Core Insights - The company reported a strong revenue growth of 31% in 2025, reaching $669 million, marking the highest annual increase since 2021 [2][4] - Betting revenue increased by 33% in 2025, driven by the introduction of innovative products like BetVision, which enhances customer engagement and in-play wagering [1][2] - The media business also performed well, with a 37% increase in revenue to $144 million [1][2] Financial Performance - The adjusted EBITDA for the group was $136 million, representing a 20% margin, the highest annual margin as a public company [2][4] - The company expects organic revenue to generate between $810 million and $820 million in 2026, with adjusted EBITDA projected between $180 million and $190 million, indicating growth of 22% and 36% respectively [8] - The acquisition of Legend is anticipated to be immediately accretive, with the combined entity expected to achieve group revenue of $1.1 billion and adjusted EBITDA of $320 million to $330 million [9] Market Position and Strategy - The company is deeply embedded in the media infrastructure, partnering with major advertising agencies and platforms to enhance its advertising capabilities [6][7] - The Americas accounted for most of the growth, with a 41% increase, while European markets also showed strong performance with growth exceeding 20% [7] - The acquisition of Legend is seen as a strategic move to enhance audience engagement and monetization capabilities, leveraging its technology to improve user interaction and revenue generation [10][12] Future Outlook - The company reaffirms its guidance for continued top-line growth and margin expansion into 2026, supported by the strong performance of both betting and media segments [4][5] - The integration of Legend's technology is expected to enhance the company's ability to capture a greater share of economic value in the sports and gaming sectors [25][26] - The company anticipates that the combination with Legend will lead to improved customer acquisition efficiency and increased lifetime value of customers [20][21]