Acroud AB believes that it is developing the best commercial engine to maintain growth in the igaming media and affiliate space.

The statement follows positive Q1 trading results that see the company improve income and cash generation across its publishing network (B2C) and SaaS B2B unit.

The Stockholm-listed affiliate and software group reported Q1 2026 revenue of €11.6m, representing an 18% year-on-year increase, as strategic investments undertaken throughout 2025 began feeding through to operational performance.

Adjusted EBITDA rose sharply to €1.24m, increasing 178% year-on-year, while operating cash flow improved to €1.66m, reversing negative cash generation recorded during the comparable period last year.

Robert Andersson, Chief Executive Officer, said the quarter validated a restructuring programme of a “hard reset in 2025” for its publishing network that sought to be diversified “beyond its historical reliance on SEO assets and algorithms”. 

“The first quarter of 2026 marked a strong start to the year and validated several of the strategic decisions and investments undertaken throughout 2025,” Andersson stated.

“Following a fourth quarter characterised by elevated investment levels within the Affiliation Segment, we entered 2026 with a stronger operational platform, improved market position and a significantly more efficient financial structure.”

Acroud says investments paid off

Acroud’s SaaS division generated revenue of €6.4m, up 7% year-on-year, with management highlighting continued scalability across its network and subscription models despite market volatility impacting partner SEO performance.

The company recorded a new segment high of 22,276 New Depositing Customers (NDCs) within SaaS operations, which management described as evidence of continued underlying demand.

Meanwhile, Acroud’s iGaming Affiliation segment delivered one of its strongest performances in recent quarters.

Revenue increased 34% year-on-year to €5.1m, while adjusted EBITDA climbed 382% to €906k, aided by stronger sportsbook margins and operational improvements implemented over previous quarters.

Management noted that investments in traffic diversification, AI infrastructure and SEO development are beginning to improve efficiency and reduce operating costs.

Acroud additionally strengthened its financial position during the quarter, reducing leverage as its net debt to adjusted EBITDA ratio improved to 2.1x.

Losses also narrowed considerably, with post-tax losses declining to €373,000, compared to €3.3m during Q1 2025.

Looking ahead, management believes the company enters the remainder of 2026 with stronger fundamentals, in which leadership reviews options to reward investors with a 2026 premium dividend.

Andersson concluded: “With a healthier balance sheet, stronger profitability, improving cash flow generation and a growing project portfolio across both business segments, we believe Acroud is well positioned to continue building long-term shareholder value.”