REG - B90 Holdings PLC - Interim Results
22/09/2025 07:00
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RNS Number : 1470A B90 Holdings PLC 22 September 2025
07.00 BST, 22 September 2025
B90 Holdings plc
("B90" the "Company" or the "Group")
UNAUDITED INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2025
From turnaround to accelerated growth
B90 Holdings plc (AIM: B90), an online marketing group for the global gaming
industry, is pleased to announce its unaudited interim results for the six
months ended 30 June 2025 ("H1 2025").
The Group delivered another period of strong operational and financial
progress, reflecting the continued success of its transition to a lean,
scalable, B2B-focused business model. The main KPI for the business is EBITDA
which was more than 65% higher compared to the comparative prior period, at
€0.3 million - driven by revenue growth, tight cost controls, and increased
partner engagement. This success has continued into the second half of 2025.
Financial Highlights and KPIs
* Revenues increased by 75% to €2.41 million (H1 2024: €1.38 million)
* EBITDA increased by 65% to €0.30 million (H1 2024: €0.18 million), as
detailed in the Chairman's Statement below
* Net loss significantly reduced to €0.04 million (H1 2024: loss of €0.32
million), which includes ongoing amortisation and share-based payment
expense
* Cash balance at period end of €0.40 million (H1 2024: €0.30 million)
* Positive operational cash flow of €36,948 for the period
Operational Highlights
* Increased our active B2B partners portfoli
* Broader integration of AI and machine learning across marketing and
operational processes, continuing a journey of AI adoption, driving
scalability and margin efficiency
Corporate Highlights
* Continued positive EBITDA performance and growth
* Long-term incentive plan implemented in June 2025 to align leadership with
shareholder value creation
* Further investment from Non-Executive Director Andrew McIver through market
purchase
Commenting on the results, Ronny Breivik, Executive Chairman of B90 Holdings
plc, said:
"We are no longer a turnaround story. With increased EBITDA profitability
and a 75% increase in revenue, we are delivering against our KPIs and
positioning the business for scalable, long-term growth. We have been working
with machine learning and AI technologies since 2009, and today they underpin
almost every part of our operations. This is a core differentiator. We are a
data-driven business and early adopters of AI, constantly monitoring the space
for new tools to automate and improve current flows. Our lean operating model,
supported by automation and AI, continues to deliver real value to partners
while keeping our infrastructure agile and efficient.
"We enter the second half of 2025 with strong momentum, benefiting from a
strong trading period and a growing portfolio of high-quality partnerships.
The foundations are now firmly in place for B90 to establish itself as a
leading B2B marketing group for the global gaming industry. We continue to
remain focused on driving profitable growth, strengthening partner
relationships, and creating sustained value for shareholders."
-Ends-
For further information please contact:
B90 Holdings plc +44 (0)1624 605 764
Ronny Breivik, Executive Chairman
Marcel Noordeloos, Finance Director
Strand Hanson Limited (Nominated Adviser) +44 (0)20 7409 3494
James Harris / Richard Johnson / Imogen Ellis
Zeus Capital Limited (Broker) +44 (0)20 3829 5000
Louisa Waddell / Simon Johnson
Rosewood (Financial PR & IR) +44 (0)20 7653 8702
John West / Llewellyn Angus / Lily Pearce
Chairman's Statement
Overview
The first half of 2025 has marked a pivotal phase in B90's transformation.
Having completed the operational turnaround in 2024, we have now entered a
period of accelerated, technology-driven growth underpinned by our lean,
B2B-focused model. The benefits of this transition are evident in our
financial and operational performance for the period, with management focused
on increasing revenue and EBITDA. H1 2025 resulted in revenue increasing by
75% and EBITDA reaching €0.30 million (compared to €0.18 million in H1
2024).
We are no longer a turnaround story. We are now a scalable B2B marketing
platform focused on performance, efficiency, and innovation. Our
technology-led customer acquisition capabilities, enhanced partner base, and
expanding geographic reach position us to deliver continued growth and
long-term value creation.
Operational Review
During H1 2025, we made strong progress across the business, with revenue
rising to €2.41 million (H1 2024: €1.38 million) and increasing EBITDA to
€0.30 million (H1 2024: €0.18 million). Growth was driven by increased
volumes from existing partners and the onboarding of new B2B relationships.
