Johan Svensson’s Raketech has continued its gradual financial recovery in Q2 2026, improving profitability even as revenues fell sharply year-on-year.
The Swedish-listed affiliate company recorded quarterly revenue of €5.6m, down 17.6% from the €6.8m generated during the same period in 2025.
When factoring in the now-divested Casumba assets, that revenue decline stretches to a far steeper 28% compared to Q2 2025.
The longer-term picture is even more stark, with Raketech’s current revenue levels representing a dramatic fall from the €17m the company produced back in Q2 2024.
Despite those headline revenue pressures, the company’s underlying profitability has continued its upward sequential trajectory across recent quarters.
Adjusted EBITDA from continued operations has stepped up consecutively from €1.1m to €1.2m to €1.3m, moving through Q4 2025 and into Q2 2026.
Looking at H1 2026 as a whole, the EBITDA margin has swung significantly year-on-year, climbing from 15.5% to 22.6% on a like-for-like basis.
CEO Johan Svensson struck a measured but confident tone in the report, stating that the company’s priorities “remain unchanged.”
Svensson added: “With EBITDA improvement, a stronger margin, and revenue growth across both business areas, we believe Raketech is entering the second half with a stronger foundation for gradual improvement.”
The results arrive during what has been a difficult period for affiliate businesses broadly, with external pressures squeezing most major players across the sector throughout 2026.
Catena CEO Manuel Stan addressed similar headwinds during his company’s Q2 earnings call, describing the “structural challenges that traditional affiliation is facing.”
Raketech’s decision to prioritise profit over growth appears to have positioned it ahead of some competitors currently wrestling with those same structural pressures.
A significant driver of the company’s cost reduction has been the streamlining of its workforce, with headcount falling from 87 employees down to 54.
Those job cuts produced a 41% reduction in employee benefit expenses, with costs dropping from €1.7m to €1m on a year-on-year comparison.
Publisher costs also fell 17% year-on-year, largely reflecting reduced activity within the sub-affiliation segment of the business.
Divestment has been another key tool in Raketech’s consolidation strategy, with the €12m sale of its Casumba assets to an unnamed buyer completing in Q3 2025.
Proceeds from that sale have helped the company concentrate resources on AffiliationCloud, its commercial network for publishers, which remains central to the broader strategic vision.
AffiliationCloud was cited in the latest report as having helped offset softer revenues in Raketech’s non-core markets during the quarter.
One notable boardroom change occurred just after the reporting period, with Mans Svalborn resigning from the board of directors early in Q3 2026.
Svalborn, who served as Raketech’s CFO from December 2019 until April 2026, has since accepted the CFO role at sector rival Gentoo Media.
The Nordic market and a media-led product approach remain twin pillars of Raketech’s forward strategy, with Svensson pointing to positive momentum from that direction.
Svensson wrote: “Development was supported by our Nordic Affiliation Marketing portfolio, where the media-led product initiatives rolled out during the year continue to contribute positively to engagement and overall performance.”
Two new media products were launched during Q2, both timed ahead of the FIFA World Cup and described in the report as operational successes.
Raketech remains on track to release a total of seven media initiatives across the full course of 2026, according to the company’s latest guidance.
Sub-affiliation activity did see growth in Sweden and Denmark during the World Cup period, offering a bright spot within an otherwise quieter segment.
Perhaps most significantly, Raketech has signed a new partnership targeting the Italian market, marking the first deployment of its media-led model outside of the Nordic region entirely.
If that expansion proves successful, it could meaningfully broaden the company’s recovery story well beyond its core geographical stronghold heading into 2027.
