B90 HOLDINGS PLC

Earnings Release • Sep 22, 2025

National Storage Mechanism | Additional information

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 First 6 months of 2025		Unaudited First 6 months of 2024		Audited 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 Period ended		UNAUDITED Period ended		AUDITED 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 ended 30 June 2025		6 months ended 30 June 2024		Year ended 31 December 2024
	€		€		€
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 per share	440,814,739		439,518,227		439,782,993
Weighted average number of dilutive share options	-		-		-
Weighted average number of ordinary shares for the purposes of diluted earnings per share	440,814,739		439,518,227		439,782,993
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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