Our scalable pay-per-click engine continues to deliver high-quality leads and
first-time depositing customers, through more than 200 partners. These results
reflect a disciplined focus on performance marketing, cost control, and
operational leverage.
At the heart of our growth is a high-performing marketing platform underpinned
by automation and AI. The now-completed turnaround has streamlined our cost
base, enabling us to focus entirely on lead generation and value delivery.
Brand performance remains strong: Oddsen.nu's international expansion is
unlocking new revenue opportunities, with long-term agreements contributing
materially. Bet90.com, relaunched as an affiliate platform, is also generating
encouraging early traction.
This momentum is the result of deliberate planning and focused execution. We
have been selective in the markets we serve and the partners we engage,
prioritising sustainable growth over scale for its own sake. That discipline
is supported by a lean, experienced core team whose sector knowledge and
agility are central to our performance.
Our relationships with partners are built on trust, responsiveness, and
data-driven execution. We tailor acquisition strategies by season, vertical
and geography, and continually optimise campaigns based on close collaboration
and shared insight.
Technology and Innovation
Technology is embedded in every layer of our operations and is central to how
we scale. We continue to invest in tools and platforms that enhance campaign
efficiency, optimise traffic monetisation, and support real-time decision
making. AI-driven targeting and automation are enabling us to generate
high-quality leads at lower marginal cost, improving returns for our partners
without requiring proportional increases in headcount or spend.
AI is now integrated across almost every aspect of the business, from traffic
routing and campaign analytics to market research and partner optimisation.
The use of generative and predictive tools allows us to process and interpret
large volumes of data in minutes, replacing what previously required multiple
teams and significant time. The power of these technologies lies not just in
the tools themselves, but in how we deploy them using our deep sector
knowledge and operational experience.
In parallel, we are diversifying our marketing channel mix by exploring new
channels and geographies, laying the groundwork for continued organic growth.
Our scalable architecture, combined with a clear understanding of affiliate
marketing dynamics, gives us a competitive advantage that is both defensible
and adaptable.
By embedding automation and AI into our daily operations, we are able to stay
lean, agile and highly focused. This is a model that continues to deliver
both performance and efficiency as we scale across multiple platforms and
markets.
Corporate Review
In June 2025, we implemented an enhanced long-term incentive plan, granting 22
million options to directors and key staff. This aligns performance with
shareholder value creation and incentivises sustained delivery over the medium
term. In the same month, our Non-Executive Director Andrew McIver increased
his equity holding, which is another clear demonstration of Board-level
confidence in our strategy and outlook.
We continue to operate with a disciplined approach to capital allocation. We
are selective about the events we attend, the channels we invest in, and the
partnerships we pursue. By focusing on activity that builds long-term value
rather than short-term visibility.
Financial Review
The Group delivered revenues of €2.41 million in H1 2025, up from €1.38
million in H1 2024, a 75% increase.
EBITDA for the period was €0.30 million, up from €0.18 million in the
prior period, while the net loss narrowed significantly to €0.04 million (H1
2024: loss of €0.32 million), after accounting for ongoing amortisation and
share-based payment expenses.
Operating expenses were held broadly flat despite the significant growth in
revenue, demonstrating the scalability and efficiency of our operating model.
Cash at the period end stood at €0.40 million, with a modest net current
asset position.
While we continue to monitor liquidity closely, our financial position
reflects a healthy and improving profile driven by profitability, rather than
external capital. We remain confident in our ability to fund future growth
through operational cash flow.
Unaudited Unaudited Audited
First 6 months of 2025 First 6 months of 2024 Full year
2024
Net loss (39,223) (321,954) (1,701,414)
Amortisation & Depreciation 282,102 381,966 763,932
Impairments - - 1,398,107
Share based payments 66,336 130,975 219,769
Tax (6,499) (7,583) (14,083)
EBITDA 302,716 183,404 666,311
Outlook and Current Trading
B90 enters the second half of 2025 in its strongest position to date. We have
a lean, scalable, and profitable business model; a growing and diversified
network of global partners; and a highly focused team aligned around
performance and growth. With market expectations reaffirmed in our July 2025
trading update, we remain confident in delivering a strong full-year result at
both revenue and EBITDA level.
Our priorities for the remainder of the year include expanding revenue from
existing marketing assets, securing additional high-margin partnerships,
unlocking new geographies, and continuing to invest in performance-driven
technology. The second half of the year traditionally benefits from peak
activity in both sports and casino, trends already reflected in current
trading, giving us additional confidence in our outlook.
