Raketech targets Sweden, Denmark and Italy for investment as cost cuts hold Q3 EBITDA at €1.2m
Malta-based affiliate group Raketech reported Q3 adjusted EBITDA of €1.2m on revenue of €5m, and says free cash flow will go to debt reduction and investment in its core markets while cost cutting continues.
GamblingSource: SBC News
Raketech, the Malta-based iGaming affiliate network, has named Sweden, Denmark and Italy as its priority markets for investment, while signalling that budgets will stay limited as its cost reduction programme continues.
The company's third-quarter update showed adjusted EBITDA of €1.2m. That is slightly below the €1.3m recorded in Q3 2025, but level with the second quarter of 2026. Revenue from continued operations fell to €5m from €6.2m a year earlier. The group has seen revenue decline across several successive quarters in 2025 and 2026, which led it to start wide-ranging cost optimisation measures.
Management ascribed the latest decline mainly to the ongoing phase-out of the Paid Publisher Network, part of the DisAffiliation business segment, a long-running process that has weighed on earlier quarters too. Softer revenue in non-core markets within the Affiliation Marketing division was also cited. In the first quarter of the year, revenue was €5.6m against €6.8m in Q1 2025.
The results fit a wider pattern of Stockholm-listed gambling businesses struggling to grow in 2026, although Kambi has bucked it with strong revenue growth linked to the World Cup. The iGaming sector more broadly faces pressures including job cuts at operators and the effect of AI on affiliate search traffic.
Raketech also received a boost in October, when it secured a 60% reduction in a €20.3m liability tied to its sale of Casumba Media. The company bought Casumba in 2019 for €2m, with possible earnout payments based on performance, and sold it in 2025 for €12m.
Chief Executive Officer Johan Svensson said the priorities are clear and that the company will keep adjusting its cost base to match the current size of the business and its strategic priorities. He said the group's €1.3m of free cash flow will be used to pay down its bank facility and to support continued investment in core markets such as Sweden, Denmark and Italy. There, Raketech plans to expand its industry and sport media and strengthen commercial capability within SubAffiliation.
Based on reporting by SBC News.