Raketch’s revenues from continued operations amounted to EUR 5.0 million (EUR 6.2 million in Q3 2025), while adjusted EBITDA amounted to EUR 1.2 million (EUR 1.2 million in Q3 2025).

Revenues from continued operations amounted to EUR 5.0 million in Q3 2026, down from EUR 5.6 million in Q2 2026 and from EUR 6.2 million in Q3 2025.

Total revenues decreased year-on-year, primarily reflecting the previously communicated phase-out of the Paid Publisher Network within SubAffiliation, together with softer revenues in non-core markets within Affiliation Marketing.

Adjusted EBITDA amounted to EUR 1.2 million, compared to EUR 1.3 million in Q2 2026 and EUR 1.2 million in Q3 2025, and the adjusted EBITDA margin strengthened to 23.0% in Q3 2026, from 19.6% in Q3 2025, reflecting the lower cost base following the organisational restructuring.

Affiliation Marketing (Raketech Owned Publishers) revenues amounted to EUR 3.7 million (EUR 4.3 million in Q3 2025), with Sweden delivering growth both compared to Q2 2026 and year-on-year, and Denmark delivering strong year-on-year growth.

Preliminary data for October 2026 indicate that revenues from our Affiliation Marketing portfolio (Raketech Owned Publishers) were above September but somewhat below the Q3 average. Within SubAffiliation, the Organic Publisher Network continued to grow, while the Paid Publisher Network continued to decline as expected.

Johan Svensson, CEO said, After the quarter, we reached agreement with the sellers of Casumba Media Ltd to settle the remaining earnout in full for EUR 8.2 million, compared with approximately EUR 20.3 million payable under the existing terms, with completion expected towards the end of the fourth quarter. On completion, the earnout obligation will have been settled with EUR 5.2 million of new bank financing and EUR 3.0 million of existing cash, bringing total amortising borrowings from Bank of Valletta to slightly below EUR 8.0 million.

Net interest-bearing debt falls from EUR 18.1 million at the end of the quarter to approximately EUR 5.6 million, reducing leverage from 3.8x to around 1.2x adjusted EBITDA, before taking into account the deferred consideration still to be received from the sale of the Casumba assets and the US divestments. We view this as an important milestone for Raketech. Until now, a large share of our cash flow has gone towards paying for assets we no longer own. Going forward, the cash we generate will go towards reducing our own bank debt and investing in growth.

The third quarter of 2026 marked another quarter of stable adjusted EBITDA from continuing operations. Revenues were lower than in the second quarter, with activity normalising after the FIFA World Cup in June and July, while our focus on cost control and operational execution kept adjusted EBITDA at a stable level and further strengthened the adjusted EBITDA margin.