Raketech Group (RAKE) Q2 2026 earnings summary

Executive summary

• Q2 2026 saw sequential EBITDA improvement and the largest sports campaign in company history, driven by media-led product launches and increased activity around the FIFA World Cup.

• Revenues from continued operations were €5.6M, down 17.6% year-over-year, mainly due to the phase-out of the Paid Publisher Network and softer non-core market performance.

• Adjusted EBITDA reached €1.3M, with a margin improvement to 24.0% from 21.2% in Q2 2025, reflecting a better revenue mix and cost efficiencies.

• Free cash flow before earnouts was €1.0M, and the company completed the divestment of Casumba assets, strengthening its liquidity position.

Financial highlights

• Revenue from continued operations: €5.6M in Q2 2026 (down 17.6% YoY); €10.9M for H1 2026 (down 27.7% YoY).

• Adjusted EBITDA: €1.3M in Q2 2026 (down 6.6% YoY); €2.6M for H1 2026 (down 6.9% YoY).

• EBITDA margin improved to 23.1% in Q2 2026 from 19.4% in Q2 2025.

• Operating profit: €0.4M in Q2 2026 (down 64.9% YoY); €0.7M for H1 2026 (down 65.1% YoY).

• Loss for the period from continued operations: €0.2M in Q2 2026 (vs. €0.4M profit in Q2 2025).

Outlook and guidance

• July 2026 preliminary data shows slightly stronger Affiliation Marketing revenues, boosted by the FIFA World Cup, while SubAffiliation remains soft.

• New iGaming media platform partnership in Italy marks the first media-led product expansion outside the Nordics, expected to go live in Q3.

• Focus remains on strengthening owned publishers, scaling media-led products, and growing the Organic Publisher Network.