B90 Holdings flags a 2025 revenue beat while protecting EBITDA
B90 Holdings has put out a solid trading update for the year ended 31 December 2025. The headline: revenue is expected to be ahead of market expectations, while EBITDA (earnings before interest, tax, depreciation and amortisation) should be in line.
In plain terms, top-line growth outpaced what the market was looking for, but profit was capped by higher marketing spend. Management pins that extra spend on increased competition and rising costs across Google-led acquisition channels.
What the trading update says in plain English
B90 is a performance-driven digital marketing group focused on acquiring valuable customers for i-gaming operators. In 2025, it leaned into a strategy of building a scalable, automated B2B marketing platform. That translated into stronger campaign performance and more high-quality leads and first-time depositing customers (FTDs) for an expanding partner base.
However, the company also saw inflation in customer acquisition costs, particularly on Google pay-per-click (PPC) campaigns. They chose to keep investing where returns were demonstrable, which preserved revenue momentum but kept EBITDA to “in line with expectations” rather than a beat.
Automation and AI: the core engine for scalable growth
The standout operational theme is the embedding of automation, AI and machine learning across B90’s marketing and operational infrastructure. The aim is to scale activity without a matching rise in overheads – exactly what investors want to hear from a digital platform.
According to the update, increased automation has sharpened targeting, campaign optimisation and real-time decision-making, while maintaining tight control over acquisition costs. The company also highlights a growing flow of high-quality leads and FTDs via its PPC operations, supported by experienced in-house teams and data-driven optimisation.
Cash discipline: growth funded by operations, not dilution
B90 stresses operational cash generation. Marketing investment was funded from operating cash flow, enabling selective reinvestment behind the strongest-performing activities without letting the cost base run away.
That discipline matters. In a market where paid media costs are rising, the ability to self-fund growth gives B90 more control and reduces the need for external capital. It also sets the stage for operating leverage as automation does more of the heavy lifting.
2026 outlook: automation continues, World Cup provides a sector tailwind
Looking into 2026, B90 expects to keep following the same playbook: scaling its core PPC and owned-media operations, deepening the partner network, and pushing further on automation and AI-driven optimisation.
There’s also a cyclical kicker. The FIFA World Cup in 2026 is flagged as a likely positive for customer acquisition in the i-gaming sector. Historically, major sporting events drive higher traffic and FTD volumes – and a technology-led performance marketing model should be well placed to capture that demand.
Key points at a glance
| Item | Management guidance |
|---|---|
| 2025 revenue | Expected to be ahead of market expectations |
| 2025 EBITDA | Expected to be in line with market expectations |
| Marketing spend | Higher, driven by increased competition and rising Google-led acquisition costs |
| Operational focus | Automation, AI/ML integration, data-driven PPC scaling, cost control |
| Cash | Marketing funded from operational cash generation |
| 2026 catalysts | Further automation and the FIFA World Cup 2026 sector tailwind |
Why this update matters for investors
Revenue ahead of expectations is a clear positive. It suggests B90’s campaigns are cutting through despite tougher auction dynamics in Google-led channels. Pair that with an operating model that is getting more automated, and you’ve got the ingredients for operating leverage – more revenue per pound of overhead over time.
On the flip side, EBITDA being merely “in line” tells you acquisition costs have moved up and management chose growth where the payback made sense. That’s a rational choice for a performance marketer, but it means margins may zig-zag in the short term with market conditions.
What I like
- Top-line beat with disciplined cash management – growth funded by operations.
- Clear strategy: automation, AI/ML, and PPC scaling to drive efficiency and reach.
- Expanding B2B partner base with a focus on high-quality leads and FTDs.
- Set up to benefit from cyclical spikes in acquisition demand during major sporting events in 2026.
What to watch
- Customer acquisition costs in Google-led channels – competitive intensity can bite margins.
- Evidence of operating leverage in 2026 – revenue growth outpacing overhead growth.
- Balance between growth and profitability during World Cup-linked campaigns.
- Any signs of concentration risk in channels or partners (not disclosed).
What’s not disclosed in this RNS
The update gives directional guidance but keeps the numbers under wraps. Key items not disclosed:
- Absolute revenue and EBITDA figures for 2025.
- Cash balance, net debt, or liquidity headroom.
- Unit economics such as cost per acquisition, lifetime value, or payback period.
- FTD counts, partner numbers, or geographic mix.
- Margin trends by channel or product.
We’ll need to wait for the full-year audited results to fill in those blanks.
Management’s tone: confident, but disciplined
Executive Chairman Ronny Breivik reiterates a tight focus on scaling PPC and owned media, pushing automation to drive growth without cost inflation, and staying disciplined on cash. He adds confidence in delivering “another year of material revenue and EBITDA growth.”
That’s encouraging language, but as always, execution will be judged on the numbers. Watch for proof that AI-led optimisation is lowering acquisition friction and that campaign ROI holds up as they scale into 2026’s sporting calendar.
My take: cautiously bullish heading into results
This is a clean, execution-focused update. Beating on revenue in a tougher paid-media environment suggests the engine is working. Holding EBITDA in line while costs rise is acceptable, provided those investments translate into stickier cohorts and stronger partner economics.
If B90 can keep a lid on acquisition costs through automation, the World Cup could deliver a strong catalyst for the model in 2026. The near-term swing factor is marketing spend versus margin. I’ll be looking for signs of operating leverage in the audited numbers and clarity on cash to underpin continued self-funded growth.
