Financial Data and Key Metrics Changes - In Q4 2025, revenue was EUR 27.7 million, up 1.9% year-over-year, with a 5.1% increase when excluding the Netherlands [7][8] - Gross profit remained stable at EUR 15.7 million, with a gross margin of 56.5%, improving from 54.7% in Q3 2025 [8] - Adjusted EBITDA for Q4 2025 was EUR 4.6 million, flat year-over-year, but up from EUR 4.4 million in Q3 2025, resulting in an EBITDA margin of 16.5% [8][9] Business Line Data and Key Metrics Changes - Proprietary content revenue grew 20.8% year-over-year in Q4 2025, contributing significantly to overall profitability [19] - The concentration of revenue from proprietary content reached 16.6%, totaling EUR 4.3 million in Q4 2025, compared to EUR 3.6 million in Q4 2024 [25][26] Market Data and Key Metrics Changes - The U.S. market saw a 55% year-over-year revenue growth, while Brazil experienced a 42.1% increase in the same period [5][20] - Non-Netherlands revenue rose from 51% in 2022 to approximately 68% in 2025, indicating successful geographic diversification [15] Company Strategy and Development Direction - The company is focused on high-margin proprietary casino content, which supports growing gross profit and EBITDA margins [12][19] - Plans for 2026 include revenue projections between EUR 97 million and EUR 104.5 million, with Adjusted EBITDA expected to be between EUR 16 million and EUR 19 million [11][22] - The company aims to achieve positive EBIT by late 2026 through product mix optimization and operational expense reductions, including a 12% workforce reduction [21][22] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth potential of the U.S. online casino market, projected to grow from $12.4 billion in 2025 to over $36 billion by 2030 [13] - The company anticipates continued growth in Brazil and other emerging markets, despite headwinds in the Netherlands due to regulatory changes [16][19] Other Important Information - The company has implemented structural cost changes, including staff reductions, to secure a resilient financial foundation for 2026 [10] - The appointment of new executives is expected to enhance operational efficiency and support the company's strategic initiatives [18] Q&A Session Summary Question: Growth in proprietary content and pipeline for the year - Management confirmed a 16.6% concentration of revenue from proprietary content, totaling EUR 4.3 million in Q4 2025, with expectations for increased cadence in content production [25][26] Question: U.S. market growth drivers - The U.S. growth is primarily driven by proprietary and exclusive content, with significant opportunities for continued market penetration [28][29] Question: Timing of cost savings from restructuring - The anticipated annualized cash savings from restructuring efforts are about EUR 4.5 million, with benefits expected to start immediately [30] Question: Geographic revenue mix and growth expectations - Management provided insights on revenue concentration in Brazil and the U.S., indicating a focus on margin-accretive products for 2026 [34][37]

Financial Data and Key Metrics Changes - In Q4 2025, revenue was EUR 27.7 million, up 1.9% year-over-year, with a 5.1% increase when excluding the Netherlands [7][8] - Gross profit remained stable at EUR 15.7 million, with a gross margin of 56.5%, improving from 54.7% in Q3 2025 [8] - Adjusted EBITDA for Q4 2025 was EUR 4.6 million, flat year-over-year, but up from EUR 4.4 million in Q3 2025, resulting in an EBITDA margin of 16.5% [8][9] Business Line Data and Key Metrics Changes - Proprietary content revenue grew 20.8% year-over-year in Q4 2025, contributing significantly to overall profitability [19] - The concentration of revenue from proprietary content increased to 16.6% in Q4 2025, totaling EUR 4.3 million [25] - The company launched 44 new proprietary casino games in 2025, enhancing its portfolio and market presence [14] Market Data and Key Metrics Changes - Revenue growth in the USA was 55% year-over-year, while Brazil saw a 42.1% increase [5][20] - Non-Netherlands revenue rose from 51% in 2022 to approximately 68% in 2025, indicating successful geographic diversification [15] - The U.S. online casino market is projected to grow from $12.4 billion in 2025 to over $36 billion by 2030, with a compound annual growth rate of 24% [13] Company Strategy and Development Direction - The company is focused on building a high-margin, diversified business, with a strategic emphasis on proprietary content [8][19] - Plans for 2026 include revenue projections between EUR 97 million and EUR 104.5 million, with adjusted EBITDA of EUR 16 million to EUR 19 million [11][22] - The company aims to achieve positive EBIT by late 2026 through product mix optimization and operational efficiency [21][22] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to deliver sustainable long-term growth and shareholder value despite regulatory challenges in the Netherlands [9][10] - The company anticipates continued growth in high-value regulated markets like the U.S. and Brazil, while also preparing for new market entries [16][19] - Management highlighted the importance of AI initiatives to enhance operational efficiency and drive cost savings [21] Other Important Information - The company underwent a strategic restructuring, reducing approximately 12% of its global workforce, expected to yield annualized cash savings of EUR 4.5 million [10][11] - The appointment of new executives aims to strengthen operational leverage and content expansion strategies [18] Q&A Session Summary Question: Growth in proprietary content and pipeline for the year - Management confirmed proprietary content revenue concentration increased to 16.6%, totaling EUR 4.3 million in Q4 2025, with expectations for continued growth [25] Question: Cadence of content development for the year - Management indicated that the cadence of game production will remain similar, focusing on maximizing lifetime values for operators [26][27] Question: U.S. market growth drivers - Growth in the U.S. market is primarily driven by proprietary and exclusive content, with significant opportunities for continued market share penetration [28][29] Question: Timing of cost savings from restructuring - Management stated that benefits from restructuring will start immediately, with an annualized savings of EUR 4.5 million already factored into guidance [30] Question: Geographic revenue mix and growth expectations - Management provided insights on revenue concentration in Brazil and the U.S., indicating expectations for continued double-digit growth in both markets [34][37]