July and August 2025 delivered record-breaking monthly revenues for the Group
and a corresponding strong EBITDA performance, underlining the strength of our
model and the momentum with which we enter the remainder of the year.
We remain focused on driving profitable growth, strengthening partner
relationships, and creating sustained value for shareholders.
On behalf of the Board, I would like to thank our shareholders, partners, and
team for their continued support. We move forward with confidence, momentum,
and a clear strategy for long-term success.
Ronny Breivik
Executive Chairman
22 September 2025
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
UNAUDITED UNAUDITED AUDITED
Period ended Period ended Year ended
30 June 2025 30 June 2024 31 December 2024
€ € €
Revenue 2,407,483 1,379,178 3,521,834
Marketing and selling expense (986,287) (181,370) (753,064)
Salary expense (816,368) (841,940) (1,591,191)
Other administrative expense (368,448) (303,439) (731,037)
Amortisation and impairment expense (282,102) (381,966) (2,162,039)
Total administrative expenses (2,453,205) (1,708,715) (5,237,331)
Operating loss (45,722) (329,537) (1,715,497)
Taxation 6,499 7,583 14,083
Loss for the period (39,223) (321,954) (1,701,414)
Loss per share attributable to equity holders of the Company
- Basic (in €) (0.0001) (0.0007) (0.0164)
- Diluted (in €) (0.0001) (0.0007) (0.0164)
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
UNAUDITED UNAUDITED AUDITED
Year ended 6 months ended Year ended
30 June 30 June 31 December
2025 2024 2024
€ € €
Non-current assets
Goodwill 1,913,600 1,913,600 1,913,600
Other intangible assets 4,880,248 6,942,423 5,162,350
Total non-current assets 6,793,848 8,856,023 7,075,950
Current assets
Trade and other receivables 1,010,011 503,553 704,374
Cash and cash equivalents 401,206 302,104 364,259
Total current assets 1,411,217 805,657 1,068,633
Total assets 8,205,065 9,661,680 8,144,583
Equity and liabilities
Share capital - - -
Additional paid-in capital 41,170,466 41,110,393 41,170,466
Reverse asset acquisition reserve (6,046,908) (6,046,908) (6,046,908)
Retained earnings (28,480,624) (27,217,071) (28,507,737)
Total shareholders' equity 6,642,934 7,846,414 6,615,821
Non-current liabilities
Deferred tax liability 213,345 226,345 219,845
Total non-current liabilities 213,345 226,345 219,845
Current liabilities
Trade and other payables 1,348,786 1,588,921 1,308,917
Total current liabilities 1,348,786 1,588,921 1,308,917
Total equity and liabilities 8,205,065 9,661,680 8,144,583
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Additional Other reserves -
Share paid in Reverse asset Retained
capital capital acquisition reserve earnings Total
€ € € € €
Balance as at 1 January 2024 - 41,110,393 (6,046,908) (27,026,092) 8,037,393
Loss for the period - - - (321,954) (321,954)
Share based payments - - - 130,975 130,975
Balance as at 30 June 2024 - 41,110,393 (6,046,908) (27,217,071) 7,846,414
Balance as at 1 January 2024 - 41,110,393 (6,046,908) (27,026,092) 8,037,393
Result for the period - - - (1,701,414) (1,701,414)
Conversion of liabilities - 45,000 - - 45,000
Exercise of stock options - 15,073 - - 15,073
Share based payments - - - 219,769 219,769
Balance as at 31 December 2024 - 41,170,466 (6,046,908) (28,507,737) 6,615,821
Result for the period - - - (39,223) (39,223)
Share based payments - - - 66,336 66,336
Balance as at 30 June 2025 - 41,170,466 (6,046,908) (28,480,624) 6,642,934
CONSOLIDATED STATEMENT OF CASH FLOWS
Unaudited Unaudited Audited
30 June 30 June 31 December
2025 2024 2024
€ € €
Cash flows from operating activities
Operating loss (45,722) (329,537) (1,715,497)
Adjustments for:
Share based payments 66,336 130,975 219,769
Impairments of intangible assets - - 1,398,107
Amortisation of intangibles 282,102 381,966 763,932
Cash flow generated from operations before working capital changes 302,716 183,404 666,311
(Increase) in trade and other receivables (305,638) (15,568) (216,389)
Increase/(decrease) in trade and other payables 39,870 (694,847) (929,851)
Cash flow used in operations 36,948 (527,011) (479,929)
Tax (paid)/received - - -
Cash flow used in operating activities 36,948 (527,011) (479,929)
Cash flow from financing activities
Proceeds of issue of new shares - - 15,073
Net cash inflow used in financing activities - - 15,073
Net increase/(decrease) in cash and cash equivalents 36,948 (527,011) (464,856)
Cash and cash equivalents at start of period 364,259 829,115 829,115
Cash and cash equivalents at end of period 401,207 302,104 364,259
NOTES TO THE UNAUDITED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2025
1. Basis of preparation
The condensed interim consolidated financial statements incorporate the
results of B90 Holdings plc (the "Company") and entities controlled by the
Company (its subsidiaries) (collectively the "Group").
