Acroud Reports 9% Revenue Growth in Q2 2026 as CEO Prioritises Stability

Acroud delivered a 9% year-on-year revenue increase to €12 million in the second quarter of 2026, marking a signpost for the affiliate group's shift towards stability. CEO Mikael Strunge described the period as the start of a new phase focused on sustainable earnings and disciplined capital allocation, following a restructuring period which concluded in early 2025.

Q2 Results: Revenue Growth and Financial Snapshot

Acroud's Q2 2026 revenue reached €12 million, up 9% from the same quarter last year. The firm reported adjusted EBITDA of €1.3 million, down 15% year-on-year. The EBITDA figure, while weaker than Q2 2025, was 7% higher than Q1 2026, suggesting an improving trend over the course of the year.

New depositing customers (NDCs) hit 67,600 for the quarter, a 38% increase compared to Q2 2025. The World Cup's presence in the reporting period was cited as a "significant acquisition opportunity," boosting player sign-ups and overall engagement.

H1 2026: Revenue up, EBITDA recovery, but NDCs Dip

Looking at the half-year view, Acroud recorded a 13% year-on-year increase in revenue to €23.5 million. Adjusted EBITDA rose 28% year-on-year to €2.6 million for the first six months of 2026.

Across H1 2026:

• Revenue: €23.5 million (+13% YoY)
• Adjusted EBITDA: €2.6 million (+28% YoY)
• NDCs: 117,861 (down 3% YoY)

The decrease in NDCs for the half-year, compared to Q2's sharp rise, reflects both seasonal factors and a strong acquisition tapering post-World Cup.

Management Outlook: From Restructuring to Growth Focus

Mikael Strunge, now over a year into the CEO role after his promotion from COO in May 2025, linked the company's current stability to the completion of a significant restructuring in February 2025. This restructuring focused on deleveraging and repositioning, setting the stage for the present strategy.

"The second quarter of 2026 highlighted a general continuation of the strong development seen at the beginning of the year and further strengthened our confidence in Acroud’s operational and financial position," said Strunge.

Looking ahead, Strunge stated that Acroud "enters the second half of 2026 with strong momentum, two scalable operating segments, improving productivity, a broad project portfolio and a materially strengthened financial structure." He emphasised a shift from "repairing the past towards building the future."

Market Context: Comparable Growth Across the Affiliate Sector

The results for Acroud arrived a week after Better Collective—a Danish affiliate peer—posted 9% revenue growth to €89.1 million for the same quarter. Both companies credited World Cup-related campaigns for increased player acquisition in the period. This parallel underscores the significance of major sporting events for affiliate performance metrics and broader industry news.

Operational Segments and Strategic Priorities Post-Restructuring

Acroud's current business structure comprises two scalable operating segments, though the company has not publicly detailed their exact composition. The group points to "improving productivity" and a "broad project portfolio," signalling an intent to leverage operational discipline following its restructuring phase.

Disciplined capital allocation and a tighter focus on cash generation now anchor Acroud's approach. While adjusted EBITDA remains below its prior-year level for Q2, the half-year improvement and revenue momentum suggest management's strategy is translating into operational gains.

CEO Tenure and Future Trajectory

Strunge's move to CEO in May 2025 capped a period of executive transition. The restructuring, completed in February 2025, reshaped both financial and operational elements of the business. The current narrative from Acroud's leadership is that this groundwork now allows a pivot toward expansion and sustainable earnings, rather than continued internal overhaul.

"With the restructuring phase behind us, our attention is shifting from repairing the past towards building the future," Strunge explained in his Q2 statement.

How Acroud's refreshed focus translates into H2 performance, given the ebbing impact of major events like the World Cup, will be a defining question for investors and market-watchers.