Cherry With Friends AB’s revenue jumps 55% in Q1 2026 as operator returns to profit

Cherry with Friends AB has reported net revenue of SEK 188.1 million (€17.2 million) for the first quarter of 2026, representing growth of approximately 55 per cent compared to SEK 121.3 million during the same period last year.

The Sweden-headquartered gaming operator also returned to profitability, reporting net income of SEK 7.9 million for the three-month period ending 31 March 2026, compared to SEK 2 million recorded during Q1 2025. The group generated EBITDA of SEK 15.4 million, up from SEK 10.1 million year-on-year, while EBIT increased to SEK 11.1 million from SEK 5.5 million.

Cherry With Friends AB is the Swedish parent company of Malta-based Together Gaming Solutions plc, which provides iGaming technology, platform and white-label services to online gaming operators.

Gross profit rose to SEK 114 million, compared to SEK 71 million during the corresponding period in 2025, although marketing expenditure also increased significantly to SEK 54.7 million from SEK 25.6 million, reflecting continued growth investment.

The company ended March with SEK 165.4 million in cash and cash equivalents, strengthening from SEK 156.9 million at the end of December 2025. Total assets stood at SEK 393.1 million.

Cherry Group reported total interest-bearing liabilities of SEK 181.7 million, including SEK 137 million in bond financing, SEK 34.4 million in shareholder loans and SEK 10.3 million in deferred tax obligations. Leasing liabilities amounted to SEK 3.6 million.

The operator also reported player and jackpot liabilities amounting to SEK 20.3 million at the close of the reporting period.

Cherry Group’s latest results build on momentum from 2025, when the business generated SEK 617.5 million in net revenue for the full year and moved back into positive EBIT territory after posting an operating loss during 2024.