Acroud sees SaaS volatility while affiliation rebounds

Adjusted EBITDA rose to €1.24 million, marking a 178% increase compared with Q1 2025, while reported EBITDA also reached the same level, up from €0.206 million a year earlier. 

Despite improved operating profitability, the group posted a net loss of €0.37 million, though the amount narrowed from €3.26 million in the prior year period. Cash flow from operating activities improved markedly to €1.655 million from negative €1.13 million a year earlier, while net debt to adjusted EBITDA fell to 2.1x, reflecting ongoing balance sheet strengthening.

CEO Mikael Strunge said the quarter “marked a strong start to the year” and validated “several of the strategic decisions and investments undertaken throughout 2025”. 

“We entered 2026 with a stronger operational platform, improved market position and a significantly more efficient financial structure. The results of these efforts are now beginning to materialise across the group,” Strunge added. 

Volatility hinders SaaS growth 

The SaaS segment remained Acroud’s largest contributor, generating €6.41 million in revenue during the quarter, up 7% year-on-year and accounting for 56% of total group revenue. 

Growth was led by the network model, which increased 8% to €6.11 million, while subscription revenue dropped 4% to €0.31 million. Segment EBITDA reached €0.55 million, up 10% year-on-year. 

The business recorded a decline in revenue-generating units (RGUs) to 389, down 24%, while new depositing customers (NDCs) reached an all-time high of 22,276.

Strunge explained that the short-term fluctuations were due to “a variety of clients within the network model experiencing challenging market conditions within SEO”, which affected the quarter negatively. However, he noted that “the underlying scalability of the model remains highly attractive” and emphasised the group’s direction to continue strengthening the segment.

Strong iGaming affiliation rebound 

The affiliate’s iGaming affiliation segment delivered a standout performance in Q1, with revenue rising 34% year-on-year to €5.14 million and 30% quarter-on-quarter. Adjusted EBITDA grew to €0.91 million, a 382% increase compared with the prior year period. 

Paid media remained the largest contributor to affiliation revenue in the quarter, representing 50%, while the SEO business generated 42% and social- and community-based affiliation delivered the remaining 8%. New depositing customers in the segment fell 50% year-on-year to 28,027, though this represented a 25% increase quarter-on-quarter.

According to the CEO, the quarter “benefited from a significantly stronger sports betting margin environment compared with the weaker conditions experienced during both Q3 and Q4 of last year”, alongside the group’s diversification across traffic acquisition channels and investments into SEO-driven assets and AI infrastructure. 

The revenue mix also changed drastically, with 87% of income derived from revenue share agreements in the quarter, versus 57% a year earlier, reducing reliance on CPA deals, which amounted to only 5% of the group revenue compared with 42% in Q1 2025. The remaining 8% was generated from other revenue models. 

Looking ahead, Strunge maintained confident in the company’s strategic direction and operational platform. 

“With a healthier balance sheet, stronger profitability, improving cash flow generation and a growing project portfolio across both business segments, we believe Acroud is well positioned to continue building long-term shareholder value,” he said.