continues to contribute positively to group results with revenues broadly in line with previous year.
SubAffiliation revenue was EUR 1.9 million, in line with Q2 2025. The Organic Publisher Network delivered EUR 0.9 million in the quarter compared to EUR 0.5 million in Q2 2025, driven by a new exclusive US publisher partnership live since early August.
The Paid Publisher Network continued to decline in line with market dynamics and is contributing minimal new traffic.
We continue to ensure that the cost base is sized appropriately for the more focused group.
At the end of September, we completed the sale of the Casumba assets further sharpening our focus, our core expertise and growth markets. The consideration of EUR 12 million is to be paid over four years and has been recognized on the balance sheet at a fair value of EUR 7.2 million.
Streamlining and Focus
During the quarter, we continued to streamline and sharpen our portfolio to strengthen Raketech for the next phase of growth. A key part of this effort was the divestment of the Casumba assets, driven by a shifting legal and market risk profile combined with a weaker sales trend. Overall, the transaction allows us to reallocate resources to accelerate the development of AffiliationCloud.
We have now completed the strategic transition to a decentralized Affiliation Marketing model, with entrepreneurial partnerships representing the clear majority of total revenues.
Going forward, we will classify all consumer-focused assets (Affiliation Marketing portfolio), whether operated in-house or through entrepreneurial partnerships, as Raketech Owned Publishers. Combined with our external organic publishers, and supported by the technology of AffiliationCloud, we can leverage both pillars commercially through bundled sales and exclusive commercial operator agreements. This allows us to optimize revenue across our full inventory and set the strategy around event driven opportunities such as the World Cup 2026, fully leveraging our growth pillars.
We also continue to monitor our cost structure carefully and remain flexible to adjust based on market dynamics to maintain the right balance between profitability and growth.
QoQ growth within our key priority segment AffiliationCloud
The quarter was also marked by an important strategic milestone through a USD 750k minority investment in a US Sports betting and casino publisher, expanding our partnership and securing an agreement for Raketech and AffiliationCloud to be the exclusive channel for their commercial activity. We are pleased with this significant validation of our platform-first strategy where Raketech provides the technology, data and distribution and the publisher brings content and audience. We continue to explore further opportunities to grow through other exclusive, scalable partnerships.
The partnership creates immediate commercial leverage for AffiliationCloud, enhances our US position, and highlights where Raketech’s organic and exclusive partnership-driven future growth will come from.
Conclusion & Next Steps
With a cleaner structure, stronger partnerships, and growing momentum in our Organic Publisher Network, Raketech enters the final quarter of the year with a sharper focus and enhanced flexibility to deliver on our platform-first strategy. Our priorities are unchanged, to expand exclusive partnerships, strengthen AffiliationCloud, and maintain disciplined capital allocation to drive sustainable, long-term value for partners, shareholders and employees.
Johan Svensson, CEO
LINK TO REPORT
The full Interim Report is available on https://raketech.com/investors/
REPORT PRESENTATION
CEO Johan Svensson and CFO Måns Svalborn will present the report in a conference call on Thursday, November 6, 2025, at 09:00 CEST.
The presentation can be followed via both a conference call and an online audio cast, including a Q&A session open to all listeners at the end of the presentation.
If you wish to participate via webcast, please use the link below. Via the webcast you are able to ask written questions.
https://raketech.events.inderes.com/q3-report-2025
If you wish to participate via teleconference, please register on the link below. After registration, you will be provided with phone numbers and a conference ID to access the conference. You can ask questions verbally via teleconference.
https://events.inderes.com/raketech/q3-report-2025/dial-in
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 2025-11-06 08:00 CET.
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Q3 2025 Momentum Building Through Exclusive Partnerships And Streamlined Operations
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