Interim report
Page 1
ACROUD AB (PUBL) +356 9999 6019 ORG NR: 556693-7255 info@acroud.com INTERIM REPORT Q2 2026
Page 2
SECOND QUARTER 2026 • Revenue amounted to EUR 11 959 (10 931) thousand, an increase of 9% compared with the previous year. • Adjusted EBITDA (before items affecting comparability) was EUR 1 331 (1 568) thousand, a decrease of 15% year-on-year and an increase of 7% quarter-on-quarter. • EBITDA amounted to EUR 1 331 (1 519) thousand. • Loss after tax was EUR -80 (218) thousand. Adjusted loss after tax (before items affecting comparability and currency effects) was EUR -225 (-46) thousand. • Earnings per share (basic) amounted to EUR -0.0001 (0.0002). Adjusted earnings per share (before items affecting comparability and currency effects) was EUR -0.0002 (-0.00004) • New Depositing Customers (NDC) amounted to 67 558 (48 802) increasing by 38% year-on-year. • Cash flow from operating activities amounted to EUR 234 (1 053) thousand. IMPORTANT EVENTS IN THE QUARTER • Acroud published on 27th May 2026 the interim report for the period January-March 2026 More detailed information : https://news.cision.com/acroud-ab/r/acroud-publishes-interim- report-january-march-2026,c4352913 • Acroud held the annual general meeting on 29th June 2026 of which income statements and balance sheets for 2025 were adopted and it was resolved to, among other things, re-elect Richard Gale, Daniel Barfoot, Morten Marcussen and Jørgen Beuchert as board members and elect Morten Marcussen as chairman of the board. More detailed information : https://news.cision.com/acroud-ab/r/bulletin-from-the-annual- general-meeting-in-acroud-ab,c4368442 IMPORTANT EVENTS AFTER THE QUARTER • Acroud adopted the financial targets for 2026 – 2028 which focus on sustained earnings growth and continued deleveraging. More detailed information : https://news.cision.com/acroud-ab/r/acroud-adopts-financial- targets-for-2026-2028,c4373492 INTERIM REPORT Q2 2026 Q2 2026 – Interim Report page 2 ACROUD AB (PUBL) +356 9999 6019 ORG NR: 556693-7255 info@acroud.com
Page 3
INTERIM REPORT Q2 2026 ABOUT ACROUD AB ACROUD is a global iGaming affiliate that operates and develops comparison and news sites within Sports Betting and Casino. Acroud also offers SaaS solutions for the iGaming affiliate industry. In past years, a number of companies have joined the ride and thus several experienced individuals in the industry lead Acroud's journey to fulfil our strategic goals. Our mission is to connect people, Content Creators (YouTubers, Streamers, Affiliates) and businesses. We remain a leading global player in the industry with our experts located in Malta, United Kingdom, Denmark, Sweden and Brazil. Acroud has been listed on the Nasdaq First North Premier Growth Market since June 2018. APR-JUN JAN-JUN EUR thousands 2026 2025 Y/Y% 2026 2025 Y/Y% Revenue 11 959 10 931 9% 23 512 20 735 13% Revenue Growth, % 9.40% 15% -5.6pp 13.39% 9% 4.39pp Organic Revenue Growth, % 9.50% 15.1% -5.6pp 13.66% 9% 4.66pp EBITDA 1 331 1 519 -12% 2 572 1 726 49% EBITDA margin, % 11% 14% -3pp 11% 8% 3pp Adjusted EBITDA 1 331 1 568 -15% 2 572 2 015 28% Adjusted EBITDA margin, % 11% 14% -3pp 11% 10% 1pp Profit after tax -80 218 -137% -454 -3 037 85% Earnings per share (basic) -0.0001 0.0002 -134% -0.0004 -0.003 87% Adjusted Profit after tax -225 -46 -389% -712 -904 21% Adjusted Earnings per share -0.0002 -0.00004 -400% -0.0006 -0.001 40% Net Debt / Adjusted EBITDA (rolling 12 months) 2.2 3.15 -30% 2.2 3.15 -30% New Depositing Customers (NDCs) 67 558 48 802 38% 117 861 121 708 -3% pp = percentage points Key figures and definitions are further discussed on page 26. KEY FIGURES Q2 2026 – Interim Report page 3 ACROUD AB (PUBL) +356 9999 6019 ORG NR: 556693-7255 info@acroud.com
Page 4
INTERIM REPORT Q2 2026 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. Following several years dominated by restructuring, deleveraging and repositioning of the business, we have now entered a phase where our focus can shift more decisively towards sustainable earnings growth, cash generation and disciplined capital allocation. Revenue for the quarter amounted to EUR 11 959 thousand, representing a 9% increase year-on-year. Adjusted EBITDA amounted to EUR 1 331 thousand, corresponding to a 15% decrease compared with the exceptionally strong second quarter of last year, but a 7% increase compared with Q1 2026. The sequential development remains encouraging and demonstrates the increasingly stable earnings platform we have established across the Group. For the first six months of the year, revenue increased by 13% year-on-year to EUR 23 512 thousand, while adjusted EBITDA increased by 28% to EUR 2 572 thousand. This development reflects the continued strengthening of our underlying operations and provides us with a solid foundation as we enter the second half of the year. The iGaming Affiliation Segment delivered another strong quarter. Revenue amounted to EUR 5 069 thousand, representing a 13% year-on-year increase, while adjusted EBITDA reached EUR 1 027 thousand. Although adjusted EBITDA was slightly below the unusually strong comparative quarter last year, it increased by 13% compared with Q1. Customer acquisition within the segment was particularly encouraging. The iGaming Affiliation Segment delivered 39 239 New Depositing Customers during the quarter, representing growth of 17% year-on-year and 40% compared with the previous quarter. The opening stages of the World Cup created a significant acquisition opportunity, which our team executed strongly upon. While sports betting monetization during the tournament was somewhat below our expectations, primarily due to a significant proportion of our customer base being located within European time zones that were not ideally aligned with the match schedule, the overall customer acquisition performance was highly encouraging and provides a strong base for future revenue generation. The SaaS Segment also continued to demonstrate the strength and scalability of its business model. Revenue amounted to EUR 6 890 thousand, representing growth of 7% year-on-year. Most notably, the Network model delivered 28 319 New Depositing Customers, corresponding to an increase of 84% compared with Q2 last year and establishing another all-time high for this business unit. While adjusted EBITDA was 12% below the comparative quarter of last year at EUR 512 thousand, the continued growth in customer delivery reinforces our confidence in the long-term potential of the segment. Our continued focus on operational efficiency is also becoming increasingly visible in our cost structure. Personnel expenses decreased by 14.9% year-on-year during the quarter despite Group revenue increasing by 9%. A meaningful contributor to this development has been the focused implementation of AI-enabled workflows and tools, particularly within the Affiliation Segment. These initiatives have materially improved productivity across several areas of the organization and allowed us to simplify workflows while maintaining our operational capabilities. The experience and processes developed within the Affiliation Segment are now being evaluated across the wider Group and we expect to implement similar efficiency initiatives within our SaaS Segment during the co ming quarters. Our objective is not simply to reduce costs, b ut to build an organization where technology allows us to aim our human