B90 Holdings Reports Strong H1 Growth as Turnaround Strategy Accelerates

Right, let’s dive into this morning’s update from B90 Holdings. The headline grabbing the embargo lift at 7 am? A clear signal that the ship isn’t just steadied; it’s now sailing purposefully forward. Their H1 2025 trading update screams momentum, confirming their strategic pivot is delivering tangible results.

From Fixer-Upper to Growth Engine: The Numbers Tell the Story

B90 isn’t mincing words. They report “significant” year-on-year increases in both revenue and EBITDA for the first half of 2025. This isn’t marginal improvement; it’s the kind of growth that validates a major strategic shift. Crucially, the Board feels confident enough to state that full-year 2025 results should at least meet market expectations – a solid vote of confidence in the trajectory.

The driver? The ongoing transition into a “lean, scalable, B2B-focused model” appears to be hitting its stride. Gone are the complexities and capital intensity of direct B2C gambling operations. In its place: a streamlined engine focused on being a high-performance marketing partner for others in the global gaming industry.

Operational Grind: Efficiency Meets Scalability

Peeling back the layers reveals the operational heft behind the headline growth:

• Pay-Per-Click Powerhouse: Their core scalable PPC engine is demonstrably effective, consistently delivering high-quality leads and first-time depositing customers to partner brands. This is the lifeblood of their B2B proposition.
• Partner Network Expansion: They’ve grown their roster of active partner accounts during H1. Importantly, newly onboarded partners are already contributing to revenue, indicating swift integration and commercialisation.
• Cost Discipline: This is arguably one of the most impressive aspects. Despite the “significant” revenue and EBITDA jump, B90 managed to keep operating expenses relatively flat compared to H1 2024. That’s a masterclass in operating leverage – generating more profit from each pound of revenue as the model scales.

Technology: The Silent Accelerator

B90 explicitly credits its tech stack as central to this performance. Early adoption of AI and “high levels of automation” aren’t just buzzwords here; they’re cited as fundamental pillars underpinning both efficiency and scalability. This tech-first approach is clearly seen as a key competitive advantage.

The Road Ahead: Aggressive Scaling on a Solid Base

Executive Chairman Ronny Breivik’s statement is unequivocal: “B90 is no longer just a turnaround story; it is now a technology-led B2B marketing growth story.” The focus for H2 2025 and beyond is crystal clear:

• Squeezing More Juice: Maximising revenue from existing assets and partnerships.
• Widening the Net: Continuing to expand the base of partner accounts.
• Global Ambitions: Actively pursuing opportunities in new geographical markets.
• Future-Proofing Channels: Investing in next-generation marketing channels to diversify beyond the core PPC engine.

Underpinning all of this remains their commitment to technology – particularly AI and automation – as the enabler for efficient growth at scale. The confidence is palpable: they expect “another year of material revenue and EBITDA growth.”

Investor Takeaway: Turning a Corner, Accelerating Down the Straight

This H1 update is precisely what investors in a turnaround situation hope to see: confirmation that the strategy is working, translating into materially improved financial performance, and providing a springboard for further, scalable growth. The flat operating costs amidst significant revenue growth is a particularly sweet note, demonstrating the inherent leverage in their lean B2B model.

B90 has moved beyond proving the concept. They’re now executing the growth phase, powered by a tech-centric, efficient marketing engine. The message from the top is one of confidence, backed by hard numbers. For a company of this size and stage, transitioning from ‘fixing’ to ‘growing’ is a major milestone. The H1 2025 results suggest B90 isn’t just walking; it’s starting to run.