ACROUDNasdaq StockholmGamblingIFRS · SEK

ACROUD

Acroud is a Malta-based digital media and software group focused on iGaming affiliation and B2B SaaS tools for the affiliate industry. Its business combines comparison and news websites, lead generation, and software products used by affiliates and content creators across online casino, poker, and sports betting markets.

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Revenue46.4m SEK
+20.2 %y/y
Operating profit (EBIT)0.7m SEK
+67,800.0 %y/y
EBIT margin1.5%
+1.5 ppy/y
Net income0.7m SEK
+124.7 %y/y

Fiscal year 2025 · change from previous year

Development 2021–2025

-200204060m SEK2021: 25 m SEK2021: EBIT 2.8 m SEK20212022: 31 m SEK2022: EBIT -13 m SEK20222023: 39 m SEK20232024: 39 m SEK2024: EBIT 0.00 m SEK20242025: 46 m SEK2025: EBIT 0.68 m SEK2025TTM 2026: EBIT 0.90 m SEKTTM0.90
RevenueOperating profit (EBIT)TTM = last 12 months, not a full fiscal year
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Business

Share of revenue
iGaming affiliation70 %

Digital media and lead-generation sites that refer players to licensed gaming operators.

SaaS subscription model5 %

Software tools for affiliates and content creators to track KPIs and improve performance.

SaaS network model20 %

Software plus access to clients, deals, and campaigns for affiliate partners.

Media buying and monetization5 %

Bought-media and data-driven advertising activities used to generate traffic and leads.

Customers

Acroud sells primarily to iGaming operators that pay for qualified player referrals and customer acquisition. It also serves affiliates, content creators, and media partners that use its SaaS tools to manage traffic, performance, and monetization. The end demand comes from online casino, poker, sports betting, and related digital gaming markets.

iGaming operators

Buy player referrals and leads from Acroud's affiliate properties to acquire new customers.

Affiliates and content creators

Use Acroud's SaaS tools and network model to track KPIs and access campaigns.

Sports betting and casino brands

Use comparison, news, and community media to reach players at decision time.

Media and traffic partners

Work with Acroud on monetization of bought media and performance-based campaigns.

Strategy

Acroud's strategy centers on organic growth in iGaming affiliation and SaaS, with a focus on improving traffic quality, monetization, and partner value. The company is also building scale in Brazil and other growth markets while using its software layer to deepen relationships with affiliates and content creators.

Organic growth in affiliate and SaaS businessesMedium term

The model depends on recurring traffic, partner relationships, and scalable software distribution.

Brazil market expansionShort term

Localized market development can diversify traffic and create new operator relationships.

Traffic and monetization optimizationShort term

Higher-quality traffic and better conversion improve lead generation economics.

Capital structure optimizationMedium term

The company has stated that balance-sheet management is a priority alongside growth.

Geography

Acroud operates internationally, with offices and personnel in Malta, Denmark, Brazil, the United Kingdom, and Sweden. Its business is especially exposed to regulated iGaming markets and to traffic sources that can vary by country, language, and advertising rules. The company has highlighted Brazil as an important market for its affiliate activity, while its SaaS offering serves a broader global affiliate base.

Risks

Acroud is exposed to regulatory, platform, and traffic-source risk because its affiliate model depends on search visibility, paid media, and licensed gaming partners. It also faces financial and execution risk from leverage, goodwill/intangible impairment sensitivity, and the need to keep converting traffic into paying players and SaaS clients.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Search engine dependency1Advertising and platform policy changes2Regulatory and licensing risk3Leverage and refinancing risk4Impairment risk on goodwill and intangibles5
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Search engine dependencyImpact: HighLikelihood: High

    A large part of affiliate traffic depends on SEO rankings and search algorithms.

    Exposure: iGaming affiliation websites

  2. Advertising and platform policy changesImpact: HighLikelihood: High

    Google, Meta, and social platforms can restrict gambling-related promotion.

    Exposure: Paid media and social/community channels

  3. Regulatory and licensing riskImpact: HighLikelihood: High

    Gaming rules, AML enforcement, and player-protection requirements can disrupt partners and traffic flows.

    Exposure: Licensed operator relationships

  4. Leverage and refinancing riskImpact: HighLikelihood: Medium

    Debt service and access to financing can constrain operations and strategic flexibility.

    Exposure: Bond and capital structure

  5. Impairment risk on goodwill and intangiblesImpact: MediumLikelihood: Medium

    Future cash flows and growth assumptions drive recoverable value of acquired assets.

    Exposure: CGUs and acquired brands

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Accounting

Judgemental items
Goodwill and intangible impairment

Projected cash flows and growth assumptions determine whether acquired assets are written down.

Impact: Can materially affect reported profit and equity

Adjusted EBITDA and nonrecurring items

Management uses adjusted measures to present core performance in a volatile business.

Impact: Affects comparability across quarters

Pro forma SaaS reporting

Pre-acquisition SaaS periods are presented on a pro forma basis in some disclosures.

Impact: Can affect segment trend analysis

Organic growth definitions

The company uses internal definitions for organic revenue growth and EBITDA targets.

Impact: Important for interpreting performance metrics

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Last updated: 24/09/2026