resources towards high-value activities while increasingly automating repetitive and resource-intensive p rocesses. From a financial perspective, the se cond quarter ma rke d another importan t milestone for Ac roud. During the q uarter, we completed th e final principal repayment on all interest- bearing debt outs ide the bond structure . This represen ts the conclusion of a l engthy period du ring which a meani ngful share of Acroud’s cash generation has been allocated towards historic acquisition-related ob ligations, s hareholder financing and restructuring. Goin g forward, a signif icantly larger proportion of the cash gen era ted by our ope rations can be deployed more discretionari ly between organ ic g rowth initiatives offering attractive returns and the cont inued strengthening of our capital structure. Following the quarter, the Board adopted new financial targets for the period 2026–2028, targeting compound annual adjusted EBITDA growth of 12% and a net debt to adjusted EBITDA rat io below 1.25 x by the end of 2028. These targets reflect our belief that Acroud today stands on a materially stronger operational and financial foundation than it has in many years. We enter the second half of 2026 wi th strong momentum , two scalable operati ng segments, improving productivity, a broad project portfolio and a materiall y strengthened financial structure. With the restructuring phase behind us, our attention is shifting from repairing the pa st towards building the future. Mikael Strunge President & CEO 25 August 2026 CEO Comments Q2 2026 – Interim Report page 4 ACROUD AB (PUBL) +356 9999 6019 ORG NR: 556693-7255 info@acroud.com
Page 5
GROUP DEVELOPMENT Revenue Revenue for Q2 2026 amounted to EUR 11 959 (10 931) thousand, an increase of 9% when compared to Q2 2025. Revenues in the iGaming Affiliation business accounted for 42% (41%) of total revenue and revenues in the SaaS Segment accounted for 58% (59%) of total revenue. The number of New Depositing Customers (NDCs) in Q2 2026 delivered to our customers amounted to 67 558. This represents an increase of 38% from the NDCs of Q2 2025. NDCs delivered by network-based SaaS business amounted to 28 319 while NDCs delivered by the iGaming affiliation segment amounted to 39 239. Costs Total operating expenses for Q2 2026, excluding items affecting comparability, totaled EUR 10 628 thousand compared to EUR 9 363 thousand in the same quarter of the previous year. This represents an increase of 14%. The main increase is arising from paid media and SEO- related cost in the iGaming Affiliation Segment. Operating expenses in the SaaS Segment have in fact increased by 9% in Q2 2026 over the same quarter last year (in line with the 7% increase in revenue) while operating expenses in the iGaming affiliation segment have increased by 20%. Personnel costs decreased by 14.9% when compared to the same quarter last year, amounting to EUR 1 207 (1 418) thousand. Other external expenses EUR 9 393 thousand, excluding items affecting comparability, have increased year-on-year by 20%. Profitability Adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) on a group level totaled EUR 1 331 (1 568) thousand, a decrease of 15% when compared to Q2 2025. Profit after tax in the second quarter of 2026 amounted to EUR -80 (EUR 218) thousand. Earnings per share (EPS) in Q2 2026 amounted to -0.0001 (0.0002). Adjusted earnings per share (diluted) amounted to -0.0002 (-0.00004). Group NDCs Development 0 10000 20000 30000 40000 50000 60000 70000 80000 48802 45508 42843 50303 67558 Q2-26Q1-26Q4-25Q3-25Q2-25 iGaming Affiliation segment SaaS segment Group Revenue Development 0 3000 6000 9000 12000 15000 10931 13033 12595 11553 11959 Q2-26Q1-26Q4-25Q3-25Q2-25 iGaming Affiliation segment SaaS segment kEUR Adjusted EBITDA Development Adjusted EBITDA 0 500 1000 1500 2000 1568 1422 733 1243 1331 Q2-26Q1-26Q4-25Q3-25Q2-25 kEUR INTERIM REPORT Q2 2026 Q2 2026 – Interim Report page 5 ACROUD AB (PUBL) +356 9999 6019 ORG NR: 556693-7255 info@acroud.com
Page 6
SaaS Segment Our B2B segment is our primary focus segment and has experienced healthy growth over many years due to its versatile and scalable approach to the market. At its core, the SaaS Segment seeks to simplify the operation of both iGaming operators and iGaming affiliates through a range of product offerings, centered around our elaborate software. The Network Model Over the years our Network model has been through a healthy growth journey. Since the model positions us as a facilitator of partnerships, the team has the ability to move with the market and quickly pivot into pockets that are deemed attractive, be it geographical regions or affiliate content models. As such, our team is proficient in servicing various types of affiliate clients, be it traditional SEO affiliates, streamers, media buyers, social influencers or even operations having a land-based physical presence. Throughout the years this has allowed the model to go from strength to strength and in the iGaming space, size matters. The more partnerships we build in the network, the more essential the product itself becomes within the iGaming ecosystem, making it natural for clients on both the operator and affiliate side to approach us directly. The SaaS Model The SaaS model has for years focused on making integration and operation of the software product seamless and simple, which has been successful. The team has now pivoted into a much broader focus on delivering actionable business intelligence functionality and better granular tracking of data and will over the next years focus the development on building supplementary functionality into the system, which will be a gateway to further escalation of value generation per client. The SaaS Segment registered revenues of EUR 6 890 thousand, resulting in an increase of 7% year-on-year. Revenues derived from Subscription model amounted to EUR 307 thousand which reflects a year-on-year decrease of 18% while Network model revenues amounted to EUR 6 583 thousand which represents a year-on-year increase of 9%. The number of New Depositing Customers (NDCs) delivered to customers via the Network model amounted to 28 319 which translates to an increase of 84% compared to Q2 2025 (15 401). The number of Revenue Generating Units (RGUs), which measure the number of clients serviced and billed by our SaaS Segment during Q2 2026 amounted to 404 which translates to a decrease of 11% over Q2 2025. EBITDA in the SaaS business in Q2 2026 amounted to EUR 512 thousand, resulting in a year-on-year decrease of 12%. RGUs Development SaaS Segment 0 100 200 300 400 500 456 416 414 389 404 Q2-26Q1-26Q4-25Q3-25Q2-25 Adjusted EBITDA Development SaaS Segment 0 200 400 600 800 1000 581 840 839 550 512 Q2-26Q1-26Q4-25Q3-25Q2-25 kEUR NDCs Development SaaS Segment 0 5000 10000 15000 20000 25000 30000 15401 19600 20395 22276 28319 Q2-26Q1-26Q4-25Q3-25Q2-25 kEUR Revenue Development SaaS Segment 0 2000 4000 6000 8000 10000 6440 9258 8632 6413 6890 Q2-26Q1-26Q4-25Q3-25Q2-25 Network Model Subscription Model INTERIM REPORT Q2 2026 Q2 2026 – Interim Report page 6 ACROUD AB (PUBL) +356 9999 6019 ORG NR: 556693-7255 info@acroud.com
Page 7
