International iGaming affiliate network Raketech has earmarked Sweden, Denmark and Italy as key markets for investment, though budgets may be tight as it presses on with a cost reduction programme.
The Malta-based firm has been facing difficulties for much of 2025 and 2026, with revenue having dropped across several successive quarters. This prompted the company to initiate wide-ranging cost optimisation measures.
Recent quarterly reports suggest this is paying off. The firm’s latest update, covering Q3, revealed stable adjusted EBITDA of €1.2m, down slightly year-over-year from €1.3m in Q3 2025 but remaining the same as in Q2 2026.
This was despite revenue from continued operations declining year-over-year once again, falling from €6.2m in Q3 2025 to €5m this year. This followed a trend seen in both Q1 and Q2 this year, with the former seeing revenue of €5.6m (Q1 2025: €6.8m) and the latter revenue of €8.3m (€4.6m).
Raketech leadership has attributed the revenue declines largely to the phase-out of its Paid Publisher Network, part of the group’s DisAffiliation business segment. This is a long-running process, one which has impacted revenue in previous quarters.
Softer revenue in its Affiliation Marketing division’s non-core markets was also cited in Q3.
The mixed Q3 for Raketech continues a trend of Stockholm-listed businesses struggling to maintain growth in 2026, though some like Kambi have bucked the trend with the firm seeing impressive revenue growth off the back of the World Cup.
Despite the challenges it is facing – and the rest of the iGaming market for that matter, whether it be job axes biting into operators’ bottom lines or AI continuing to affect affiliate search traffic – Raketech has taken confidence from its cost optimisation successes.
The group also received a boost in October when it secured a 60% reduction in the €20.3m liability related to its sale of Casumba Media. Raketech purchased Casumba in 2019 for €2m, with the possibility of additional earnout payments based on performance, before selling it for €12m in 2025.
“Looking ahead, our priorities are clear,” said Johan Svensson, Raketech’s Chief Executive Officer. “We continue to adjust the cost base in line with the current size of the business and our strategic priorities.”
Svensson further detailed that the group plans to make use of its €1.3m in free cash flow for investment purposes.
“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,” he said.
