Acroud Q2 2026 Results: Revenue Up 9% and Record 67,558 New Customers as Adjusted EBITDA Falls 15%

Acroud AB published its Q2 2026 results on 25 August 2026, and the headline is a study in contrast. The listed iGaming affiliate and SaaS group grew revenue 9% year on year to EUR 11.96m for the three months to 30 June and delivered a record 67,558 new depositing customers, up 38%.

But adjusted EBITDA fell 15% to EUR 1.33m, and the quarter closed with a net loss of EUR 80k. More customers than ever. Thinner earnings. Both true at once, and the gap between them is the real story of the quarter.

Acroud Q2 2026 revenue rises 9% while adjusted EBITDA falls 15%

Start with the top line. Group revenue reached EUR 11,959k against EUR 10,931k a year earlier. Adjusted EBITDA came in at EUR 1,331k, down 15% on the year but up 7% on the first quarter. EBITDA margin narrowed to 11% from 14%. So revenue grew while profitability slipped, with the two moving in opposite directions. The net result was a loss after tax of EUR 80k, against a EUR 218k profit in the same quarter last year. Basic earnings per share were EUR −0.0001.

Across the first half, the picture is stronger. Revenue rose 13% to EUR 23.51m and adjusted EBITDA climbed 28% to EUR 2.57m. So the quarter reads softer partly because it sits against an unusually strong comparative, something CEO Mikael Strunge acknowledged directly in his commentary.

Acroud affiliate segment delivers 39,239 new depositing customers off the World Cup

The iGaming Affiliation segment posted revenue of EUR 5.07m, up 13%, with adjusted EBITDA of EUR 1.03m. It delivered 39,239 new depositing customers, up 17% year on year and 40% on the previous quarter. Acroud attributed that surge to the opening stages of the World Cup, while noting that sports betting monetisation during the tournament ran below the company’s expectation, largely because much of its customer base sits in European time zones that didn’t line up well with the match schedule.

The vertical split tells its own story. Sports Betting revenue rose to EUR 4.29m from EUR 3.29m, while Casino revenue nearly halved to EUR 781k from EUR 1.20m. Betting carried the segment this quarter.

Acroud SaaS Network model hits a record 28,319 NDCs as billed clients fall

The SaaS segment brought in EUR 6.89m, up 7%, and its Network model delivered 28,319 new depositing customers, an 84% jump and a fresh all-time high for that unit. SaaS adjusted EBITDA, though, was EUR 512k, down 12%. Revenue Generating Units, the count of billed SaaS clients, slipped 11% to 404, so the segment is delivering more customers through fewer active accounts.

Paid media now drives 70% of Acroud affiliate revenue and thins the margin

Here is the part operators and affiliate partners should sit with. Acroud delivered its highest-ever customer volume and still saw earnings soften. Some of that is the comparative. A larger part is mix. Revenue from paid media now makes up 70% of affiliation revenue, up from 64% a year ago, while SEO’s share fell to 23% from 30%. Paid media buys reach, but it spends before it earns. Total operating expenses rose 14%, driven mainly by paid media and SEO cost in the affiliation business.

There is a parallel shift in how that revenue is earned. Revenue-share now accounts for 85% of affiliation revenue, up sharply from 60% a year ago, while CPA fell to 9% from 36%. Acroud frames the tilt towards revenue-share as risk mitigation, trading up-front payments for a longer, steadier tail of player value.

The company’s other answer is efficiency. Personnel expenses dropped 14.9% year on year even as revenue grew, which Acroud attributes in part to AI-enabled workflows introduced in the affiliation segment and now being evaluated across the wider group.

Acroud clears all non-bond debt and cuts net debt to 2.2x adjusted EBITDA

The quieter development may be the most consequential. Acroud says it completed the final principal repayment on all interest-bearing debt outside its bond structure during the quarter. Net debt to adjusted EBITDA fell to 2.2x from 3.15x a year earlier, and the equity ratio stood at 47%. Cash and cash equivalents closed the quarter at EUR 2.30m, with operating cash flow of EUR 234k after a EUR 703k tax payment.

The bond itself remains the group’s main obligation. It stands at a nominal SEK 134.19m, split between Super Senior Bonds at 10.5% maturing December 2027 and restated Senior Bonds at 10.75% maturing June 2028, with a scheduled SEK 10m partial amortisation due in December 2026. Cash that used to service acquisition-related obligations and shareholder financing is now freed for other uses.

That said, the group carries a small net loss for both the quarter and the half, and it flagged that Q2 and Q3 are seasonally weaker for affiliate revenue. The unaudited numbers should be read with that pattern in mind.

Can Acroud’s 12% EBITDA growth target survive a paid-media-led model?

Following the quarter, Acroud’s board adopted 2026 to 2028 targets of compound annual adjusted EBITDA growth of around 12%, and net debt below 1.25x adjusted EBITDA by the end of 2028. At the annual general meeting on 29 June, Morten Marcussen was elected chairman.

Whether that 12% target holds depends on the tension running through this quarter. Record customer delivery has to start converting into earnings faster than paid-media costs eat into them, and right now those costs are winning, with margin down and volume up. The freed-up cash from deleveraging buys room to invest, but the maths only works if acquisition gets cheaper or player value climbs. For operators buying affiliate traffic, that efficiency question is the one worth tracking through the second half.

Source: Acroud AB