iGaming Affiliation Adjusted EBITDA Development iGaming Affiliation Segment kEUR 0 200 400 600 800 1000 1200 1121 858 87 906 1027 Q2-26Q1-26Q4-25Q3-25Q2-25 Adjusted EBITDA NDCs Development iGaming Affiliation Segment 0 5000 10000 15000 20000 25000 30000 35000 40000 33401 25908 22448 28027 39239 Q2-26Q1-26Q4-25Q3-25Q2-25 NDCs Revenue Development iGaming Affiliation Segment 0 1000 2000 3000 4000 5000 6000 4491 3775 3963 5140 5069 Q2-26Q1-26Q4-25Q3-25Q2-25 Casino Sports Betting kEUR iGaming Affiliation revenues during Q2 2026 amounted to EUR 5 069 (4 491) thousand, representing an increase of 13% year-on-year. Social- and Community-based Affiliation generated 7% (6% in Q2 2025) of Q2 2026 Affiliation revenues. SEO affiliation business generated 23% of Q2 2026 (30% in Q2 2025) affiliation revenues whereas Paid Media business generated 70% of Q2 2026 (64% in Q2 2025) affiliation revenues. The iGaming segment has delivered 39 239 New Depositing Customers (33 401) during Q2 2026. This represents an increase of 17% year-on-year and 40% increase quarter- on-quarter. Q2 2026 revenue derived through revenue- sharing amounted to 85% (60%). Revenue derived from CPA amounted to 9% (36%) while the remaining 6% (4%) was generated from other revenue models. Q2 2026 iGaming affiliation adjusted EBITDA amounted to EUR 1 027 (EUR 1 121) thousand, a decrease of 8% year on-year. As seen below, our affiliation segment is focusing its attention on creating well-rounded revenue streams derived from a variety of sources but always with a heavy focus on risk- mitigation through the utilization of predominately revenue- share model. Revenue Model Other 6% (4%) CPA 9% (36%) Revenue share 85% (60%) Revenue by Affiliation type Paid Media 70% (64%) Social- and Community-based 7% (6%) SEO 23% (30%) INTERIM REPORT Q2 2026 Q2 2026 – Interim Report page 7 ACROUD AB (PUBL) +356 9999 6019 ORG NR: 556693-7255 info@acroud.com
Page 8
Financial position CASH FLOW AND INVESTMENTS Cash flow from operating activities during Q2 2026 amounted to EUR 234 (1 053) thousand. This includes an income tax payment amounting to EUR 703 thousand (EUR 196 thousand). Cash flow from investing activities amounted to EUR – 8 thousand in the second quarter of 2026, compared with EUR – 265 thousand in Q2 2025. The higher amount in Q2 2025 is attributable to the earnout payments amounting to EUR 255 thousand. No earnout obligations exist in Q2 2026. Cash flow from financing activities amounted to EUR -532 (-195) thousand in Q2 2026, which consisted of EUR 348 thousand in interest payments on Super Senior Bonds and Senior Bonds, principal loan repayments to RIAE Media amounting to EUR 150 thousand and EUR 34 thousand worth of payment in relation to lease liabilities. The Q2 2025 amount is attributable to EUR 49 thousand in bond refinancing costs, EUR 33 thousand worth of payments in relation to lease liabilities and EUR 113 thousand in interest paid on Super Senior Bonds. INTERIM REPORT Q2 2026 Q2 2026 – Interim Report page 8 ACROUD AB (PUBL) +356 9999 6019 ORG NR: 556693-7255 info@acroud.com
Page 9
INTERIM REPORT Q2 2026 LIQUIDIT Y AN D F INANCIAL P OSITION At the end of t he period, the Group’s interest-bea ring net debt was EUR 10 452 thousand, (EUR 11 948 thousand). The year-on-year decrease in interest-b earing net d ebt is primarily driven by a reduction in the bond’s c arrying amount following the rest ructuring activities outlined in the Q1 2025 r ep or t, as well as the repayment of p rincipal and interest on the shareholder loan . Acroud’s current gross debt amounts to SEK 145 million (SEK 170 million in Q2 2025) , of which the bond amounts to SEK 134 million. C onver ted using the closin g rate, the bond loan amounts to EUR 11 881 thousand after ded ucting commitment fee. As of 30 June 202 6, the net debt /adjusted EBITDA ratio is 2.2x. The final maturity dates of the outstanding bond loans are Dec ember 2027 and June 2028. The Senior Bonds a re also subject t o a scheduled SEK 10 million pa r tial amor tisation in Dec ember 2026. In Q1 2025, Ac roud AB went t hrough a signific ant restructuring, as a result of which, the Senior secured callable bonds were restated in terms and conditions, par tly conv er ted into equity and par tly conv er ted into Super Senior Bonds. Following this restructuring a nd SEK 10M bond prin cipal repaymen t in December 2025, the nominal a mount of th e bonds held by Acroud AB stands now a t SEK 134,190,9 54 – split SEK 65 ,312,500 Super Senior Bonds with a 10.5% interest rate maturing on 3 1/ 12/2027 and SEK 68,878,454 restated Senior bonds wit h a 10.75% int erest rate maturing 30/06/2028 . The translation effect of conv er ting the bond loan and cer tain cash proceeds from SEK to EUR as at Q2 20 26 was EUR -17 9 (-350) thousa nd, which impacted net financ ia l items. The Company’s c ash and cash equivalents at the end of Q2 2026 amounted to 2 298 (2 751) thousand. The equity ratio was 47 percent, and equity was EUR 16 855 (EUR 18 088) thousa nd on 30 June 2026 . Net debt to adjusted EBITDA ratio 0,0 0,5 1,0 1,5 2,0 2,5 3,0 3,5 Q2-26Q1-26Q4-25Q3-25Q2-25Q1-25Q4-24Q3-24 Net debt to adj. EBITDA ratio 3,4 3,4 3,2 3,1 2,5 2,8 2,1 2,2 Q2 2026 – Interim Report page 9 ACROUD AB (PUBL) +356 9999 6019 ORG NR: 556693-7255 info@acroud.com
Page 10
Financial Objectives In July 2026, the Board of Acroud has set new financial objectives for financial years 2026 - 2028: Adjusted EBITDA growth for 2026 - 2028 Acroud targets a compound annual growth rate (CAGR) in adjusted EBITDA of approximately 12% over the period 2026 to 2028, driven by organic revenue expansion supported by a disciplined and efficient cost structure to ensure sustainable profitability. Capital Structure The Group aims to maintain a prudent financial risk profile, with a target to reduce net interest-bearing debt to adjusted EBITDA to below 1.25x by the end of 2028. Dividend policy Over the next three years, Acroud will prioritise growth through organic growth initiatives and will make optimisation of the capital structure rather than dividends its priority thus has not recently declared any dividends. In the preparation of the long- term financial targets, the Company has not taken into account any significant negative effects as a result of material changes in, but not limited to, the following areas: • The regulatory environment, laws and regulations to which the Company, the iGaming affiliate market, the Company’s partners and the broad iGaming market are subject. • Our partners’ (operators) views on the use of affiliates in acquiring customers. • Existing fiscal, market and/or economic conditions, and the administrative, regulatory or tax-related treatment of the Group. Overview of financial KPIs Period Organic EBITDA Growth Capital structure (rolling 12 months) Jan-June 2026 28% 2.2 INTERIM REPORT Q2 2026 Q2 2026 – Interim Report page 10 ACROUD AB (PUBL) +356 9999 6019 ORG NR: 556693-7255 info@acroud.com
Page 11
