Raketech Reports €27M Revenue, Maintains 18.7% Margin as CEO Johan Svensson Leads Shift Toward More Sustainable Growth
Raketech posted €27m in revenue for FY2025, with adjusted EBITDA reaching €5m, resulting in an 18.7% margin. The performance points to a transitional year for the group, largely influenced by continued weakness in paid publisher traffic.
Compared with €51.3m recorded in the prior year, the drop is significant. The downturn was driven primarily by weaker output across the company’s SubAffiliation paid network, which has historically been a key contributor to scale.
Paid acquisition model comes under pressure
Shifts in traffic sourcing and value
The pressure on performance is not being framed as temporary. Instead, Raketech points to more fundamental shifts in how traffic is sourced and valued.
According to the company, changes in market conditions have reduced the effectiveness of paid acquisition channels. This has translated into fewer new depositing customers and softer results across its publisher base.
Wind down of Paid Publisher Network
In response, Raketech has started to wind down its Paid Publisher Network.This step marks a shift away from arbitrage-driven approaches built on large-scale traffic buying and resale. In their place, the group is leaning toward channels that are slower to build but potentially more durable over time.
For operators, the implications are increasingly clear. Scaling paid inventory is becoming less reliable, as compliance standards and expectations around traffic quality continue to rise. As a result, operators are placing more weight on SEO-led strategies, owned media, and direct, transparent publisher relationships.
Portfolio reshaped to reduce complexity
Exit from non-core assets
Alongside changes in traffic strategy, Raketech has taken steps to simplify its operating structure.
During the year, the company exited a number of non-core assets, including US-based tipster and subscription businesses. It also completed the disposal of the Casumba business, which led to a €10.1m non-cash impairment. At the same time, selected earnout payments were pushed out to 2028, reducing immediate cash pressure. Collectively, these moves simplify the business, while also underlining how significant the ongoing reset is.
Despite the revenue drop, Raketech still reported an adjusted EBITDA margin of 18.7%.
Margins hold, but on a smaller base
Cost control and efficiencies
Despite the sharp revenue decline, Raketech maintained an adjusted EBITDA margin of 18.7%. This was supported by tighter cost control, including reductions in publisher spend and internal headcount, as well as broader organisational efficiencies.
That said, margin stability should be viewed in context. It reflects a leaner cost base rather than underlying expansion, with the company now operating at a reduced scale compared to previous years.
Focus shifts to organic and partner-led growth
CEO Johan Svensson has described 2025 as a rebuilding phase, with emphasis placed on establishing a more resilient traffic mix.
Organic Publisher Network and partnerships
Key priorities include growing the Organic Publisher Network, strengthening ties with selected external publishers, and investing further in content-driven engagement, particularly across core Nordic markets.
While these channels tend to offer greater stability and alignment with regulatory expectations, they are typically less immediate in terms of scale when compared to paid acquisition.
Balance sheet remains an area to watch
Net current liability position
Raketech closed the year with a net current liability position of €1.6m. Although the business continues to generate positive operating cash flow, this position underlines the importance of ongoing cost discipline and careful management of payment obligations linked to past acquisitions – particularly during a period of finance leadership transition, as seen in Raketech Appoints Victoria Darmanin as Interim CFO.
How effectively the company manages this transition period will be key to maintaining financial flexibility.
Wider signals for the affiliate sector
Paid traffic models facing friction
Raketech’s results mirror broader developments across the affiliate landscape. Paid traffic models are facing increasing friction, shaped by platform changes and stricter regulatory oversight. At the same time, operators are becoming more selective, placing greater emphasis on transparency, compliance, and player quality.
In this environment, many affiliate businesses are consolidating around fewer, more reliable channels. Raketech’s shift toward organic and partnership-led growth fits within this trend, even if it comes with a near-term trade-off between scale and sustainability.
Source: Raketech
