B90 H1 revenue up 75% underpinned by AI integration
Online marketing group B90 Holdings reported H1 2025 revenue of €2.41 million (£2.10 million/$2.84 million), a 75% increase from €1.38 million a year earlier.
EBITDA rose 65% to €0.30 million, compared with €0.18 million in H1 2024, extending the company’s growth after its shift to a B2B model. Operating expenses were broadly flat, while net loss narrowed to €0.04 million from €0.32 million despite ongoing amortisation and share-based payment costs.
B90 closed the period with a cash balance of €0.40 million, up from €0.30 million in H1 2024, and generated positive operational cash flow of €36,948.
AI-centric growth
Group chairman Ronny Breivik said H1 2025 “marked a pivotal phase in B90’s transformation” after the business “completed the operational turnaround in 2024” when full-year revenue rose 16.4% to €3.52 million.
He highlighted that performance was fuelled by higher volumes from existing partners and the onboarding of new B2B relationships. The company’s scalable pay-per-click engine continued to deliver high-quality leads and first-time depositing customers across more than 200 partners.
At the core of B90’s progress, Breivik said, was its “high-performing marketing platform underpinned by automation and AI”, integrated “in every layer” of the business, from traffic routing and campaign analytics to market research and partner optimisation. Generative and predictive tools allowed the company to process and interpret vast datasets quickly, reducing reliance on multiple teams and cutting turnaround times.
Alongside this, B90 streamlined its cost base to focus on lead generation and value delivery while diversifying its channel mix by testing new markets and geographies. Brand performance stayed strong, with Oddsen.nu’s international expansion unlocking new revenue streams through long-term deals. Bet90.com, relaunched as an affiliate programme, also showed early signs of growth.
Moving forward
Entering H2, Breivik said B90 had already delivered record monthly revenues with strong EBITDA in July and August 2025, and expected further growth from seasonal “peak activity in both sports and casino”.
In June 2025, the company also implemented a long-term incentive plan, granting €22 million options to directors and key staff to align performance with shareholder value creation. Additionally, non-executive director Andrew Mclver increased his equity holding, reinforcing board-level confidence in the business’s strategy.
“The foundations are now firmly in place for B90 to establish itself as a leading B2B marketing group for the global gaming industry,” Breivik said.
“Our priorities for the remainder of the year include expanding revenue from existing marketing assets, securing additional high-margin partnerships, unlocking new geographies and continuing to invest in performance-driven technology.”