€11.55M Q1 Revenue. +178% EBITDA Growth. One Bigger Shift – Acroud Is Rewriting Affiliate Economics Under Mikael Strunge
Acroud reported a stronger first quarter for 2026, delivering improved profitability, positive operating cash generation and continued momentum in its diversification strategy as the business moves beyond historical dependence on legacy SEO-driven affiliate revenues.
Group revenue increased 18% year-on-year to EUR 11.55 million, while adjusted EBITDA climbed 178% to EUR 1.24 million, highlighting a sharp improvement in operating leverage after a more challenging comparative period in 2025. Operating cash flow reached EUR 1.65 million, reversing negative cash generation recorded in the same quarter last year.
The company also reported a significant improvement in leverage, with net debt-to-adjusted EBITDA improving to 2.1x from 3.2x a year earlier as Acroud continued restructuring efforts aimed at strengthening its balance sheet and reducing financing pressure.
However, despite stronger earnings performance, Acroud remained loss-making at net level, posting a EUR 373,000 loss after tax for the quarter, although this represented a material improvement from the EUR 3.26 million loss reported in Q1 2025.
Management described the results as validation of investments made throughout 2025 across automation, media buying, AI infrastructure and traffic diversification, arguing the business is beginning to see operational benefits emerge from a multi-year repositioning strategy.
Affiliate Segment Rebounds as Sportsbook Conditions Improve
The strongest quarterly performance came from Acroud’s iGaming Affiliation segment, where revenue increased 34% year-on-year to EUR 5.14 million and adjusted EBITDA rose to EUR 906,000, representing a 382% increase from the prior-year quarter.
Performance was helped by improved sportsbook margin conditions after weaker comparative quarters, particularly in the second half of 2025, alongside greater efficiency in paid acquisition and operational improvements implemented during previous periods. Management also highlighted a more favourable comparison base, noting that Q1 2025 was materially affected by disruption associated with Brazil’s newly implemented regulatory framework.
Acroud said the affiliate business is increasingly being repositioned around more diversified acquisition channels rather than relying predominantly on organic SEO traffic. During the quarter, paid media generated 50% of affiliation revenue, SEO contributed 42%, while social and community-led channels accounted for 8%, illustrating a more balanced acquisition mix than in prior periods.
At the same time, the segment continued shifting toward more recurring revenue economics. Revenue-share agreements accounted for 87% of affiliation revenue during Q1, while CPA arrangements contributed just 5%, reinforcing Acroud’s focus on long-term customer value and reduced earnings volatility.
Still, growth was not without friction. New depositing customers (NDCs) within the affiliation segment declined 50% year-on-year to 28,027, underlining continued acquisition volatility despite stronger monetisation conditions.
SaaS Business Provides Stability Despite Partner SEO Pressure
Acroud’s SaaS segment remained the company’s largest revenue contributor, generating EUR 6.41 million in quarterly revenue, up 7% year-on-year. EBITDA from the segment increased 10% to EUR 550,000.
The business continued to benefit from its Network model, which connects operators, affiliates, streamers and media buyers through software infrastructure and campaign monetisation tools. Network-model revenue increased 8% to EUR 6.1 million, while subscription revenue declined slightly to EUR 308,000.
Management described short-term disruption among some partners exposed to SEO-related market weakness, reflecting continued pressure facing affiliate ecosystems more broadly. Even so, the SaaS business delivered 22,276 new depositing customers during the quarter. While this represents a 31% decrease year-on-year from Q1 2025 due to SEO market volatility affecting network partners, management pointed to the volume as a vital ongoing stabilizer for the ecosystem.
For Acroud, SaaS increasingly functions as an earnings stabiliser, helping offset cyclical swings in affiliate performance and sportsbook margin volatility while strengthening exposure to software-led recurring revenue streams.
Cash Generation and Balance Sheet Continue to Strengthen
Beyond revenue growth, Acroud’s quarter showed a stronger emphasis on financial discipline and cash conversion.
Operating cash flow improved to EUR 1.65 million from a negative EUR 1.13 million in Q1 2025, while investing cash outflows narrowed significantly following lower acquisition and earnout-related costs compared with the previous year.
The company also continued deleveraging following a major bond restructuring completed in 2025. Gross debt stood at SEK 146 million at quarter end, with outstanding liabilities split between super senior and restructured senior bonds maturing between 2027 and 2028.
For the wider iGaming market, Acroud’s quarter offers another indication that affiliate and platform businesses are increasingly prioritising profitability, acquisition resilience and diversified revenue models as regulation, search volatility and customer acquisition costs continue reshaping economics across the sector.
Source: Acroud
