Raketech Group (RAKE) Q1 2026 earnings summary

Executive summary

• Q1 revenue declined 36% year-over-year, mainly due to the phase-out of the Paid Publisher Network within SubAffiliation and weaker performance from a major U.S. publisher.

• EBITDA and margin improved sequentially from Q4, driven by stable or slightly increased revenue from Affiliation Marketing and cost control.

• Nordic Affiliation Marketing portfolio showed resilience, with media-led product launches boosting engagement and performance.

• The company completed the divestment of Casumba assets, with proceeds supporting liquidity.

Financial highlights

• Revenue from continued operations: EUR 5.3 million, down 36% year-over-year.

• Adjusted EBITDA: EUR 1.2 million, down 7.5% year-over-year but up from EUR 1.1 million in Q4 2025.

• EBITDA margin improved to 22.1% from 12.3% year-over-year.

• Operating profit: EUR 0.27 million, down 65.5% year-over-year.

• Free cash flow before earnouts: EUR 1.1 million, down 33.8% year-over-year.

Segment performance

• Affiliation Marketing (own consumer assets) saw quarter-on-quarter revenue growth, with strong performance in the Nordics.

• SubAffiliation segment declined due to the ongoing phase-out of paid networks and underperformance in the U.S. Organic Publisher Network.

• Nordic region contributed 73.8% of revenue, up from 64.1% last year.

• New exclusive agreement signed with a fast-growing Nordic publisher, expected to become a major contributor.