B90 Marketing Spend Rises 75% as H1 Revenue Grows 38%
B90 Holdings increased H1 revenue by 38% to €3.33 million, but the cost of marketing growth rose faster. Marketing and selling expense climbed 75% to €1.72 million.
The AIM-listed performance marketing and MarTech group published its six-month numbers on September 21. Its interim results show adjusted EBITDA at €308,663, little changed from €302,716 a year earlier, while operating cash flow rose from €0.04 million to €0.50 million.
Marketing Took 52% of H1 Revenue
Revenue for the six months to June 30 was €3.325 million, up from €2.407 million. Marketing and selling expense moved from €986,287 to €1.724 million.
The increase in that expense was €737,855. Revenue added €917,813 over the same period. Put against each other, the higher marketing and selling cost was equal to about 80% of the year-on-year revenue increase.
It also took a larger share of the top line. Marketing and selling expense was 51.9% of revenue in H1 2026, compared with 41.0% a year earlier.
Adjusted EBITDA rose only 2% to €308,663. That puts the adjusted EBITDA margin at about 9.3%, down from 12.6% in H1 2025.
Google-Led Acquisition Is Getting More Expensive
B90 said competition and pricing have increased across some acquisition channels, including Google-led channels. The company is assessing campaign performance and customer economics continuously and shifting marketing capital between campaigns, markets and partners.
AI and machine learning are already used in campaign optimisation, bidding, predictive analytics, market research, traffic routing and content workflows. B90 is also testing alternative traffic sources as the acquisition environment changes.
Bet90 Moves From Operator to Affiliate Asset
Bet90.com has been repositioned as an affiliate platform. That gives B90 another owned traffic asset without the operating cost and risk of running the gaming business directly.
Oddsen.nu is being expanded for a broader international audience. B90 said future affiliate properties are being designed around generative search, AI-assisted content, changing search behaviour and new distribution channels rather than simply reproducing traditional affiliate sites.
Although B90 is quoted in London, the group said its current revenue comes from partners and customers outside the UK.
Operating Cash Flow Reaches €0.50M
Net cash from operating activities reached €0.50 million, compared with €0.04 million in H1 2025. B90 recorded no investing or financing cash flows during the period.
Cash at June 30 stood at €1.47 million, about 3.7 times the €0.40 million reported a year earlier. The group also narrowed its net loss to €23,069 from €39,223.
Trading since June has remained broadly in line with first-half trends, with B90 reporting improved momentum in recent weeks. The company continues to expect full-year results in line with management expectations.
Higher Acquisition Costs Put More Weight on Owned Traffic
B90’s numbers show how quickly the economics of affiliate acquisition can change when paid search becomes more competitive. Its marketing and selling costs grew almost twice as fast as revenue, while EBITDA barely moved.
That makes owned traffic assets such as Bet90.com and Oddsen.nu more important to the group. B90 is also building around AI search and new traffic channels, suggesting that future growth will depend less on adding spend to established Google-led campaigns and more on finding cheaper or more controllable sources of users.