Financial highlights during second quarter 2026
• Revenue amounted to EUR 11 959 (10 931) thousand, an increase of 9% compared with the previous year.
• Adjusted EBITDA (before items affecting comparability) was EUR 1 331 (1 568) thousand, a decrease of 15% year-on-year and an increase of 7% quarter-on-quarter.
• EBITDA amounted to EUR 1 331 (1 519) thousand.
• Loss after tax was EUR -80 (218) thousand. Adjusted loss after tax (before items affecting comparability and currency effects) was EUR -225 (-46) thousand.
• Earnings per share (basic) amounted to EUR -0.0001 (0.0002). Adjusted earnings per share (before items affecting comparability and currency effects) was EUR -0.0002 (-0.00004)
• New Depositing Customers (NDC) amounted to 67 558 (48 802) increasing by 38% year-on-year.
• Cash flow from operating activities amounted to EUR 234 (1 053) thousand.
Important events in the quarter
• Acroud published on 27th May 2026 the interim report for the period January-March 2026
More detailed information: https://news.cision.com/acroud-ab/r/acroud-publishes-interim-report-january-march-2026,c4352913
• Acroud held the annual general meeting on 29th June 2026 of which income statements and balance sheets for 2025 were adopted and it was resolved to, among other things, re-elect Richard Gale, Daniel Barfoot, Morten Marcussen and Jørgen Beuchert as board members and elect Morten Marcussen as chairman of the board.
More detailed information: https://news.cision.com/acroud-ab/r/bulletin-from-the-annual-general-meeting-in-acroud-ab,c4368442
Important events after the quarter
• Acroud adopted the financial targets for 2026 - 2028 which focus on sustained earnings growth and continued deleveraging.
More detailed information: https://news.cision.com/acroud-ab/r/acroud-adopts-financial-targets-for-2026-2028,c4373492
CEO Comments
The second quarter of 2026 highlighted a general continuation of the strong development seen at the beginning of the year and further strengthened our confidence in Acroud's operational and financial position. Following several years dominated by restructuring, deleveraging and repositioning of the business, we have now entered a phase where our focus can shift more decisively towards sustainable earnings growth, cash generation and disciplined capital allocation.
Revenue for the quarter amounted to EUR 11 959 thousand, representing a 9% increase year-on-year. Adjusted EBITDA amounted to EUR 1 331 thousand, corresponding to a 15% decrease compared with the exceptionally strong second quarter of last year, but a 7% increase compared with Q1 2026. The sequential development remains encouraging and demonstrates the increasingly stable earnings platform we have established across the Group.
For the first six months of the year, revenue increased by 13% year-on-year to EUR 23 512 thousand, while adjusted EBITDA increased by 28% to EUR 2 572 thousand. This development reflects the continued strengthening of our underlying operations and provides us with a solid foundation as we enter the second half of the year.
The iGaming Affiliation Segment delivered another strong quarter. Revenue amounted to EUR 5 069 thousand, representing a 13% year-on-year increase, while adjusted EBITDA reached EUR 1 027 thousand. Although adjusted EBITDA was slightly below the unusually strong comparative quarter last year, it increased by 13% compared with Q1.
Customer acquisition within the segment was particularly encouraging. The iGaming Affiliation Segment delivered 39 239 New Depositing Customers during the quarter, representing growth of 17% year-on-year and 40% compared with the previous quarter. The opening stages of the World Cup created a significant acquisition opportunity, which our team executed strongly upon. While sports betting monetization during the tournament was somewhat below our expectations, primarily due to a significant proportion of our customer base being located within European time zones that were not ideally aligned with the match schedule, the overall customer acquisition performance was highly encouraging and provides a strong base for future revenue generation.
The SaaS Segment also continued to demonstrate the strength and scalability of its business model. Revenue amounted to EUR 6 890 thousand, representing growth of 7% year-on-year. Most notably, the Network model delivered 28 319 New Depositing Customers, corresponding to an increase of 84% compared with Q2 last year and establishing another all-time high for this business unit. While adjusted EBITDA was 12% below the comparative quarter of last year at EUR 512 thousand, the continued growth in customer delivery reinforces our confidence in the long-term potential of the segment.
Our continued focus on operational efficiency is also becoming increasingly visible in our cost structure. Personnel expenses decreased by 14.9% year-on-year during the quarter despite Group revenue increasing by 9%. A meaningful contributor to this development has been the focused implementation of AI-enabled workflows and tools, particularly within the Affiliation Segment. These initiatives have materially improved productivity across several areas of the organization and allowed us to simplify workflows while maintaining our operational capabilities. The experience and processes developed within the Affiliation Segment are now being evaluated across the wider Group and we expect to implement similar efficiency initiatives within our SaaS Segment during the coming quarters. Our objective is not simply to reduce costs, but to build an organization where technology allows us to aim our human resources towards high-value activities while increasingly automating repetitive and resource-intensive processes.
From a financial perspective, the second quarter marked another important milestone for Acroud. During the quarter, we completed the final principal repayment on all interest-bearing debt outside the bond structure. This represents the conclusion of a lengthy period during which a meaningful share of Acroud's cash generation has been allocated towards historic acquisition-related obligations, shareholder financing and restructuring. Going forward, a significantly larger proportion of the cash generated by our operations can be deployed more discretionarily between organic growth initiatives offering attractive returns and the continued strengthening of our capital structure.
Following the quarter, the Board adopted new financial targets for the period 2026-2028, targeting compound annual adjusted EBITDA growth of 12% and a net debt to adjusted EBITDA ratio below 1.25x by the end of 2028. These targets reflect our belief that Acroud today stands on a materially stronger operational and financial foundation than it has in many years.
We enter the second half of 2026 with strong momentum, two scalable operating segments, improving productivity, a broad project portfolio and a materially strengthened financial structure. With the restructuring phase behind us, our attention is shifting from repairing the past towards building the future.
Mikael Strunge
President & CEO
25 August 2026
Responsible parties
This information constitutes inside information that Acroud AB (publ) is required to disclose under the EU Market Abuse Regulation 596/2014. The information in this press release has been published through the agency of the contact persons below, at the time specified by Acroud AB's (publ) news distributor Cision for publication of this press release. The persons below may also be contacted for further information.
For further information, please contact:
Mikael Strunge, President and CEO
+45 2092 0995
Andrzej Mieszkowicz, CFO
+356 9911 2090
ACROUD AB (publ)
Telephone: +356 9999 6019
E-mail: info@acroud.com
Website: www.acroud.com
Certified Adviser: FNCA Sweden AB, info@fnca.se
From May 2024 (Q1 Report) Acroud has changed reporting and company language to English. This means that Interim Reports and the correlated press releases will be issued in English only.
About ACROUD AB
ACROUD is a global iGaming affiliate that operates and develops comparison and news sites within Sports Betting and Casino. Acroud also offers SaaS solutions for the iGaming affiliate industry. In past years, a number of companies have joined the ride and thus several experienced individuals in the industry leads Acroud's journey to fulfil our strategic goals. Our mission is to connect people, Content Creators (Youtubers, Streamers, Affiliates) and businesses. We remain a leading global player in the industry with our experts located in Malta, United Kingdom, Denmark, Sweden and Brazil. Acroud has been listed on the Nasdaq First North Premier Growth Market since June 2018.
