Raketech Group (RAKE) Q4 2025 earnings summary

Executive summary

• Q4 2025 was the first quarter without Casumba assets, which were divested at the end of Q3; EUR 0.4 million of the EUR 12 million consideration has been received so far, with deferred consideration recognized at EUR 7.2 million.

• Revenue from continued operations fell 45.5% year-over-year to EUR 5.7 million, mainly due to a decline in the Paid Publisher Network.

• Adjusted EBITDA for continued operations was EUR 1.1 million, with an 18.8% margin, reflecting ongoing cost discipline.

• Strategic focus is shifting to organic publisher networks and platform development, with new product launches and a phase-out of the paid publisher network.

• December performance improved following a positive Google Core Update for Nordic assets.

Financial highlights

• Q4 2025 revenue from continued operations: EUR 5.7 million (down 45.5% YoY); full year: EUR 27.0 million (down 47.4%).

• Q4 adjusted EBITDA: EUR 1.1 million (down 37.7% YoY); full year: EUR 5.0 million (down 30.1%).

• Q4 reported EBITDA: EUR 0.8 million (down 44.1% YoY); full year: EUR 4.3 million (down 30.2%).

• Q4 loss for the period: EUR 0.1 million (vs. EUR 46.0 million loss prior year); full year profit: EUR 0.6 million (vs. EUR 55.3 million loss prior year).

• Free cash flow before earnouts: EUR 978k in Q4 (down 41.5% YoY); EUR 5.6 million for the year (down 61.8%).

Outlook and guidance

• Platform-first strategy with AffiliationCloud is central to future growth, focusing on automation, new features, and expansion in the Nordics and North America.

• January 2026 preliminary data shows Affiliation Marketing slightly above Q4 average, but external Organic Publisher Network impacted by a US slowdown.

• Focus remains on restoring growth with existing partners and onboarding new publishers.

• Continued investment in AffiliationCloud and expansion of the Organic Publisher Network are key priorities.

• No specific guidance on timing for a return to growth; management remains confident in the strategy.