Financial Data and Key Metrics Changes - In Q4 2025, revenue was EUR 27.7 million, up 1.9% year-over-year, with a 5.1% increase when excluding the Netherlands [8] - Gross profit remained stable at EUR 15.7 million, with a gross margin of 56.5%, improving from 54.7% in Q3 2025 [9] - Adjusted EBITDA for Q4 2025 was EUR 4.6 million, flat year-over-year, but up from EUR 4.4 million in Q3 2025, resulting in an EBITDA margin of 16.5% [9][10] Business Line Data and Key Metrics Changes - Proprietary content revenue grew 20.8% year-over-year in Q4 2025, contributing significantly to overall profitability [20] - The share of revenue from proprietary content increased from 13.3% in Q4 2024 to 15.7% in Q4 2025, indicating a strategic shift towards higher-margin products [18][20] Market Data and Key Metrics Changes - Revenue growth in the USA was 55% year-over-year, while Brazil saw a 42.1% increase, highlighting strong performance in these markets [5][20] - Non-Netherlands revenue rose from 51% in 2022 to approximately 68% in 2025, reflecting successful geographic diversification [16] Company Strategy and Development Direction - The company is focused on building a diversified, high-margin business, with a strategic emphasis on proprietary casino content [9][20] - Plans for 2026 include revenue projections between EUR 97 million and EUR 104.5 million, with adjusted EBITDA expected to be between EUR 16 million and EUR 19 million [12][23] - The company is also pursuing operational excellence through AI initiatives and restructuring efforts, including a 12% reduction in global workforce to enhance efficiency [11][22] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth potential of the U.S. online casino market, projecting a compound annual growth rate of 24% from 2025 to 2030 [13] - The company anticipates challenges in the Netherlands due to regulatory changes but remains optimistic about growth in other markets [16][17] Other Important Information - The company has secured a new working capital revolving credit facility, enhancing liquidity and supporting investment in growth initiatives [10] - A new COO and Executive VP of Global Content have been appointed to drive operational leverage and content expansion [19] Q&A Session Summary Question: Growth in proprietary content - The company confirmed a concentration of 16.6% of revenue from proprietary content in Q4 2025, totaling EUR 4.3 million, with expectations for continued growth [26] Question: Pipeline for content development - The company plans to maintain a similar cadence for game production while focusing on maximizing lifetime values for operators [27] Question: U.S. market growth drivers - Growth in the U.S. market is primarily driven by proprietary and exclusive content, with significant opportunities for continued market share penetration [30] Question: Timing of cost savings from restructuring - The anticipated annualized cash savings from restructuring efforts are about EUR 4.5 million, with benefits expected to start immediately [32] Question: Geographic revenue mix and growth expectations - The company expects continued double-digit growth in both the U.S. and Brazil, despite headwinds in the Netherlands [39]

Core Insights - Expanse Studios has formed a strategic partnership with Stake to deploy its proprietary gaming content across Stake's global platforms, enhancing market access through the Hub88 aggregation infrastructure [1][2]. Company Overview - Expanse Studios is a B2B iGaming content provider and a subsidiary of Meridian Holdings Inc. (NASDAQ: MRDN), focusing on developing proprietary gaming content for over 1,300 operators worldwide [5]. - Meridian Holdings Inc. operates a diversified portfolio that includes online sports betting, raffles, and online casinos, with a strong presence in various global markets [6]. Partnership Details - The partnership with Stake allows Expanse to extend its reach through the Hub88 network, targeting Stake's international player base and scaling its global B2B distribution [2][3]. - Expanse's deployment includes high-performing titles such as Super Heli, Wild Icy Fruits, and VASO Psycho, showcasing a mix of game types and mechanics [2]. Market Strategy - Expanse Studios aims to address diverse market segments by employing tailored deployment strategies that combine social casino mechanics with established aggregation infrastructure [3][4]. - The company continues to expand systematically across emerging social casino markets and traditional iGaming channels, leveraging scalable distribution opportunities [4].

