Slides
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Q3 2025 Report Presentation
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Q3 2025 01. Highlights 02. Financials Q3 2025 03. Key takeaways 04. Q&A Måns Svalborn Chief Financial Officer Johan Svensson Chief Executive Officer
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3 Q3 Financial Highlights • Divestment of Casumba: Sold for EUR 12m, paid over four years. Exit driven by increased regulatory risk in the region • Continued operations (excluding Casumba): Revenue of EUR 6.2m in Q3, an organic decline of 42.2% year-on-year and –9.6% vs. Q2 • Paid Publisher network: Majority of revenue decline came from SubAffiliation, with Paid Publishers facing operational challenges and limited new traffic • Affiliation Marketing: Revenues down 7% year-on-year, partly impacted by no major football championship this year • Adjusted EBITDA: EUR 1.2m for continued operations (EUR 1.1m reported). Free cash flow: EUR 1.1m. • Exclusive Publisher Agreement (AffiliationCloud): First large deal secured. Revenues up QoQ — EUR 0.9m in Q3 vs. EUR 0.5m in Q2 Momentum Building Through Exclusive Partnerships and Streamlined Operations 6.2m REVENUE Y -42.2% Q -9.6% 1.2m Adj. EBITDA Y Adj. -4.2% Q Adj. -15.7% 1.1m EBITDA Y -3.5% 7.0m REVENUE Y -45.5% 1.8m Adj. EBITDA Y Adj. -42.2% 1.7m EBITDA Y -43.5% Continued Inc. Casumba
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4 Q3 Performance by business area Raketech Owned Publishers (Affiliation Marketing) Paid + Organic Network Publishers (SubAffiliation) • SubAffiliation revenue in line with Q2, but mix shifted toward organic growth • Organic network up to ~EUR 0.9m (vs. ~EUR 0.5m in Q2), driven by a new exclusive U.S. publisher agreement • Paid network continues to decline; focus and capital being moved to organic and exclusive deals Managed solutions for administration, data analytics, reporting, payments and compliance for affiliates and operators. Commission + fees Performance marketing and lead generation provided for operators via Raketech owned assets. CPA, Revshare, Listing fees • Stable performance in Affiliation Marketing with EUR 4.3m in revenue • Portfolio stable post-Casumba divestment, supported by strong Nordic assets • New TV sports guide app launched with high user engagement 5,5 5,2 3,4 2,0 1,9 - 0,5 0,5 1,5 2,5 3,5 4,5 5,5 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 4,6 4,7 4,5 4,7 4,3 0,0 1,0 2,0 3,0 4,0 5,0 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25
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5 Portfolio of Affiliation Marketing Brands 2020-2025 2026-20282010-2019 Three Business Areas: • Affiliation Marketing • SubAffiliation (Paid+Organic) • US Tipster & Subscription Single B2B Platform • Raketech owned publishers • External Organic & Paid network publishers • Operators FOUNDATION GROWTH ENGINE RT Owned Publishers AffiliationCloud • Connecting Publishers & Operators • US and Sweden Focus • Exclusive Partnerships (Publishers & Operators) • Entrepreneurial Partnerships • Nordics Focus with some supporting ROW markets • Stable cash flow and majority of EBITDA From complexity to clarity: A unified Platform-first B2B Strategy driven by two main business areas
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6 Platform-First: Data-Driven Innovation and Unified Commercial Operations Unlock New Growth Potential Platform-first - AffiliationCloud Compliance Distribution Negotiation Payment AffiliationCloud Data Integrated platform enhances scale, efficiency, and insight Platform-first • AffiliationCloud is used by Raketech Owned Publishers, External Publishers and Operators, bringing the ecosystem together on one platform • Automated workflows handle commissions, deal requests and compliance with minimal manual effort • Improved data insights and advertiser information enable faster decisions and quicker execution • The platform is now more scalable and efficient, supporting the next phase of growth Inhouse Operated Assets Entrepreneurial Partnerships Organic Publisher Network Paid Publisher Network • Fully operated by Raketech • Full control and accountability across all functions • Raketech manages SEO, tech, content, and monetization • Partners operate SEO, content and platform • Scalable model with shared responsibilities and aligned incentives • Raketech manages platform integration, compliance, tracking, monetization, and operator deals • Third-party publishers drive traffic via SEO (Organic) or paid media (Paid) • Scalable model with low capex; platform-first strategy supports long-term growth • Raketech manages platform integration, compliance, tracking, monetization, and operator deals Raketech owned publishers External publishers Affiliation Marketing Affiliation Marketing SubAffiliation
