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Acroud (ACROUD) investor relations material

Acroud Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary26 Aug, 2025

Executive summary

  • Revenue reached EUR 10,931 thousand in Q2 2025, up 15% year-over-year, marking the highest quarterly revenue in company history.

  • Adjusted EBITDA increased 7% year-over-year and 251% quarter-on-quarter to EUR 1,568 thousand.

  • Profit after tax was EUR 218 thousand, a turnaround from a loss of EUR -426 thousand in Q2 2024.

  • Strategic transformation towards agility and operational efficiency is delivering tangible results.

Financial highlights

  • Revenue: EUR 10,931 thousand (Q2 2025), up 15% year-over-year.

  • Adjusted EBITDA: EUR 1,568 thousand, up 7% year-over-year and 251% quarter-on-quarter.

  • EBITDA margin: 14%; Adjusted EBITDA margin: 14%.

  • Profit after tax: EUR 218 thousand (Q2 2025) vs. EUR -426 thousand (Q2 2024).

  • Earnings per share: EUR 0.00018 (Q2 2025) vs. EUR -0.002 (Q2 2024).

  • Cash flow from operating activities: EUR 1,053 thousand.

Outlook and guidance

  • Focus remains on operational efficiency and optimizing current business segments.

  • Long-term target to reduce net debt/adjusted EBITDA to 2.5x by December 2025.

  • Organic EBITDA growth target of 20% annually for 2023-2025, though Jan-Jun 2025 saw -25%.

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Frequently asked questions

Assists other companies to generate traffic

Acroud’s core business is based on operating affiliate sites for companies in the iGaming industry. The company has a portfolio of 30+ comparison and news sites, where the main purpose is to assist other companies to generate more traffic and enhance their search engine optimization. In addition, Acroud offers SaaS services to other affiliates, which enables them to reach larger client bases and campaign pools.

Making it easier to find, compare and choose

Acroud was founded in 2003, with the idea of making it easier to find, compare and choose different digital services. Since then, the company has undergone a couple of mergers and acquisitions, a public listing on the Nasdaq First North Growth Market in June, 2018, and a name change from Net Gaming to Acroud in 2020.

The company now has over 70 employees with offices in Denmark, United Kingdom, Sweden, and is headquartered in Malta. Acroud has grown rapidly during the last years, as it grew sales from approximately 50 million SEK in 2016, to roughly 250 million in 2022, with a mix of organic and acquired growth.

An adapting and rapidly growing market

The iGaming industry is expected to grow from roughly $450 billion in 2022 to $765 billion in 2027, corresponding to a compounded annual growth rate (CAGR) of 11%. This rapid growth is in part attributable to the constantly ongoing regulations of the industry, which obstructs the black iGaming market – forcing the market towards regulated and legal services.

For instance, several states in the U.S have now passed legislation that allows certain types of online gambling such as online poker, live casino, slots, and sports betting. More states are expected to open up for iGaming during the coming years which contributes to the industry growth.

However, regulations within iGaming can also be considered a risk for companies such as Acroud since the whole industry is heavily relying on governmental decisions, which could be completely decisive for many companies and the industry as whole. Other notable affiliate companies that faces similar potential challenges, and opportunities, are Better Collective, Raketech, and Catena Media.

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