Raketech Group (RAKE) Q3 2025 earnings summary

Executive summary

• Divested Casumba/Kasumba assets for EUR 12 million due to increased regulatory risk, with payments over four years through December 2029; fair value at closing was EUR 7–7.2 million.

• Q3 2025 revenue from continued operations (excluding Casumba/Kasumba) was EUR 6.2 million, down 42.2% year-on-year and 9.6% sequentially, mainly due to Paid Publisher Network decline.

• Adjusted EBITDA for continued operations was EUR 1.2 million (margin 19.6–20%), with reported EBITDA at EUR 1.1 million.

• Strategic focus shifted to AffiliationCloud platform, exclusive publisher/operator agreements, and US expansion, supported by a minority investment in a US sports betting publisher.

• Affiliation Marketing (own publishers) remained stable, supported by Nordic assets, while organic network showed strong growth.

Financial highlights

• Free cash flow reached EUR 1.1 million in Q3.

• Affiliation Marketing accounted for 69% of Q3 revenues; SubAffiliation 31%.

• Cost base down 27% year-on-year (excluding publisher costs); further reductions expected.

• Net interest-bearing debt at EUR 22.8 million, down 19.4% year-on-year.

• Earnings per share from continuing operations: EUR 0.001.

Outlook and guidance

• Management focus on expanding AffiliationCloud and exclusive partnerships, especially in the US and Sweden.

• Preliminary October data: own publisher revenues slightly below Q3, but external/organic publishers gaining momentum.

• December typically stronger than start of Q4 due to seasonality.

• Confident in strategic direction prioritizing scalable tech, exclusive partnerships, and balanced publisher mix.