Raktech’s Q4 revenues from continued operations in 2025 (excluding Casumba) amounted to EUR 5.7 million (EUR 6.2 million in Q3 2025), while adjusted EBITDA totaled EUR 1.1 million (EUR 1.2 million in Q3 2025).

Performance within Affiliation Marketing (Raketech Owned Publishers) was softer at the start of the quarter but improved, with December representing the strongest month, supported by a net positive Google Core Update for our core Nordic assets.

SubAffiliation revenues were slightly lower quarter-over-quarter, primarily reflecting the continued phase-out of the Paid Publisher Network. At the same time, the External Organic Publisher Network delivered quarter-over-quarter growth.

For the last couple of years, changing market conditions have continued to negatively impact the paid publishers within SubAffiliation, resulting in a limited inflow of new traffic.

In response, and in line with our strategic focus on the Organic Publisher Network, we discontinued the onboarding of new paid publishers during the quarter and initiated a structured phase-out of the remaining Paid Network.

The Paid Network accounted for approximately half of SubAffiliation revenues during the quarter and is expected to be a progressively smaller share going forward.

Within the External Organic Publisher Network, revenues from certain US publisher partnerships have taken longer than anticipated to materialise, despite a good start to the quarter. Nevertheless, the Organic Publisher Network delivered moderate quarter-over-quarter growth, and the publisher base continued to expand.

Quote from Johan Svensson, CEO “During the quarter, we continued to sharpen Raketech’s strategic focus, advancing our platform-first model while improving performance across our core Nordic assets. With disciplined execution, a continued shift toward growing the Organic Publisher Network within SubAffiliation, and ongoing development of AffiliationCloud, we are strengthening the foundations for long-term value creation.”