Acroud keeps up growth streak as SaaS hedges affiliation decline

Adjusted EBITDA before items affecting comparability was €1.4 million, up 75% year-on-year but down 9% quarter-on-quarter. Cash flow from operating activities amounted to €1.1 million, while adjusted loss after tax was €-0.2 million. The affiliate reported 45,508 new depositing customers (NDCs) in the period, a 10% increase from Q3 2024 but a 9% fall between quarters.

Total operating expenses for Q3 reached €11.6 million, up 38% from €8.4 million in the same quarter last year, mainly due to higher direct affiliate marketing costs within the SaaS segment.

For the first nine months of 2025, Acroud’s revenue totalled €33.8 million, a 20% year-on-year increase with 2% organic growth. Adjusted EBITDA declined 2% to €3.4 million, while NDCs grew 10% to 45,508.

Commenting on the results, Acroud Media president and CEO Mikael Strunge said Q3 “has historically presented challenges” for the group. This summer in particular, the pause of major sports leagues and the absence of international football tournaments or Olympic events would typically lead to “a temporary slowdown in iGaming activity”.

“Despite these recurring headwinds, our team once again delivered a record-breaking quarter across several key metrics, while maintaining a dedicated focus on our organic product portfolio and upholding our strong commitment to operational excellence and financial discipline,” Strunge added.

SaaS continues to shine

In Q2 2025, Acroud’s SaaS segment, which includes a subscription model and a network model, saw significant growth with EBITDA surging 65% year-on-year.

The affiliate kept that momentum in the last quarter as the joint SaaS business delivered €9.3 million in revenue, up 91% year-on-year and 44% quarter-on-quarter, which the CEO described as “all-time highs for the segment”. Adjusted EBITDA was €0.8 million, showing a 44% quarter-on-quarter increase and an 89% rise from the same period last year.

The subscription model contributed €0.4 million in revenue, while the network model delivered €8.9 million and sent 19,600 NDCs to customers, up 27% year-on-year from 15,401. The number of revenue generating units (RGUs), which measures the number of clients serviced and billed by the SaaS segment, reached 416 in Q3, a 1% drop from Q3 2024 but a 9% rise from Q2 2025.

Affiliation slowdown

Despite the growth in SaaS, Acroud’s iGaming affiliation revenue continued to fall, totalling €3.8 million in Q3, a 14% year-on-year decline and a 16% drop from Q2 2025. However, adjusted EBITDA improved 34% to €0.9 million, compared to €0.6 million in Q3 2024. NDCs in this segment stood at 25,908, up 29% year-on-year but down 22% between quarters.

According to the CEO, performance in this segment “was temporarily affected by a softer-than-usual net gaming result in September, attributable to the outcomes in a range of European football leagues”. Viewing the dip “as a short-term anomaly”, Acroud is focused on “executing the rich project pipeline within this segment to drive future growth”.

Paid media and SEO affiliation each accounted for 47% of the segment’s quarterly revenue, while social and community-based affiliation generated the remaining 6%. Revenue from CPA agreements represented 13%, revenue-share deals made up 79% and the last 8% came from other models.

Positive momentum

The quarter also brought several organisational changes aimed at strengthening the leadership team, including the appointments of Daniel Lunnes as chief operating officer, Gary Gillies as chief business development officer and Adam McSweeney as chief accounting officer.

Looking ahead, Strunge said: “As we enter the final quarter of the year, we do so with confidence in our project portfolio, a gradually strengthening balance sheet and a more efficient organisation.”

Acroud’s full-year target remains to grow EBITDA organically by an average of 20% annually across the financial years 2023 to 2025.