Other information Parent Company Acroud AB is the ultimate holding company in the Group (hereinafter referred to as “the Company” or “the Parent Company”) and was registered in Sweden on 14 December 2005. The Company’s shares have been listed on Nasdaq First North Premier Growth Market since June 2018. The Group’s financing is arranged in the Parent Company via a bond, which is registered on Nasdaq Stockholm’s Corporate Bond list. Relevant risks and uncertainties Acroud is exposed to a number of business and financial risks. Risk management within the Acroud Group is aimed at identifying, controlling and reducing risks. This is achieved based on a probability and impact assessment. The risk assessment is unchanged from the risk profile presented in the 2025 annual report. Seasonality Acroud might be affected by seasonal variations particularly in the iGaming Affiliation segment, with Q1 (Jan-Mar) and Q4 (Oct-Dec) revenue being somewhat stronger, while Q2 (Apr-Jun) and Q3 (Jul-Sep) are relatively weaker. The revenue seasonality follows the normal pattern for the iGaming industry. Name No. of Shares Ownership % CBLDN – SAXO BANK A/S (Citibank NA, London) 465 090 288 36.36% PMG Group A/S 193 865 548 15.15% IBKR Financial Services AG 119 642 119 9.35% Sparekassen Danmark 116 687 756 9.12% Trottholmen AB 68 580 000 5.36% SIX SIS AG (W8IMY) 41 128 238 3.22% The Bank of New York Mellon SA/NV (W8IMY) 40 720 519 3.18% JP Morgan Chase Bank N.A. (W9) 30 699 256 2.40% AL Sydbank A/S – Arb. Landsbank 25 515 542 1.99% Westindia AB 19 709 351 1.54% Other Shareholders 157 582 467 12.33% TOTAL 1 279 221 084 100% Share Capital Share capital on 30 June 2026 amounted to EUR 4 942 thousand divided into 1 279 221 084 shares, distributed as shown below. The Company has one class of shares – A shares. Each share entitles the holder to (1) vote at the shareholders’ meeting. The number of shareholders on 30 June 2026 was 736. INTERIM REPORT Q2 2026 Q2 2026 – Interim Report page 11 ACROUD AB (PUBL) +356 9999 6019 ORG NR: 556693-7255 info@acroud.com
Page 12
Supplementary information The Board of Directors and the CEO hereby certify that this report provides a true and fair view of the Parent Company’s and the Group’s operations, financial position and financial performance for the current period, and describes material risks and uncertainties faced by the Parent Company and other Group companies. Stockholm, 25 August 2026 This interim report has not been reviewed by the Company’s auditors. BOARD AND CEO Morten Marcussen Richard Gale Jørgen Beuchert Daniel Barfoot Mikael Strunge Chairman of the Board Board member Board member Board member President and CEO For further information, please contact Mikael Strunge, President and CEO Andrzej Mieszkowicz , CFO Mobile: +45 2092 0995 Mobile: +356 9911 2090 E-mail: mikael.strunge@acroud.com E-mail: andrzej.mieszkowicz@acroud.com Forthcoming quarterly report dates Interim report- July – September 2026 25 November 2026 The appointed Certified Adviser is FNCA Sweden AB, info@fnca.se, +46 8 528 00 399. INTERIM REPORT Q2 2026 Q2 2026 – Interim Report page 12 ACROUD AB (PUBL) +356 9999 6019 ORG NR: 556693-7255 info@acroud.com
Page 13
Q2 2026 Financial Statements Q2 2026 – Interim Report page 13 ACROUD AB (PUBL) +356 9999 6019 ORG NR: 556693-7255 info@acroud.com
Page 14
Financial report Consolidated Statement of Comprehensive Income 01/04/2026 30/06/2026 01/04/2025 30/06/2025 01/01/2026 30/06/2026 01/01/2025 30/06/2025Amounts in kEUR Revenue ( notes 2, 3) 11 959 10 931 23 512 20 735 Total revenue 11 959 10 931 23 512 20 735 Other external expenses -9 393 -7 878 -18 244 -16 170 Personnel expenses -1 207 -1 418 -2 646 -2 731 Other operating income 19 – 2 – Other operating expenses -47 -116 -52 -108 EBITDA 1 331 1 519 2 572 1 726 Depreciation/amortization -960 -1 005 -1 929 -2 076 Operating profit/(loss) (EBIT) 371 514 643 -350 Profit/loss from financial items Interest and similar income – 1 1 1 Interest and similar expenses -509 -606 -1 005 -767 Other financial items 158 357 233 -489 Earnout revaluation – – – – Loss on extinguishment of bond liability – – – -1 458 Profit/(loss) from financial items -351 -248 -771 -2 713 Profit before tax 20 266 -128 -3 063 Tax on profit/loss for the period -100 -48 -326 26 Profit/(loss) for the period -80 218 -454 -3 037 Earnings per share (EUR) -0,0001 0,0002 -0,0004 -0,003 Earnings per share after dilution (EUR) -0,0001 0,0002 -0,0004 -0,003 Other comprehensive income Item that may be reclassified to profit or loss Exchange differences on translation of foreign operations 87 -262 189 312 Other comprehensive income for the period 87 -262 189 312 Total comprehensive income for the period 7 -44 -265 -2 725 Profits attributable to: Owners of the company -80 218 -454 -3 037 Non-controlling interests – – – – -80 218 -454 -3 037 Total comprehensive income attributable to: Owners of the company 7 -44 -265 -2 725 Non-controlling interests – – – – 7 -44 -265 -2 725 INTERIM REPORT Q2 2026 Q2 2026 – Interim Report page 14 ACROUD AB (PUBL) +356 9999 6019 ORG NR: 556693-7255 info@acroud.com
Page 15
Consolidated Statement of Financial Position 30/06/2026 30/06/2025 31/12/2025Amounts in kEUR Assets Non-current assets Goodwill 11 637 11 681 11 564 Other intangible assets 14 669 18 462 16 366 Right-of-use assets 64 112 61 Property, plant and equipment 65 65 63 Other financial assets 25 27 10 Investment in associate – 1 – Total non-current assets 26 460 30 348 28 064 Current assets Trade receivables 2 176 2 868 1 896 Other receivables 732 1 159 1 616 Tax receivable 675 230 439 Prepayments and accrued income 3 753 3 188 3 598 Cash and cash equivalents 2 298 2 751 1 578 Total current assets 9 634 10 196 9 127 Total assets 36 094 40 544 37 191 Equity and liabilities Equity 16 855 18 088 17 121 Non-current liabilities Borrowing (note 5) 10 980 12 335 11 260 Liabilities to Shareholder – 1 833 – Deferred tax liabilities 1 521 2 278 1 887 Lease liabilities – 28 – Total non-current liabilities and provisions 12 501 16 474 13 147 Current liabilities Borrowing (note 5) 901 – 712 Liabilities to Shareholder 98 – 387 Trade Payables 787 1 165 599 Tax liabilities 377 908 618 Other liabilities 740 808 690 Lease liabilities 48 85 49 Accruals and deferred income 3 787 3 016 3 868 Total current liabilities 6 738 5 982 6 923 Total equity and liabilities 36 094 40 544 37 191 INTERIM REPORT Q2 2026 Q2 2026 – Interim Report page 15 ACROUD AB (PUBL) +356 9999 6019 ORG NR: 556693-7255 info@acroud.com
Page 16
Consolidated Statement of Changes in Equity Share capital Other paid-in capital Reserves Other Reserves Retained earnings, incl. year’s earnings Total Non - Controlling Interest Total EquityAmounts in kEUR Opening equity, 1 Jan 2025 4 367 31 321 2 525 5 067 -44 033 -753 13 431 12 678 Issue of Ordinary shares 1 784 10 341 - - - 12 125 - 12 125 Share issue costs - -163 - - - -163 - -163 Transactions with owners: - Capital Reduction -3 700 3 700 - - - - - - Profit/(loss) for the year - - - - -5 133 -5 133 - -5 133 Elimination of NCI through restructuring transactions 2 491 - - 8 580 - 11 071 -13 431 -2 360 Acroud Sports Liquidation * - - - 235 -374 -139 - -139 Other Comprehensive income/ (loss) for the year - - 113 - - 113 - 113 Closing equity, 31 Dec 2025 4 942 45 199 2 638 13 882 -49 540 17 121 - 17 121 Opening equity, 1 Jan 2026 4 942 45 199 2 638 13 882 -49 540 17 121 - 17 121 Transactions with owners: - Share issue costs - -2 - - - -2 - -2 Profit/(loss) for the period - - - - -373 -373 - -373 Other Comprehensive income for period - - 102 - - 102 - 102 Closing equity, 31 March 2026 4 942 45 197 2 740 13 882 -49 913 16 848 - 16 848 Opening equity, 1 Apr 2026 4 942 45 197 2 740 13 882 -49 913 16 848 - 16 848 Profit/(loss) for the period - - - - -80 -80 - -80 Other Comprehensive income for period - - 87 - - 87 - 87 Closing equity, 30 June 2026 4 942 45 197 2 827 13 882 -49 993 16 855 - 16 855 INTERIM REPORT Q2 2026 *Acroud Sports Limited completed liquidation on 18 August 2025, with liquidation accounts and scheme of distribution approved by shareholders on 3 October 2025. Q2 2026 – Interim Report page 16 ACROUD AB (PUBL) +356 9999 6019 ORG NR: 556693-7255 info@acroud.com
