Acroud (ACROUD) Q1 2025 earnings summary

Executive summary

• Revenue grew 3% year-over-year to EUR 9.8 million, but adjusted EBITDA fell 64% to EUR 447 thousand due to regulatory disruptions in Brazil and increased costs in the SaaS segment.

• Profit after tax was EUR -3.3 million, impacted by one-off restructuring costs and bond extinguishment; adjusted profit after tax was EUR -759 thousand.

• Major restructuring completed: debt reduced, full ownership of subsidiaries achieved, and significant bond-to-equity conversion executed.

• SaaS segment showed strong growth, offsetting declines in iGaming Affiliation, which was hit by Brazilian regulatory changes.

Financial highlights

• Revenue: EUR 9.8 million (+3% year-over-year).

• Adjusted EBITDA: EUR 447 thousand (-64% year-over-year); EBITDA margin 2% (down from 41%).

• Profit after tax: EUR -3.3 million (vs. EUR 2.8 million prior year); adjusted profit after tax: EUR -759 thousand.

• Earnings per share: EUR -0.003 (vs. EUR 0.015); adjusted EPS: EUR -0.001.

• Cash flow from operating activities: EUR -1.1 million (vs. EUR 2.1 million prior year).

• Net debt/adjusted EBITDA: 3.2x (target: ≤2.5x by end 2025).

Outlook and guidance

• Early signs of recovery in Brazil observed in April and May, with expectations for normalization in Q2 2025.

• Ongoing cost-saving measures and administrative reductions expected to improve efficiency from Q2 onwards.

• Focus remains on organic growth, innovation, and achieving net debt/EBITDA target.