B90 returns to profit as revenue doubles on tech-led growth

EBITDA increased by 66% to €1.1 million, up from €0.66 million in 2024, while profit after tax was at €0.4 million compared with a loss of €1.7 million in 2024, marking a return to profitability. Cash at year's end increased to €1.0 million from €0.4 million, while working capital improved from negative to positive as trading strengthened.

Commenting on the results, B90 Holdings CEO Ronny Breivik said the year 2025 “marked a defining year” for the affiliate, with performance supported by its “technology-led and highly automated model”. 

Operational progress 

The CEO highlighted the company’s “integrated approach” of “combining scalable paid acquisition with owned media assets” as the foundation of its resilience and long-term margin expansion. 

Operationally, B90 continued to expand its footprint in performance marketing, scaling its automated PPC engine and growing its international B2B partner base. The group increased campaign volumes and lead generation while maintaining control over customer acquisition costs, supported by ongoing optimisation of marketing spend.

The company also progressed the development of its owned media assets, including Oddsen.nu and Bet90.com, which complement its paid acquisition channels by generating additional traffic and delivering valuable data insights. During the year, management began repositioning Bet90.com with a focus on improving user experience and monetisation potential, although the timing of returns remains dependent on execution and market conditions. 

At the same time, the group diversified its revenue streams, with affiliate marketing commissions contributing the majority of turnover at €6.6 million, supplemented by agency revenues at €0.36 million and a smaller contribution from white label sportsbook and casino operations at €0.23 million.

AI and automation underpin growth 

According to Breivik, B90 today operates as “a performance marketing and MarTech business built on an AI-driven platform”. He emphasised that AI, automation and machine learning have been “deeply embedded” within its framework, allowing the team to deploy marketing capital selectively while maintaining strict cost discipline. 

“This is not an aspirational positioning, but a live, production environment embedded across our daily operations, supporting real-time optimisation, predictive decision-making and efficient deployment of marketing capital,” Breivik said. 

“As we continually improve the effectiveness of this platform for iGaming, we are also evaluating its application more broadly, while continuing to grow a profitable, cash-generative business with a scalable technology platform.”

Governance changes and positive outlook

Following the reporting period, B90 strengthened its governance structure by separating the chairman and chief executive roles. Andy McIver was appointed independent non-executive chairman in February 2026, while Breivik transitioned fully into the CEO role.

Trading in early 2026 has remained in line with management expectations, supported by continued partner expansion and ongoing optimisation of the AI-driven platform. The company expects further gains from automation and favourable market conditions, particularly the global sports calendar in 2026, which includes major events such as the FIFA World Cup, which typically drive higher customer acquisition activity.

Looking ahead, Breivik said management will remain “focused on scalable growth, operational discipline and the continued development of the group’s technology-led platform, with the objective of delivering sustainable long-term value for shareholders.”