Page 17
Consolidated Cash Flow Statement INTERIM REPORT Q2 2026 01/04/2026 30/06/2026 01/04/2025 30/06/2025 01/01/2026 30/06/2026 01/01/2025 30/06/2025Amounts in kEUR Operating activities Profit/(loss) before tax 20 266 -128 -3 063 Adjustments for non-cash items not included in operating activities Depreciation and amortisation of assets 960 1 005 1 929 2 076 Exchange gains/(losses) on financial receivables and liabilities -158 -257 -233 306 Gain/loss on sale of other assets – – -2 – Loss on extinguishment of bond liability – – – 1 458 Interest and similar expenses 509 606 1 005 767 Interest and similar income – -1 -1 -1 Tax received/ (paid) -703 -196 -936 -1 190 Cash flow from changes in working capital Increase (-)/Decrease (+) in operating receivables -516 -1 045 153 -1 063 Increase (+)/Decrease (-) in operating liabilities 122 675 100 632 Cash flow from operating activities 234 1 053 1 887 -78 Investing activities Acquisitions of shares in Group companies, net of cash acquired – – – -610 Acquisition of property, plant and equipment -7 -10 -18 -15 Acquisition of intangible assets -1 – -94 – Earnout payments – -255 – -421 Proceeds from sale of other assets – – 6 – Cash flow from investing activities -8 -265 -106 -1 046 Financing activities Share issue expenses – – -2 -125 Proceeds from issue of bond – – – 2 269 Bond refinancing expenses – – – -662 Repayment of Principal -150 – -250 – Capital injection – – – 1 259 Interest paid -348 -113 -730 -140 Interest received – – 1 1 Non-recurring financing costs – -49 – -219 Repayment of lease liabilities -34 -33 -67 -67 Cash flow from financing activities -532 -195 -1 048 2 316 Cash flow for period -306 593 733 1 192 Cash & cash equivalents at beginning of period 2 610 2 152 1 578 1 595 Exchange differences -6 6 -13 -36 Reclassification to cash & cash equivalents from other current financial assets – – – – Cash & cash equivalents at end of period 2 298 2 751 2 298 2 751 Q2 2026 – Interim Report page 17 ACROUD AB (PUBL) +356 9999 6019 ORG NR: 556693-7255 info@acroud.com
Page 18
Income Statement – Parent Company Balance Sheet – Parent Company 01/01/2026 30/06/2026 01/01/2025 30/06/2025Amounts in kEUR Revenue 48 48 Total Revenue 48 48 Operating expenses Other external expenses -221 -455 Personnel expenses -44 -37 Other operating income/(expenses) – 5 Fair value movement on derivatives – -642 EBITDA -217 -1 081 Impairment on investment in subsidiaries – – Operating profit/(loss) -217 -1 081 Profit/loss from investments in Group companies * 1,001 911 Interest and similar expenses -983 -707 Other financial items 336 -366 Loss on extinguishment of bond liability – -1 458 Profit/loss after financial items 137 -2 701 Tax on profit/loss for the period 245 355 Profit/loss for the period 382 -2 346 30/06/2026 30/06/2025 31/12/2025Amounts in kEUR Assets Total non-current assets 39 312 39 312 39 312 Total current assets 407 1 452 911 Total assets 39 719 40 764 40 223 Equity and liabilities Equity 25 278 25 063 24 898 Total non-current liabilities 11 881 12 335 11 260 Total current liabilities 2 560 3 366 4 065 Total equity and liabilities 39 719 40 764 40 223 INTERIM REPORT Q2 2026 * The dividend income and decrease of non-current liabilities refer to correction for dividend accounting from its wholly owned subsidiary Matching Visions. In the current period a correction is made where the intercompany adjusts its balances for a dividend received in 2024. As a result, the dividend income is recognized in the current period and loan liabilities balance with Matching Visions decreased. Q2 2026 – Interim Report page 18 ACROUD AB (PUBL) +356 9999 6019 ORG NR: 556693-7255 info@acroud.com
Page 19
Notes to the Group’s interim report 1. Accounting policies This interim report has been prepared in accordance with IAS 34. The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards, IFRS. For detailed information about the Group’s accounting policies, see note 2 of the Company’s Annual Report 2025. Fair value of financial instruments When determining the fair value of an asset or liability, the Group uses observable data as far as possible in accordance with IFRS 13. Fair value measurement is based on the fair value hierarchy, which categorises inputs into different levels. For further detailed information, refer to note 2 of the 2025 annual report. The following items are measured at amortised cost, with their carrying amounts being a reasonable approximation of their fair values due to their short-term nature: trade receivables, other receivables, cash and cash equivalents, trade payables and other liabilities. In addition, the Company has a bond loan of SEK 134 million (EUR 11 881 thousand net of commitment fees based on 30 June 2026 closing rate). The bond is measured at amortised cost and is categorised in level 2 of the fair value hierarchy, based on listings with brokers. Similar contracts are traded in an active market, and the rates reflect actual transactions for comparable instruments. At 30 June 2026, the Company did not have any other financial instruments categorised in level 2 of the fair value hierarchy. There were no transfers between levels during the six months ended 30 June 2026. Critical Accounting Estimates In Q4 2025, management continued to conduct impairment testing of the Company’s goodwill and intangibles, broken down into four major separate CGUs. Management continually assesses the group’s strategy in light of the changing environ- ment and, as a result, projected future earnings are regularly reviewed. There was no impairment charge in Q4 2025. The recoverable amount is sensitive to reasonable growth assumptions and deviations from the growth plan could result in additional impairment. The impairment assessment illustrates an increase of 4-9% in the assumed operating margin over a period of 5 years and a perpetual growth rate of 2% across all CGUs. The projected cashflows have been discounted at a WACC rate of 11.9%. 2. Organic revenue growth Acroud will continuously invest in the core business and new internal growth initiatives to ensure strong and sustainable organic growth. Acroud’s definition of organic growth is based on net sales compared with the previous period, excluding acquisitions in accordance with IFRS 3 (in the last 12 months), divestments and exchange rate movements. Organic revenue growth – bridge Q2 2026 01/04/2026 30/06/2026 Growth, % 01/04/2026 30/06/2026 Absolute Figures 01/04/2025 30/06/2025 Absolute Figures Deviation Absolute FiguresAmounts in kEUR Total Growth, EUR 9,4% 11 959 10 931 1 028 Adjustment for acquired and divested/discontinued operations – – – – Total Growth in EUR, excluding acquired and divested/discontinued operations 9,4% 11 959 10 931 1 028 Adjustment for constant currency 0,10% – -10 10 Total organic revenue growth 9,5% 11 959 10 921 1 038 Organic revenue growth – bridge Q2 2025 01/04/2025 30/06/2025 Growth, % 01/04/2025 30/06/2025 Absolute Figures 01/04/2024 30/06/2024 Absolute Figures Deviation Absolute FiguresAmounts in kEUR Total Growth, EUR 15,0% 10 931 9 498 1 433 Adjustment for acquired and divested/discontinued operations – – – – Total Growth in EUR, excluding acquired and divested/discontinued operations 15,0% 10 931 9 498 1 433 Adjustment for constant currency 0,10% – -10 10 Total organic revenue growth 15,1% 10 931 9 488 1 443 INTERIM REPORT Q2 2026 Q2 2026 – Interim Report page 19 ACROUD AB (PUBL) +356 9999 6019 ORG NR: 556693-7255 info@acroud.com
