Acroud (ACROUD) Q4 2025 earnings summary

Executive summary

• Q4 2025 revenue rose 22% year-over-year to EUR 12.6 million, with full-year revenue up 20% to EUR 46.4 million.

• Adjusted EBITDA for Q4 was EUR 733 thousand, down 38% year-over-year; full-year adjusted EBITDA fell 11% to EUR 4.2 million.

• Loss after tax in Q4 was EUR -1.4 million, with full-year loss after tax at EUR -5.1 million.

• SaaS segment drove growth, accounting for 69% of Q4 revenue and showing a 62% year-over-year increase.

• iGaming Affiliation segment revenue declined 21% year-over-year in Q4, but increased 5% sequentially.

Financial highlights

• Q4 2025 adjusted EBITDA margin was 6%, down from 11% in Q4 2024; full-year margin was 9%.

• Q4 earnings per share were EUR -0.0011; full-year EPS was EUR -0.004.

• Cash flow from operating activities in Q4 was EUR -362 thousand; full-year was EUR 631 thousand.

• Net debt at year-end was EUR 11.5 million, down from EUR 15.9 million a year earlier.

• Equity ratio at year-end was 46%.

Outlook and guidance

• Management expects the SaaS segment to remain the core growth engine, with continued focus on organic growth and capital discipline.

• The company aims to further reduce net debt/adjusted EBITDA to its long-term target of 2.5x.

• No dividend planned; profits to be reinvested for growth.