Financial Data and Key Metrics Changes - For the full year 2025, net revenues from continuing operations were $20.4 million, down from $23.2 million in 2024, reflecting an 11.9% decrease [3][11] - Net income from continuing operations improved to nearly $700,000 in 2025, compared to a net loss of $8.6 million in 2024, indicating a significant turnaround [4][12] - For Q4 2025, net revenues were $4.6 million, down from $5.9 million in Q4 2024, but net income rose to $2.5 million from a net loss of $3 million in the previous year [4][10] Business Line Data and Key Metrics Changes - The company has exited certain markets to focus on higher-quality revenue streams, which contributed to the decrease in revenue but improved overall financial performance [4][11] - Adjusted EBITDA from continuing operations improved to -$427,000 in Q4 2025 from -$2.3 million in Q4 2024, showing operational efficiency gains [10] Market Data and Key Metrics Changes - The prediction markets opportunity is estimated to have a trading volume of $30 billion to $40 billion in 2025, with potential long-term U.S. market volume reaching hundreds of billions [7][22] - The company is targeting a total addressable market (TAM) estimate of about $10 billion annually based on contract trading volume, which is considered conservative [22] Company Strategy and Development Direction - The company is focused on expanding into prediction markets in the U.S. and iGaming in Ontario, with plans to provide updates on launch timings [2][3] - A recent capital raise of $26 million is intended to support market expansion, product development, and compliance investments [15][16] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, emphasizing a disciplined approach to execution and the significant opportunities in prediction markets [16] - The company aims to position itself for rapid revenue growth in 2026 and beyond, with a focus on compliant and sustainable revenue streams [9][16] Other Important Information - The company has strengthened its leadership team with new appointments, including a Chief Operating Officer and a Chief Marketing Officer, to enhance operational execution and marketing efforts [8] - A partnership with Crypto.com for launching an event-based trading product in the U.S. is seen as a strategic inflection point for the company [5][6] Q&A Session Summary Question: Can you elaborate on your marketing strategy for prediction markets? - Management highlighted partnerships with distribution channels like Forever Network and Lines.com, emphasizing their performance marketing expertise in competitive markets [18] Question: How large do you see the U.S. prediction markets? - Management believes the market is larger than current estimates suggest, with a TAM of about $10 billion annually based on contract trading volume [22] Question: Can investors expect a material step-up in revenue growth? - Management indicated that they are very bullish on the opportunity and expect it to be a significant driver for the company [25]

Core Insights - Expanse Studios has received certification for commercial deployment of its content in Estonia and Latvia, enhancing its market access in regulated European markets [1][3][7] Group 1: Regulatory Certification - The certification from Gaming Associates allows Candy's Bonanza and Leprechaun's Wish to be deployed on licensed gaming platforms in Estonia and Latvia, complying with local regulatory standards [2] - The Baltic certifications facilitate Expanse Studios' expansion in regulated European markets, where independent technical verification is required for content deployment [3][4] Group 2: Market Overview - Estonia's online gambling market was valued at approximately $452.5 million in 2025, with an average revenue per user of €150 monthly, and a recent tax reduction from 6% to 4% by 2029 [5] - Latvia's online gambling market reached €170.7 million in 2025, accounting for 57% of total gambling revenue, with an 11% year-over-year growth, and online casino games representing over 60% of the market [6] Group 3: Company Strategy - The certification provides Expanse Studios with immediate deployment capabilities across existing Baltic operator partnerships and establishes compliance credentials for further European expansion [7] - The CEO of Expanse Studios emphasized the importance of building compliant and reliable distribution capabilities to create long-term value in regulated markets [7]

Fourth Quarter 2025 Earnings MARCH 10, 2026 Safe Harbor / Non-GAAP Financial Disclosures Forward-Looking Statements This presentation includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, statements regarding our business strategy, plans and objectives and our expected or contemplated future operations, results, financial condition, beliefs and intentions. In addition, any statements t ...