Page 20
3. Revenue The Group’s revenue for Q2 2026 and 2025 was distributed as follows: 4. Segment reporting Management has determined the operating segments based on the reports reviewed by the Chief Executive Officer that are used to make strategic decisions. The Chief Executive Officer is also determined to be the Chief Operating Decision Maker (CODM) as defined in IFRS 8. The Group’s operations are segregated primarily into two segments, namely iGaming Affiliation and SaaS. The following summary describes the operations in each of the Group’s reportable segments: • iGaming Affiliation Segment comprises Acroud AB’s underlying affiliate business containing Casino and Betting verticals. Through this segment, Acroud delivers high quality content, search engine optimisation, paid media strategies and cutting- edge technology improvements to its affiliate assets which are used to generate valuable traffic and new depositing customers to our partners. • SaaS Segment comprises Software as a Service (SaaS). Through SaaS, the Group provides a software solution enabling clients to better analyse and monetise their traffic sources. Acroud AB is also providing media creators (website affiliates, bloggers, Youtubers etc…) access to a large pool of gaming campaigns that would otherwise be out of their reach, unique software and a single payment/contact for all affiliation activities. The Chief Executive Officer primarily uses a measure of adjusted earnings before interest, tax, depreciation, and amortisation (EBITDA) to assess the performance of the operating segments. However, they also receive information about the segment’s revenue and assets on a monthly basis. Interest and similar income and expenses and other financial assets are not allocated to segments, as this type of activity is driven by the central treasury function, which manages the cash position of the Group. The amounts provided to the Chief Executive Officer with respect to total assets and total liabilities are measured in a manner consistent with that of the financial statements. Segment assets consist primarily of Goodwill, Other intangible assets, Right-of-use Assets, Property, plant and equipment, other non-current receivables, trade and other receivables and cash and cash equivalents; segment liabilities consist primarily of trade and other payables and lease liabilities. Income tax assets and liabilities and interest-bearing liabilities are not allocated to segments as they are managed by the treasury function. Certain assets and liabilities relating to the parent entity of the Group, Acroud AB, are deemed to be managed by the group treasury function and are therefore classified under the unallocated category. Information to prepare segment reporting on a geographical basis is not available and the costs to develop such information in time for inclusion in the report are deemed excessive. 01/04/2026 30/06/2026 01/04/2025 30/06/2025 01/01/2026 30/06/2026 01/01/2025 30/06/2025Amounts in kEUR Revenue by vertical within iGaming Affiliation Segment Casino 781 1 198 1 883 1 658 Sports Betting 4 288 3 293 8 325 6 667 Total revenue in iGaming Affiliation Segment 5 069 4 491 10 208 8 325 Revenue by vertical within SaaS Segment Network model 6 583 6 065 12 688 11 715 Subscription model 307 375 616 695 Total revenue in SaaS Segment 6 890 6 440 13 304 12 410 Total Group revenue 11 959 10 931 23 512 20 735 INTERIM REPORT Q2 2026 Q2 2026 – Interim Report page 20 ACROUD AB (PUBL) +356 9999 6019 ORG NR: 556693-7255 info@acroud.com
Page 21
INTERIM REPORT Q2 2026 Apr - Jun 2026 Apr - Jun 2025Amounts in kEUR iGaming Affiliation SaaS Unallocated Total iGaming Affiliation SaaS Unallocated Total External revenues 5 069 6 890 – 11 959 4 491 6 454 – 10 945 Inter-segment revenue – – – – – -14 – -14 Segment revenue 5 069 6 890 – 11 959 4 491 6 440 – 10 931 Other external expenses -3 281 -6 004 -108 -9 393 -2 310 -5 391 -177 -7 878 Personnel expenses -758 -349 -100 -1 207 -958 -448 -12 -1 418 Other operating income /(costs) -3 -25 – -28 -102 -20 6 -116 EBITDA 1 027 512 -208 1 331 1 121 581 -183 1 519 Depreciation/Amortisation -860 -100 – -960 -846 -159 – -1 005 Impairment of goodwill – – – – – – – – EBIT 167 412 -208 371 275 422 -183 514 Interest and similar income – – – – 1 – – 1 Interest and similar expenses – – -509 -509 – – -606 -606 Other financial items -26 – 184 158 -78 – 435 357 Loss on extinguishment of bond liability – – – – – – – Profit/loss from financial items -26 – -325 -351 -77 – -171 -248 Profit/(loss) before tax 141 412 -533 20 198 422 -354 266 Tax on profit for the year – – -100 -100 – – -48 -48 Profit for the year 141 412 -633 -80 198 422 -402 218 Material non-cash items Net foreign exchange gain/(loss) -26 – 184 158 -78 – 435 357 Segment Assets 22 836 12 304 – 35 140 26 915 12 908 – 39 823 Unallocated Assets – – 954 954 – – 721 721 Total assets 22 836 12 304 954 36 094 26 915 12 908 721 40 544 Additions to non-current assets 6 2 – 8 7 3 – 10 Segment Liabilities -2 648 -2 645 – -5 293 -4 471 -2 239 – -6 710 Unallocated Liabilities – – -13 946 -13 946 – – -15 746 -15 746 Total Liabilities -2 648 -2 645 -13 946 -19 239 -4 471 -2 239 -15 746 -22 456 Q2 2026 – Interim Report page 21 ACROUD AB (PUBL) +356 9999 6019 ORG NR: 556693-7255 info@acroud.com
Page 22
INTERIM REPORT Q2 2026 Jan - Jun 2026 Jan - Jun 2025Amounts in kEUR iGaming Affiliation SaaS Unallocated Total iGaming Affiliation SaaS Unallocated Total External revenues 10 208 13 304 – 23 512 8 325 12 424 – 20 749 Inter-segment revenue – – – – – -14 – -14 Segment revenue 10 208 13 304 – 23 512 8 325 12 410 – 20 735 Other external expenses -6 481 -11 542 -221 -18 244 -5 219 -10 496 -455 -16 170 Personnel expenses -1 795 -650 -201 -2 646 -1 786 -796 -149 -2 731 Other operating income /(costs) 1 -51 – -50 -81 -32 5 -108 EBITDA 1 933 1 061 -422 2 572 1 239 1 086 -599 1 726 Depreciation/Amortisation -1 728 -201 – -1 929 -1 757 -319 – -2 076 Impairment of goodwill – – – – – – – – EBIT 205 860 -422 643 -518 767 -599 -350 Interest and similar income 1 – – 1 1 – – 1 Interest and similar expenses – – -1 005 -1 005 – – -767 -767 Other financial items -103 – 336 233 -123 – -366 -489 Loss on extinguishment of bond liability – – – – – – -1 458 -1 458 Profit/loss from financial items -102 – -669 -771 -122 – -2 591 -2 713 Profit/(loss) before tax 103 860 -1 091 -128 -640 767 -3 190 -3 063 Tax on profit for the year – – -326 -326 – – 26 26 Profit for the year 103 860 -1 417 -454 -640 767 -3 164 -3 037 Material non-cash items Net foreign exchange gain/(loss) -103 – 336 233 -123 – -366 -489 Segment Assets 22 836 12 304 – 35 140 26 915 12 908 – 39 823 Unallocated Assets – – 954 954 – – 721 721 Total assets 22 836 12 304 954 36 094 26 915 12 908 721 40 544 Additions to non-current assets 108 4 – 112 12 3 – 15 Segment Liabilities -2 648 -2 645 – -5 293 -4 471 -2 239 – -6 710 Unallocated Liabilities – – -13 946 -13 946 – – -15 746 -15 746 Total Liabilities -2 648 -2 645 -13 946 -19 239 -4 471 -2 239 -15 746 -22 456 Q2 2026 – Interim Report page 22 ACROUD AB (PUBL) +356 9999 6019 ORG NR: 556693-7255 info@acroud.com
Page 23
