Raketech Group Holding PLC (RAKE) Q4 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning and welcome to Raketech's Q4 2025 presentation. My name is Johan Svensson and I'm the CEO of Raketech. Today, CFO Måns Wahlborn and I are here to present Raketech's Q4 report and the full numbers of 2025. We will start with financial highlights. Q4 was the first quarter without the divested Kazumba assets. We sold them at the end of Q3. So far we have received 0.4 million euro of a payment consideration of total 12 million euro. The continued operations excluding Kazumba assets came in at 5.7 million euro in revenue for the quarter. An organic decrease of 45.5% year-on-year and 7.3% compared to Q3. Most of the revenue decline year-on-year came from a paid publisher network within sub-affiliation. Adjusted EBITDA for continued operations excluding Kazumba amounted to 1.1 million euro compared to 1.2 million euro in Q3. Adjusted EBITDA margin amounted to 18.8% reflecting our continued cost discipline. Affiliation marketing or RakeTech-owned publishers, as we refer to the portfolio internally, generated 3.9 million euro in revenue excluding Kazumba. We had a weak start to the quarter, but a strong finish. With the December Google Core update contributing to the improved performance towards the end of the period. Sub-affiliation revenue amounted to 1.8 million in Q4 compared to 1.9 million in Q3. The paid network continued to decline while we saw some quarter-on-quarter growth in organic publisher network on Affiliation Cloud. Let's now review the performance of each business area, starting with affiliation marketing, as we call Reiktecom Publishers. Excluding consumer assets, the affiliation marketing portfolio came in at 3.9 million euro in revenue. The portfolio mainly consists of products in the Nordic, with Sweden being the largest market. It's a divers...