B90 maintains growth momentum with 38% H1 revenue rise

Net cash generated from operating activities increased sharply to €0.50 million, compared with €0.04 million a year earlier. This lifted cash and cash equivalents to €1.47 million at the end of June, up from €0.97 million at the end of 2025 and €0.40 million at the same point last year.

The group also narrowed its net loss to €0.02 million from €0.04 million in H1 2025. Marketing and selling expenses increased from €0.99 million to €1.72 million over the period, while salary costs rose to €0.90 million from €0.82 million.

CEO Ronny Breivik said the first half provided “further evidence of the strength of the operating model”, highlighting the combination of revenue growth, positive adjusted EBITDA and stronger cash generation.

“I am pleased with €0.50 million of operating cash generation contributing to a period-end cash balance of €1.47 million,” he said.

AI investment steps up

Operationally, the company continued to scale its international performance marketing business while expanding activity across its B2B partner base.

The group said AI, machine learning and automation are increasingly embedded across campaign optimisation, bidding, predictive analytics, market research, traffic routing and content workflows.

B90 said its aim is to automate more labour-intensive processes while allowing employees to focus on areas requiring commercial judgement, sector expertise and partner management.

“As B90 develops as an AI led, performance marketing and MarTech business, we have identified opportunities to build on our technology, data and commercial expertise,” Breivik said.

The company also continued developing its owned affiliate assets Oddsen.nu and Bet90.com. Oddsen.nu is being expanded towards a broader international audience, while Bet90.com has been repositioned as an affiliate platform after previously operating as an online gaming brand.

B90 said it is also assessing potential new digital assets designed around changing consumer search behaviour, including generative search and AI-assisted content creation.

Alongside its core iGaming operations, the group is developing pilot initiatives to test whether its performance marketing technology and data capabilities can be deployed in other markets and verticals. Management emphasised material capital would only be committed once the commercial economics of those pilots had been established.

Full-year expectations unchanged

Trading since the end of June has remained broadly in line with trends seen during H1, with B90 reporting improved momentum in recent weeks.

Entering H2 from an improved operational and financial position, Breivik stressed the group will remain “focused on scaling the core performance marketing business”. 

“We see scope to increase activity with existing partners, establish new relationships and expand across additional geographies and acquisition channels, while continuing to invest selectively in marketing, technology, operations and people where we see attractive returns,” Breivik said. 

“Having spent the previous two years transforming B90 and proving the effectiveness of its operating model, our focus is now on accelerating the core business while beginning to demonstrate the broader commercial potential of the platform we have built.”