5. Loans and Borrowings Borrowings consist of a bond loan amounting to SEK 134 (146) million. The carrying amount of the bond is as follows: In Q1 2025, Acroud AB went through a sign ificant restructuring, as a result of which, the Senior secured callable b onds were restated by its terms and conditions, partly converted into equity and partly con verted into Super Senior Bonds. Following this restructuring and 10M SEK bond prin cipal repayment in December, th e nominal amount of the bonds held by Ac roud AB stands now at SEK 134,190,954 – split SEK 65,312 ,500 Super Senior Bonds with a 1 0.5% interest rate maturing on 31/12/ 2027 and SEK 68,878,454 restated Senior bonds with a 10.75% interest rate maturing 3 0/06/2028. During 2025, the Group restructured a promissory note due to RIAE Med ia Ltd whereby EUR 1,500,000 of p rincip al was settled through the issue of 82,222,500 new shares measured at the carrying amount a nd the remaining EUR 250 ,000 plus accrued int erest was placed on an accelerated rep ayment schedule. The carrying amount of the remaining liability at 30 Jun e 2026 was EUR 98 thousand which represents a ccrued interest. Both bonds' T&C and covenants can be found under the link: ht tps: //www.acroud.com/corporat e-governance/bond-issue-2022/ Bond transaction costs Ac roud recognises loan liabilities in itially a t fair value after transaction cost s, and thereafter at amortised cost. Amortised cost is c alculated based on the effective int erest method used at initial recognition. This means that premiums and d isc ounts and direct issue costs are amortised over the term of the liability. 30/06/2026 30/06/2025 31/12/2025Amounts in kEUR Corporate bond Nominal amount and accrued fees 12 240 12 908 12 438 Prepaid transaction costs -359 -573 -466 Carrying amount 11 881 12 335 11 972 INTERIM REPORT Q2 2026 Q2 2026 – Interim Report page 23 ACROUD AB (PUBL) +356 9999 6019 ORG NR: 556693-7255 info@acroud.com
Page 24
6. Related-party transactions 1. Parent and ultimate controlling party Acroud AB is the ultimate holding company in the Group (hereinafter referred to as "the Company" or "the Parent Company") and was registered in Sweden on 14 December 2005. The Company’s shares have been listed on Nasdaq First North Premier Growth Market since June 2018. The Company is registered in Sweden with its address at PO Box 7385, Stockholm, SE-103 91. The largest shareholder of Acroud AB is CBLDN – SAXO BANK A/S which as at 30 June 2026 owns 36.36% of the issued shares. 2. Related party relationships, transactions and balances The value of transactions with companies outside the Group that are considered to be related parties are presented below: Amounts in kEUR 01/01/2026 - 30/06/2026 Acroud AB (Parent Company) Voonix ApS Matching Visions Limited Acroud Media Limited Sale of services – – – – Purchase of services – 14 – 25 Interest expense 14 – – – Consultancy fee 54 – – – Others – – 59 – Total 68 14 59 25 Related party balances outstanding as at the end of Q2 2026 are as follows: Amounts in kEUR 30/06/2026 Acroud AB (Parent Company) RIAE Media Ltd 98 Total 98 Please find below a detailed description of the related party transactions that occurred from 1 January to 30 June 2026: 1. Transactions with key management personnel include a recurring amount of EUR 9 thousand per month at Acroud AB (parent company) level for which there is no outstanding balance as at period-end. 2. Related party transaction of Matching Visions Limited to PMG Group ApS (company owned by the former owners of acquired PMG Companies) amounting to EUR 59 thousand relates to affiliate commission in old accounts owned by the latter. 3. As part of the restructuring transactions effective 24 th January 2025, a liability of EUR 2 million to RIAE Media was created as part payment for the non-controlling interest portion of Acroud Media Limited and then subsequently reduced to EUR 150 thousand in March 2026. (see note 5). The carrying amount of the remaining liability at 30 June 2026 was EUR 98 thousand which represents accrued interest. 4. Other related party transactions primarily relate to the purchase of services to Sports Innovation A/S (company owned by the ex owners of acquired PMG companies) from the following entities; Voonix ApS EUR 14 thousand and Acroud Media Limited EUR 25 thousand. INTERIM REPORT Q2 2026 Q2 2026 – Interim Report page 24 ACROUD AB (PUBL) +356 9999 6019 ORG NR: 556693-7255 info@acroud.com
Page 25
7. Pledged assets Pledged assets comprise assets that have been pledged as collateral for the Group's borrowing arrangements. To provide collateral for borrowings related to the acquisition of the subsidiary HLM Malta Limited, the Parent Company has pledged shares in specific subsidiaries. For the Parent Company, the value of the pledged shares comprises the cost, while for the Group the value comprises total net assets, which would disappear from the Group if the subsidiary shares were foreclosed. 8. Non-recurring items The table below shows extracts from the Consolidated Statement of Comprehensive Income and how it has been affected by non-recurring items. Results in Q2 2025 were mainly affected by EUR 49 thousand in relation to costs incurred as a result of the restructuring events and EUR -313 thousand of amortised bond redemption fee and currency effects. On the other hand, results in Q2 2026 were mainly affected by EUR 145 thousand of amortised bond redemption fee and currency effects. Group Parent Company Amounts in kEUR 30/06/2026 30/06/2025 30/06/2026 30/06/2025 Net assets/Shares in subsidiaries pledged as collateral for bonds 36 347 34 144 39 312 39 312 INTERIM REPORT Q2 2026 01/04/2026 - 30/06/2026 01/04/2025 - 30/06/2025 01/01/2026 - 30/06/2026 01/01/2025 - 30/06/2025 Amounts in kEUR Reported income statement Items affecting comparability Adjusted for items affecting comparability Reported income statement Items affecting comparability Adjusted for items affecting comparability Reported income statement Items affecting comparability Adjusted for items affecting comparability Reported income statement Items affecting comparability Adjusted for items affecting comparability Other external expenses -9 393 – -9 393 -7 878 49 -7 829 -18 244 – -18 244 -16 170 289 -15 881 Personnel expenses -1 207 – -1 207 -1 418 – -1 418 -2 646 – -2 646 -2 731 – -2 731 Other operating income 19 – 19 – – – 2 – 2 – – – Other operating expenses -47 – -47 -116 – -116 -52 – -52 -108 – -108 EBITDA 1 331 – 1 331 1 519 49 1 568 2 572 – 2 572 1 726 289 2 015 Depreciation/amortisation and impairment -960 – -960 -1 005 – -1 005 -1 929 – -1 929 -2 076 – -2 076 Operating profit/ (loss) (EBIT) 371 – 371 514 49 563 643 – 643 -350 289 -61 Interest and similar income – – – 1 – 1 1 – 1 1 – 1 Interest and similar expenses -509 34 -475 -606 37 -569 -1 005 67 -938 -767 62 -705 Other financial items 158 -179 -21 357 -350 7 233 -325 -92 -489 324 -165 Loss on extinguishment of bond liability – – – – – – – – – -1 458 1 458 – Net profit/(loss) before tax 20 -145 -125 266 -264 2 -128 -258 -386 -3 063 2 133 -930 Net profit/(loss) -80 -145 -225 218 -264 -46 -454 -258 -712 -3 037 2 133 -904 Q2 2026 – Interim Report page 25 ACROUD AB (PUBL) +356 9999 6019 ORG NR: 556693-7255 info@acroud.com
Page 26