Core Viewpoint - Bragg Gaming Group's Board of Directors approved a limited waiver of the company's scheduled blackout period to allow CEO Matevž Mazij to conduct a block sale of 1,039,000 common shares due to urgent personal financial circumstances [1] Group 1: Company Actions - The Board granted the waiver to facilitate the Sale in an orderly manner, determining it was in the best interests of the Company and its shareholders [1] - The purchaser of the shares agreed to a customary non-disclosure agreement and a 6-month lock-up period regarding the Company's common shares [1] - The Company does not anticipate any further waivers of the blackout period being sought or granted [1] Group 2: Financial Context - The Board was satisfied that Mr. Mazij was not in possession of material non-public financial information regarding the Company, especially in light of the prior announcement of preliminary unaudited fourth quarter and full year 2025 financial results [1]

Core Insights - Gentoo Media's Q4 2025 interim report highlights a year of operational strengthening and improved financial discipline, with the fourth quarter showing the strongest revenue, profitability, and cash flow performance of the year [1] Financial Performance - Q4 revenue reached EUR 25.6 million, representing a 13% increase quarter-over-quarter, despite lower sports margins and a moderate seasonal uplift in December [1] - EBITDA before special items for Q4 was EUR 14.9 million, indicating margin expansion from a stronger cost base [1] - Cash flow from operations in Q4 amounted to EUR 11.5 million, contributing to a full-year operating cash flow of EUR 33 million [1] Operational Highlights - End-user deposit levels reached an all-time high exceeding EUR 200 million [1] - The company has strengthened omni-channel visibility across traditional search, paid campaigns, and emerging AI-driven platforms [1] Strategic Outlook - Gentoo Media maintains its preliminary full-year guidance for 2026, projecting cash flow from operations between EUR 37–41 million, EBITDA before special items of EUR 49–54 million, and revenue of EUR 105–115 million [1] - The outlook is supported by a leaner cost base, reduced non-recurring cash outflows, and a favorable global sporting calendar, including the football World Cup [1] Refinancing Update - In late January, Gentoo Media initiated a refinancing process for its existing bond, with net proceeds intended to repay the current bond and RCF facility [1]

Financial Data and Key Metrics Changes - Consolidated revenue for Q4 2025 was $95.8 million, up 17% year-over-year, with adjusted EBITDA of $40.6 million, up 16% year-over-year [6][11] - Net cash flow from operations was $42.6 million in Q4 2025, bringing the total for the full year to $136.8 million [7][16] - Profit excluding non-controlling interests decreased 31% to $24.7 million, with earnings per fully diluted common share of $9.72 compared to $14.40 in Q4 2024 [15] Business Line Data and Key Metrics Changes - Social casino revenue grew 9% year-over-year to $79.7 million, driven by the contribution from WHOW Games [7][11] - iGaming revenue from SuprNation was $16.1 million, up 78% year-over-year [9][11] - The payer conversion rate for social casino increased to 9.6% in Q4 2025 from 6.9% in Q4 2024, while average monthly revenue per payer decreased to $198 from $282 [8][13] Market Data and Key Metrics Changes - The overall social casino market faced growth challenges, but there is potential for growth outside the United States, particularly in Europe [8] - WHOW Games has a higher direct-to-consumer (DTC) revenue component due to its web-based history, contributing to the overall DTC revenue exceeding 30% of total social casino revenue in Q4 [9] Company Strategy and Development Direction - The company aims to innovate and enhance its social casino and iGaming businesses through product improvements and marketing strategies [17] - There is a focus on increasing DTC revenue as a percentage of overall social casino revenue in 2026 [9][33] - The company is evaluating potential acquisitions while maintaining a strong balance sheet and cash position [17] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenges in the social casino sector but emphasized the importance of efficiency and innovation for profitability [24] - AI is being integrated into workflows to enhance content production, player experience, and marketing optimization [25][26] - The company is mindful of the disciplined approach to marketing spend and player acquisition, especially in light of changing gaming regulations [30][46] Other Important Information - Operating expenses increased to $65.9 million in Q4 2025, primarily due to impairment loss recognized for SuprNation's goodwill [14] - The goodwill write-down for SuprNation was approximately $8 million, reflecting third-party valuation assessments [51] Q&A Session Summary Question: Can you bifurcate DoubleDown Casino and WHOW revenue contribution and growth? - Management indicated that both entities performed well, with WHOW Games having a high DTC mix due to its web-based player engagement [19][20] Question: What is the company's approach to AI and automation? - Management highlighted that AI is being used to enhance content production, personalize player experiences, and optimize marketing efforts [25][26] Question: Is the moderation in customer acquisition spend for SuprNation temporary or a shift towards profitability? - Management confirmed that the moderation is a disciplined response to ROI measurements, with ongoing adjustments based on market conditions [30] Question: How does the company view the promotional landscape in light of recent legislative changes? - Management noted that while marketing costs have increased, the pressure from sweepstakes legislation has lessened somewhat [46] Question: What is the company's stance on capital allocation and potential buybacks? - Management emphasized that long-term shareholder value is a priority, with ongoing discussions about capital returns and M&A strategies [37][38]