The condensed interim consolidated financial statements are unaudited, do not
constitute statutory accounts and were approved by the Board of Directors on
19 September 2025.
The preparation of unaudited condensed interim consolidated financial
statements requires management to make judgements, estimates and assumptions
that affect the application of accounting policies and the reported amounts of
assets and liabilities, income and expense. Actual results may differ from
these estimates.
In preparing the unaudited condensed interim consolidated financial
statements, the significant judgements made by management in applying the
Group's accounting policies and the key sources of estimation uncertainty were
the same as those that applied to the consolidated financial statements as at
and for the year ended 31 December 2024. The year ended 31 December 2024
Annual Report and financial statements is available on the Company's website
(www.b90holdings.com).
The unaudited condensed interim financial information in this report has been
prepared using accounting policies consistent with IFRS as adopted by the
European Union. IFRS is subject to amendment and interpretation by the
International Accounting Standards Board (IASB) and the IFRS Interpretations
Committee and there is an ongoing process of review and endorsement by the
European Commission. These policies are consistent with those to be adopted
in the Group's consolidated financial statements for the year ended 31
December 2025. The Group has chosen not to adopt IAS 34 "Interim Financial
Statements" in preparing the interim financial information.
The principal risks and uncertainties of the Group have not changed since the
last annual financial statements for the year ended 31 December 2024, where a
detailed explanation of such risks and uncertainties can be found.
Going concern
The Group reported a net loss of €0.04 million for the six months ended 30
June 2025, with a positive EBITDA of €0.30 million. The Group reported a
positive cash flow from operations of €0.04 million.
Trading during H1 2025 was in line with the Board's expectations and shows
further improvement from 2024. The Group also shows a positive working capital
position of €0.06 million. The Directors believe the Group will meet the
full year expectations. However, should revenue not be in line with
management's expectations going forward, the Group's ability to meet its
liabilities may be impacted, in which case the Group may need to raise further
funding. In the event that further funds are needed, whilst the directors are
confident of being able to raise such funding if required, there is no
certainty that such funding will be available and/or the terms of such
funding. These conditions are necessarily considered to represent a material
uncertainty which may cast significant doubt over the Group's ability to
continue as a going concern.
Whilst acknowledging this uncertainty, the Directors remain confident that the
current strategy will allow the Group to expand its operations and generate a
positive operational cash flow within a reasonable time or, if needed, be able
to raise additional funding when required; therefore, the Directors consider
it appropriate to prepare these financial statements on a going concern basis.
These financial statements do not include the adjustments that would result if
the Group was unable to continue as a going concern.
2. Earnings per share
The calculation of earnings per share is based on the following earnings and
number of shares.
6 months 6 months Year ended
31 December 2024
ended ended
30 June 2024
30 June 2025
€ € €
Earnings
Loss for the purpose of basic and diluted earnings per shares being net result
attributable to equity shareholders
(39,223) (321,954) (1,715,497)
Number of shares
Weighted average number of ordinary shares for the purposes of basic earnings 440,814,739 439,518,227 439,782,993
per share
Weighted average number of dilutive share options - - -
Weighted average number of ordinary shares for the purposes of diluted 440,814,739 439,518,227 439,782,993
earnings per share
Basic loss per share (€) (0.0001) (0.0007) (0.0039)
Diluted loss per share (€) (0.0001) (0.0007) (0.0039)
3. Significant events during the reporting period
On 30 June 2025, the Company announced that it had granted a total of
22,000,000 options over ordinary shares to directors and employees of the
Company. These options have an exercise price of 3p and will vest in equal
instalments over the years following the first anniversary of the grant date.
The options expire after 8 years.
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