Q4 2025: Continued Execution of Our Platform-First Strategy

FINANCIAL HIGHLIGHTS

• Revenues declined year-on-year, primarily driven by the changed market conditions observed throughout 2025 for the Paid Publisher Network (SubAffiliation).

• External Organic Publishers (SubAffiliation) delivered quarter-over-quarter growth, with the publisher network continuing to expand.

• Affiliation Marketing (Raketech owned publishers), excluding Casumba, had a softer start to the quarter with performance improving toward the end, supported by a net positive Google Core Update across our core Nordic assets.

• We continued to sharpen the organization in line with strategic priorities, realising further cost savings.

• Free cash flow, before earnouts, was broadly in line with EBITDA, in line with expectations.

• To date, proceeds from the sale of the Casumba assets total EUR 0.4 million.

SUBSEQUENT EVENTS AFTER THE END OF THE PERIOD

• Preliminary data for January 2026 indicate that revenues from our Affiliation Marketing portfolio (Raketech owned publishers) were slightly above the Q4 2025 average. Performance in the lower margin external Organic Publisher Network was lower in January due to a slowdown at one of our larger US publishers. We remain focused on restoring growth with this and other existing partners while onboarding additional publishers.

CEO COMMENT
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.

Financial Overview
Revenues from continued operations in Q4 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.

SubAffiliation – Organic Network Growth as Paid Network Is Phased Out
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.

Affiliation Marketing – Net Positive Google Core Update and Enhanced User Engagement
The Nordic region continues to represent a stable core for Raketech Owned Publishers (Affiliation Marketing). While the quarter began on a softer note, performance improved following the December Google Core Update. We view this as further validation of our current structure with the entrepreneurial partnership model and our own centralized capabilities, where local content expertise is combined with capabilities in data, technology, and commercial execution.

In parallel, we are actively enhancing user engagement and content across our largest Nordic assets to reduce reliance on traditional SEO and strengthen long-term traffic quality. We have launched a new media section on casinofeber.se/media, focused on the Swedish market. Here, we are publishing more authoritative casino content as well as broader sector coverage to strengthen relevance and long-term traffic quality. At the same time, we are introducing more pre-game and event-driven content across our TV Sport Guides, with Tvmatchen.nu/sport/ as the flagship and largest product. The focus is on deeper previews, analysis and context ahead of games to drive engagement and build stronger recurring traffic.

By complementing traditional SEO-driven content with more authoritative, in-depth, and user-focused formats, we aim to build greater resilience across our Affiliation Marketing portfolio.

Platform-First Strategy
We continue to advance our platform-first strategy through the ongoing development of our technology platform, AffiliationCloud. The platform integrates Raketech Owned Publishers (Affiliation Marketing) together with SubAffiliation and external publishers into a unified system, enabling more efficient operations, improved data utilization, and faster execution of our commercial strategy.

Development activity remains high, with an ambitious roadmap focused on expanding functionality and automation across the platform. Key initiatives include the introduction of automated payment flows, enhanced reporting capabilities, and on-page SEO audit tools designed to support publishers. In addition, we are preparing the launch of a fully integrated sports widget ahead of the FIFA World Cup.

AffiliationCloud is being developed with a market focus on the Nordics, which mirrors the geographic footprint of our Affiliation Marketing portfolio, alongside a targeted expansion in North America. From a commercial perspective, the platform enables Raketech to bundle traffic and commercial inventory across owned and external publishers, allowing for more coordinated sales efforts and deeper strategic partnerships with operators.

Conclusion & Next Steps
We will continue to sharpen our focus on returning to growth through the phase-out of the Paid Publisher Network and improving performance across our Nordic Affiliation Marketing assets. Looking ahead, focus remains on advancing AffiliationCloud, including targeted platform enhancements and expansion of the Organic Publisher Network, supporting sustainable long-term value creation.

Johan Svensson, CEO

LINK TO REPORT

The full Interim Report is available on https://raketech.com/investors/

REPORT PRESENTATION

CEO Johan Svensson and CFO Måns Svalborn will present the report in a conference call on Thursday, February 19, 2026, at 09:00 CEST.

The presentation can be followed via both a conference call and an online audio cast, including a Q&A session open to all listeners at the end of the presentation.

If you wish to participate via webcast, please use the link below. Via the webcast you are able to ask written questions.

https://raketech.events.inderes.com/q4-report-2025

If you wish to participate via teleconference, please register on the link below. After registration, you will be provided with phone numbers and a conference ID to access the conference. You can ask questions verbally via teleconference.

https://events.inderes.com/raketech/q4-report-2025/dial-in