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Operator Publishers 1 Publishers 2 Publishers 3 Publishers 4 $$$$$$ Exclusive Commercial Operator Agreement
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Operator 2 Operator 3 Operator 1 Exclusive Publisher Ad 1 Ad 2 Ad 3 $$$$$$ Exclusive Publisher Agreement
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Financials Q3 2025 9
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4,6 4,7 4,5 4,7 4,3 5,5 5,2 3,4 2,0 1,9 0,6 0,6 0,3 0,1 0 2 4 6 8 10 12 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Affiliation marketing SubAffiliation Betting tips & Subscription 10 Seasonality impacting Affiliation Marketing Q3 vs. Q2 – US growing with AffiliationCloud • Raketech Owned Publishers (Affiliation Marketing) at 69% of total revenues in Q3. Quarter mainly impacted by slower sport season and some seasonality for Casino • Paid + Organic Network Publishers (SubAffiliation) at 31% of total revenues, Paid publishers in decline however growing organic publishers through US exclusive partnership Revenue streams (Excluding Casumba) EUR million 5,9 6,4 5,3 4,5 4,5 3,4 2,9 1,9 1,4 0,7 0,5 0,4 0,4 0,4 0,3 0,9 0,8 0,6 0,5 0,7 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Nordics Rest of world Rest of Europe US Region split (Excluding Casumba)
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CPA variations primarily from SubAffiliation 8,3 8,1 6,1 4,6 4,4 2,4 2,4 2,1 2,2 1,8 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Sport Casino EUR million • Sport lower through seasonality 3,9 3,4 3,4 3,4 3,2 4,6 4,9 2,8 1,7 1,5 1,6 1,6 1,7 1,6 1,6 0,6 0,6 0,3 0,1 0 2 4 6 8 10 12 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Revenue share CPA Flat fee Betting subscr. Revenue mix (Excluding Casumba) • RevShare and flat fee stable • CPA revenue variations stems primarily from SubAffiliation Vertical split (Excluding Casumba)
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12 EBITDA (excluding Casumba) stabilizing Adj. EBITDA quarterly (Excluding Casumba) EUR million 1,3 1,7 1,3 1,4 1,2 0,0 0,5 1,0 1,5 2,0 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Adj. EBITDA 2,1 1,7 1,7 1,6 1,4 2,3 1,8 1,5 1,4 1,4 1,0 1,1 1,1 1,1 1,1 0,0 1,0 2,0 3,0 4,0 5,0 6,0 7,0 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Employee Costs Other Operating Costs Other Direct Costs EUR million Cost development (Excluding Casumba) -27%
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13 Stable Cash Conversion EBITDA (Including Casumba) and Free Cash Flow quarterly 3,0 3,0 2,1 2,0 1,7 3,8 1,7 1,7 1,8 1,1 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 EBITDA FCF EUR million Difference between EBITDA and FCF • Tax • Lease payments • Some Capex • Interest payments Earnout settlements • 0.8 million earnout payment in Q3 • Remaining earnout, partial instalments up until March 2028 Deferred payments Casumba Disposal • Fixed consideration of EUR 12 million, will be paid in monthly variable instalments through December 2029 • Measured at the fair value of approximately EUR 7 million at closing reflecting credit risk and time value
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Financials • Revenues of EUR 6.2 million in Q3 2025 • Adjusted EBITDA of EUR 1.2 million, with a margin of 19.6% • EBITDA of EUR 1.1 million Key takeaways per Business Area • Raketech Owned Publishers (Affiliation Marketing): Stable performance supported by strong partner relationships and scalable platform model. Portfolio sharpened following Casumba divestment • Paid + Organic Network Publishers (SubAffiliation): Organic Publisher Network delivered ~EUR 0.9m in Q3 (vs. EUR 0.5m in Q2), driven by new exclusive partnership in the US Key takeaways and outlook Business Outlook • Casumba divestment completed — capital and focus reallocated to accelerate AffiliationCloud and sharpen portfolio for growth • Strong AffiliationCloud momentum with new exclusive partnerships in the pipeline and continued US expansion, validating the platform- first strategy • Preliminary data for October indicate that revenues from our Raketech owned publishers (Affiliation Marketing) were slightly lower compared to Q3 2025. Our external Organic Publisher Network continues to show positive momentum, with further expansion expected through additional exclusive partnerships 14
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Q&A 15
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www.raketech.com
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Thank you! 17