Raketech Directs €1.3m Free Cash Flow to Sweden, Denmark and Italy After Q3 EBITDA Stability
Raketech reported Q3 adjusted EBITDA of €1.2m, stable versus the prior quarter and only slightly below last year, despite revenue declining to €5m. The group will deploy €1.3m free cash flow to amortise debt and invest in Sweden, Denmark and Italy. A 60% cut to a €20.3m Casumba Media liability provided an additional boost.
SCCG Take — Affiliates facing revenue pressure from network phase-outs are refocusing free cash flow on regulated core markets and balance-sheet repair to protect margins.
Raketech has identified Sweden, Denmark and Italy as priority investment markets while sustaining its cost optimisation programme. The Malta-based affiliate network plans to make use of its €1.3m in free cash flow for investment purposes and intends to allocate it toward bank facility amortisation plus expansion of industry and sport media and SubAffiliation commercial capabilities.
The firm’s latest update, covering Q3, revealed stable adjusted EBITDA of €1.2m, down slightly year-over-year from €1.3m in Q3 2025 but remaining the same as in Q2 2026. Revenue from continued operations declining year-over-year once again, falling from €6.2m in Q3 2025 to €5m this year. This followed a trend seen in both Q1 and Q2 this year, with the former seeing revenue of €5.6m (Q1 2025: €6.8m) and the latter revenue of €8.3m (€4.6m).
Drivers of Revenue Decline
Leadership attributed the revenue reduction primarily to the ongoing phase-out of the Paid Publisher Network in the DisAffiliation segment. Softer results in non-core markets for the Affiliation Marketing division contributed as well. The Q3 update continues a pattern among Stockholm-listed iGaming businesses facing growth constraints in 2026.
The company recorded a separate gain in October with a 60 percent reduction in its €20.3m liability tied to the prior sale of Casumba Media. Raketech had acquired Casumba Media in 2019 for €2m before selling it for €12m in 2025.
Cash Flow Allocation and Priorities
Johan Svensson, Raketech’s Chief Executive Officer, said: “Looking ahead, our priorities are clear. We continue to adjust the cost base in line with the current size of the business and our strategic priorities.”
Svensson added: “Free cash flow will be directed towards amortising the bank facility and towards continued investment in our core markets such as Sweden, Denmark and Italy, where we will continue to expand industry and sport media and strengthen commercial capability within SubAffiliation.”
According to reporting by SBC News, these steps reflect Raketech’s effort to align costs with current business scale while targeting regulated core markets. The outcome will depend on whether revenue stabilisation follows the cost measures already implemented.
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