Acroud ends FY25 with revenue surge yet margins dip on investment

The quarter ended with a net loss of €1.42 million, an improvement on the €3.9 million loss posted a year earlier. NDCs totalled 42,843, down 1% year-on-year. Total operating expenses increased 29% to €11.86 million, primarily driven by higher paid media and SEO-related costs in the iGaming affiliation segment.

Full-year revenue rose 20% to €46.4 million, while adjusted EBITDA slipped 11% to €4.17 million. NDCs reached 210,059, marking 20% growth compared to 2024. Commenting on the results, Acroud CEO Mikael Strunge said “the fourth quarter marked an important transition period” and “the underlying momentum across the group remains strong”, as the company continued investing in revenue-generating activities.

SaaS growth engine

The SaaS segment further cemented its position as Acroud’s primary revenue driver and strategic focus in 2025, generating €8.63 million in Q4 revenue, up 62% year-on-year, while adjusted EBITDA increased 118% to €839,000. Operating expenses rose 58% in line with revenue growth, while the number of clients serviced and billed by the segment fell 16% year-on-year to 414.

The company’s network model for affiliates and content creators once again led growth, with revenue climbing 69% year-on-year to €8.34 million. Revenue from the subscription model, which offers pure SaaS products, totalled €292,000, down 18% quarter-on-quarter and 24% year-on-year. NDCs delivered via the network rose to 20,395, up 4% from Q3 2025.

For the full year, SaaS revenue reached €30.3 million, up from €18.1 million in 2024. The CEO described the segment as “the core growth engine” of the group and said the network model continues to “trend in a decisively positive direction”. Although the subscription model remains a smaller part of the segment, the affiliate is committed to continuing to “refine the product offering and client mix to improve long-term contribution”.

iGaming affiliation

Revenue in this segment fell 21% year-on-year to €3.96 million but rose 5% quarter-on-quarter, while adjusted EBITDA dropped 91% to €87,000. For the full year, revenue declined to €16.06 million, down from €20.49 million in 2024.

Revenue mix within the segment continued to shift. Paid media accounted for 52% of Q4 revenue, SEO for 36% and social and community-based channels for 12%, marking a diversification away from the heavier paid media weighting seen in 2024. NDCs delivered in the quarter totalled 22,448, down 10% year-on-year. Around 84% of quarterly revenue came from revenue-share agreements, with CPA contributing 6% and other arrangements making up the remaining 10%.

Strunge acknowledged the volatility but maintained confidence in the strategy: “While the cost of positioning this segment correctly in the market, along with the highly volatile nature of sports betting revenue, continue to generate performance volatility, we remain confident in the long-term viability of our strategic positioning.”

Short of 2023–25 target

Acroud’s multi-year target of delivering 20% average annual organic EBITDA growth from 2023 to 2025 was not achieved, with the metric coming in at -11% for 2025. However, the group remains confident it can deliver “long-term value creation” for shareholders “with a scalable SaaS platform, a rich project portfolio within the affiliate segment and a materially strengthened balance sheet”.

With all non-bond interest-bearing debt reduced to approximately €250,000, scheduled for full amortisation by June 2026, Strunge said the company “is expected, under current EBITDA production, to enter a period of increasing liquidity generation.”

The company has not set new targets for 2026 and beyond at the time of writing.