Strong Revenue Growth
Q4 revenue of EUR 15.6 million, up 53% year‑on‑year and 34% quarter‑on‑quarter. Adjusted for FX, YoY revenue growth was 68%.
Material Improvement in Adjusted EBITDA and Margins
Adjusted EBITDA rose to EUR 4.7 million, an increase of 211% YoY and 60% QoQ. Adjusted EBITDA margin improved to 30%, up 15 percentage points YoY and 5 percentage points QoQ.
Return to Positive Operating Cash Flow and Profitability
Operating cash flow from continuing operations was EUR 1.4 million in Q4 versus a negative EUR 0.2 million in Q4 2024. Profit after tax was EUR 2.8 million versus a loss of EUR 1.4 million in the prior-year quarter.
Casino Segment Outperformance
Casino contributed 89% of revenue. Casino revenue increased 81% YoY and 41% QoQ. Casino new depositing customers (NDCs) rose 117% YoY and 87% QoQ. Casino adjusted EBITDA increased 52% YoY and 63% QoQ, reflecting profitable growth.
Revenue Diversification Momentum
Performance marketing verticals (CRM, subaffiliation, paid media) increased their share of group revenue; CRM and subaffiliate reached new highs. New initiatives launched post‑quarter: PlayPerks (loyalty program) and MRKTPLAYS+ (commercial partner program) to accelerate growth in these channels.
SEO and Product Consolidation Gains
Organic search performance hit the best average ranking score of the year post‑Google updates, with most products emerging positively after the end‑of‑year update. Majority of Tier 1 products migrated to a consolidated platform enabling faster rollouts (e.g., loyalty expansion).
Cost Discipline (Normalized)
Excluding revenue-driving direct costs, the cost base decreased 14% YoY. Normalized personnel expenses (excluding €1.3m incentive accruals) decreased 38% YoY, indicating reduced fixed personnel costs.
Customer Acquisition and Engagement Indicators
Overall NDCs increased 56% YoY, supporting the revenue growth and the effectiveness of core brands and Marketplace subaffiliate partners.