Acroud presents certain alternative performance measures (APMs) in addition to the conventional financial ratios defined by IFRS in order to achieve a better understanding of the development of operations and the Group’s financial status. However, the APMs should not be regarded as a substitute for the key ratios required under IFRS. The reconciliation is presented in the tables in the annual report and should be read in connection with the definitions below. Key figures and definitions Key figures, Group 01/04/2026 30/06/2026 01/04/2025 30/06/2025 01/01/2026 30/06/2026 01/01/2025 30/06/2025 EBITDA margin 11% 14% 11% 8% Adjusted EBITDA margin 11% 14% 11% 10% Operating margin 3% 5% 3% -2% Revenue growth 9.40% 15% 13.39% 9% Organic revenue growth 9.50% 15.1% 13.66% 9% Equity ratio 47% 45% 47% 45% Return on equity -0.5% 1% -3% -17% Equity per share (EUR) 0.01 0.02 0.01 0.02 Number of registered shares at end of period 1 279 221 084 1 196 998 584 1 279 221 084 1 196 998 584 Weighted average number of shares used for basic earnings per share 1 279 221 084 1 196 998 584 1 279 221 084 1 068 435 749 Weighted average number of shares used for diluted earnings per share 1 279 221 084 1 196 998 584 1 279 221 084 1 068 435 749 Earnings per share (basic) -0.0001 0.0002 -0.0004 -0.003 Earnings per share (diluted) -0.0001 0.0002 -0.0004 -0.003 Adjusted earnings per share (basic) -0.0002 -0.00004 -0.0006 -0.001 Adjusted earnings per share (diluted) -0.0002 -0.00004 -0.0006 -0.001 Market price per share at end of period (SEK) 0.148 0.113 0.148 0.113 EPS growth (%) -134% 107% 87% 118% Organic EBITDA growth -15% 7% 28% -25% Q2 2026 – Interim Report page 26 ACROUD AB (PUBL) +356 9999 6019 ORG NR: 556693-7255 info@acroud.com
Page 27
CPA Cost Per Acquisition - revenue from up-front payment for each individual paying player that Acroud refers to its partners (usually the iGaming operator). This measures the efficiency of customer acquisition and the sustainability of revenue streams from referred players. EBITDA margin Measures the company's operating profitability by showing earnings before interest, taxes, depreciation, and amortization as a percentage of revenue. Equity per share Equity divided by the number of shares outstanding. This metric assesses per-share value for investors. iGaming Affiliation Segment Financial information relating to the iGaming affiliate business, which is made up of two major verticals: Casino and Betting. SaaS Segment Financial information relating to the SaaS business line. SaaS financial information relating to periods before acquisition date is based on pro forma figures. Adjusted EBITDA Reported EBITDA, adjusted for non-recurring items as explained in note 8 offering a clearer picture of core operational earnings. This is crucial for comparing operational efficiency across periods especially in industries with non-cash expenses or one-off costs. Adjusted profit after tax Reported profit after tax, adjusted for non-recurring items as explained in note 8. NDC The number of new customers making their first deposit with an iGaming (casino, bingo, sports betting) operator. NDC for the financial vertical are not included. These operational KPIs track the effectiveness of the company’s marketing and sales efforts in attracting new customers and maintaining active business relationships, which are critical drivers of future revenue. Revenue Generating Units (RGUs) The number of active entities which Acroud provides services to via the SaaS Segment. In Matching Visions, RGUs represent the number of active affiliate companies forming part of Acroud’s network during the reporting period. In SaaS vertical, RGUs represent the number of active clients to whom subscriptions were sold during the reporting period. Organic revenue growth Revenue from affiliate operations compared with the previous period, excluding acquisitions and divestments in accordance with IFRS 3 (last 12 months) and exchange rate movements. Organic revenue growth isolates the impact of core business activities by excluding acquisitions, divestments, and currency fluctuations. Earnings per share Profit/loss after tax divided by the average number of shares. This per-share metric is essential for investors, providing insight into the value and profitability attributable to each share, and allowing for easy comparison across companies and periods. Adjusted earnings per share Reported profit after tax, adjusted for items affecting comparability and currency effects as described in Note 8 divided by the average number of shares. This metric provides comparability measures as it removes the one-off items. Return on equity Profit/loss after tax divided by average equity. Assesses how effectively the company is generating profits from shareholders’ investments. This standard metric is used for evaluating risk and return. Operating margin Operating profit/loss as a percentage of sales. This assesses efficiency in converting sales to profit and is a direct measure of operational efficiency and cost control. Equity ratio Equity as a percentage of total assets. This measures financial stability by showing the proportion of assets financed by shareholders’ equity. Net debt / Adjusted EBITDA Interest-bearing liabilities including accrued interest related to loan financing, convertibles, lease liabilities, excluding any additional consideration, and less cash, in relation to L TM Adjusted EBITDA. EPS growth Percentage increase in earnings per share (after dilution) between periods. This KPI tracks the change in earnings per share over time, highlighting trends in profitability and signaling the company’s ability to generate increasing returns for shareholders. Revenue share Revenue derived from “revenue share”, which means that Acroud and the iGaming operator share the net gaming revenue that the player generates with the operator. Adjusted EBITDA Growth Adjusted EBITDA growth is defined as growth in EBITDA adjusted for non-recurring items as explained in note 8. By focusing on EBITDA growth from core operations (excluding non-recurring items), this KPI provides a clear view of underlying business improvements, independent of external factors like acquisitions. Q2 2026 – Interim Report page 27 ACROUD AB (PUBL) +356 9999 6019 ORG NR: 556693-7255 info@acroud.com
Page 28
Information for Shareholders From May 2024 (Q1 24 Report) Acroud has changed reporting and company language to English. Accordingly, press releases and interim reports are published in English only. Financial calendar Contact with investors The CEO and CFO are responsible for providing shareholders, investors, analysts and the media with relevant information. During the year, Acroud participated in a number of capital market activities. The Company also held regular analyst meetings. Financial reports, press releases and other information are available from the publication date on Acroud's website: http://www.acroud.com/investor-relations/. It is also possible to subscribe to press releases and reports on the website. Printed copies of the annual report are sent on request. CERTIFIED ADVISER The appointed Certified Adviser is FNCA Sweden AB, info@fnca.se. LIQUIDITY PROVIDER The appointed Liquidity provider is ABG Sundal Collier. Mikael Strunge, President and CEO Mobile: +45 2092 09 95 E-mail: mikael.strunge@acroud.com Reports Interim report July - September 2026 Contact For further information, please contact Andrzej Mieszkowicz , CFO Mobile: +356 9911 2090 E-mail: andrzej.mieszkowicz@acroud.com 25 November 2026 Q2 2026 – Interim Report page 28 ACROUD AB (PUBL) +356 9999 6019 ORG NR: 556693-7255 info@acroud.com