Acroud kick into gear in Q2 with revenue up by 15%

Not the only positive metric, adjusted EBITDA came in at €1.6 million, representing a 7% rise year-on-year and a large 251% jump up from Q1 2025.

Profitability also improved with a profit after tax of €218,000, again up from the -€426,000 the affiliate group recorded last year. NDCs also saw a 7% rise to 48,802, but this figure fell between the 2025 quarters by 33%.

“Q2 2025 was a showcase of what Acroud can achieve when we execute with discipline and commitment,” said Mikael Strunge, president and CEO of Acroud, who stepped into the role back in July. Previously, Strunge worked within the company for four years in various roles, most recently as COO.

In Q1, Acroud posted a mixed set of results, as while Q1 was positive, its 2024 was not, with a 2% decline year-on-year for the year. This was all while the company underwent a structural change that saw it confirm full ownership of all its subsidiary brands.

Paid media dominance

Gaming affiliation for Acroud dropped by 15% year-on-year to €4.5 million, but did make an improvement by 17% on Q125. Social and community-based affiliation generated 6% of the group’s affiliate revenue, with SEO activities at 30% and paid media at 64%. 

For the quarter, revenue share grew its dominance in forming 60% of agreements, up by 3% year-on-year. At the same time, CPA deals slipped from 43% to 36% in the same period.

iGaming delivered 33,401 of the group’s NDCs, up by 62% from Q2 2024 but down by 40% from Q1 2025. This Acroud explained as a reaction to the “abnormally high” NDCs in Q1 due to new regulations imposed in the Brazilian market.

Sports betting continued to dominate the group’s affiliate revenue with €3.3 million, whilst casino-related activities brought in €1.2 million in Q2.

“In our iGaming affiliation segment, we rebounded strongly from a challenging Q1,” added Strunge. “Brazil, one of our biggest markets, despite facing legislative and bureaucratic hurdles, is presenting competitive openings that we are decisively pursuing.

“Gaming activity from players has also picked up, indicating that the slow Q1 was largely a period of market adjustment to the new licensed framework.”

The Acroud president and CEO also acknowledged that the affiliation is central to the company’s growth strategy and that recent quarters have seen a surge of new projects targeting diverse markets and marketing channels.

Powered by SaaS

Acroud’s two SaaS solution products both performed well in the quarter, with its subscription model’s revenue up by 30% year-on-year to €375,000, also representing a 17% quarterly rise. While its network model jumped by 54% year-on-year and 7% between quarters to €6.1 million.

EBITDA for Acroud’s joint SaaS business amounted to €582,000, resulting in a quarter-on-quarter increase of 16% and a jump of 65% from Q2 2024.

“Within our SaaS segment, we are breaking records,” said Strunge. “The SaaS business has cemented a strong position for the first half of 2025, and we are poised to build on this momentum going forward.”

“Acroud is now positioned to deliver on its long-term goals. 

“With a clear strategy, a strong financial position, and a talented team, we will continue to capture the opportunities ahead while keeping a sharp focus on operational excellence,” concluded the Acroud CEO.

Acroud’s target remained at the end of the quarter to grow EBITDA organically by, on average, 20% each year between 2023 and 2025.