B90 Holdings Reports 75% Revenue Surge and EBITDA Growth in H1 2025

B90 Holdings H1 2025 Results: 75% Revenue Jump, EBITDA Up, Loss Sharply Narrowed

B90 Holdings has delivered a genuinely upbeat set of unaudited interim results for the six months to 30 June 2025. Revenue rose 75% to €2,407,483 and EBITDA – the company’s headline KPI, meaning earnings before interest, tax, depreciation and amortisation – increased 65% to €302,716. The net loss narrowed to just €39,223, with positive operational cash flow of €36,948.

The narrative is clear: the pivot to a lean, scalable, B2B-focused affiliate marketing model is gaining traction, underpinned by automation and AI. Management says momentum has continued into H2, with July and August delivering record monthly revenues.

Key Numbers At A Glance

Metric	H1 2025	H1 2024	Comment
Revenue	€2,407,483	€1,379,178	Up 75%
EBITDA	€302,716	€183,404	Up 65%
Operating loss	€45,722	€329,537	Marked improvement
Net loss	€39,223	€321,954	Loss sharply reduced
Operating cash flow	€36,948	€(527,011)	Back to positive
Cash at period end	€401,206	€302,104	Higher year on year
Marketing and selling expense	€986,287	€181,370	Heavy growth investment
Salary expense	€816,368	€841,940	Slightly lower
Other admin expense	€368,448	€303,439	Modest increase
Amortisation	€282,102	€381,966	Lower year on year
Basic and diluted EPS	€(0.0001)	€(0.0007)	Improved

What’s Driving The Upswing

Two levers stand out. First, B90’s partner model is scaling. The group cites more than 200 partners, with higher volumes from existing relationships plus new B2B onboardings. Its pay-per-click engine focuses on performance marketing, delivering high-quality leads and first-time depositors for clients.

Second, AI and automation are embedded across the stack, from traffic routing and campaign analytics to market research and partner optimisation. Management has worked with machine learning since 2009 and now describes AI as underpinning almost every process. In plain English, B90 is using data science to squeeze more value from every click without a corresponding rise in headcount.

On the brand side, Oddsen.nu’s international expansion is contributing on longer-term agreements, and Bet90.com – relaunched as an affiliate platform – is seeing early traction. The company is also diversifying its channel mix and geography to support organic growth.

Margins, Costs And Cash: Reading Between The Lines

EBITDA of €302,716 on revenue of €2,407,483 implies an EBITDA margin of roughly 12.6%. That is healthy for a business leaning into growth, particularly with marketing spend stepping up materially.

It is worth unpacking the cost base. Salary costs fell slightly to €816,368 and amortisation dropped to €282,102. Other admin nudged up to €368,448. The big swing was marketing and selling, up to €986,287 from €181,370. That looks intentional: B90 spent more to drive traffic and conversions, and it translated into revenue and EBITDA growth. Management describes operating expenses as “broadly flat” in the context of the lean model; the line-by-line detail shows underlying admin manageable while variable marketing scaled hard to capture demand.

Cash ended the half at €401,206 with positive operating cash flow of €36,948. Trade receivables increased by €305,638, which is typical when revenue grows quickly, but does make working capital an area to watch. The balance sheet shows a modest net current asset position of about €0.06 million, so liquidity discipline remains important.

Governance, Incentives And Insider Alignment

In June, B90 implemented a long-term incentive plan granting 22,000,000 options at an exercise price of 3p, vesting in equal instalments after the first anniversary and expiring after eight years. The intent is to align leadership with shareholder value creation through the medium term.

Also in June, Non-Executive Director Andrew McIver increased his equity holding via market purchase. Insider buying does not guarantee outcomes, but it is a useful signal of Board confidence in the strategy and outlook.

Outlook: Record Summer Trading And A Seasonal Tailwind

Management reaffirms market expectations set out in the July trading update. Notably, July and August 2025 delivered record-breaking monthly revenues and strong EBITDA. H2 typically benefits from peak activity in both sports and casino, and current trading is said to reflect that pattern.

The strategic priorities for the remainder of the year are clear: grow revenue from existing assets, add high-margin partnerships, open up new geographies, and keep investing in performance tech. If the recent run rate holds, B90 is positioned for a stronger full-year at both revenue and EBITDA level.

Risks And Watch-Points For Investors

• Going concern note: the Board flags a material uncertainty. If revenue underperforms expectations, B90 may need to raise additional funding. Directors are confident about access, but there is no certainty on availability or terms.
• Working capital: cash is €401,206 and net current assets are modest. Receivables grew with sales, so collections and partner terms will matter.
• Execution: the model depends on ongoing campaign optimisation, channel diversification and partner quality. Any disruption in traffic sources or regulation across geographies could impact volumes.
• Share-based payments: options of 22,000,000 could introduce future dilution, albeit tied to performance and vesting schedules.

Why This Update Matters

For a previously loss-making group, the combination of rapid revenue growth, higher EBITDA and positive operating cash flow is a meaningful inflection. It suggests the B2B affiliate engine is scaling efficiently and that AI-led automation is more than marketing spin. The cost profile supports operating leverage, provided marketing spend remains ROI-positive.

The flip side is that liquidity is still tight, so consistency of H2 trading will be crucial. The record July and August figures help, and the seasonal tailwind is favourable. If B90 converts its pipeline, manages receivables and keeps costs lean, the path to sustained profitability looks attainable.

Bottom Line

This is a strong H1 from B90 Holdings. The 75% uplift in revenue and 65% rise in EBITDA, coupled with record summer trading, point to a business that has moved past turnaround and into disciplined growth. Keep an eye on cash, collections and the pace of partner expansion, but the direction of travel is positive, and management’s execution is starting to show through the numbers.

Not investment advice. Always do your own research.