Ainsworth Game Technology (AGI) investor relations material

Executive summary

• Revenue for the six months ended June 30, 2025, increased 25% year-over-year to $152.1M, driven by strong domestic and Asia Pacific sales, especially after the Raptor™ cabinet launch in Australia.

• Underlying profit before tax (excluding currency and one-off items) was $13.9M, in line with the prior year, while statutory profit before tax fell to $1.6M due to $8.6M–$8.7M in foreign currency losses and $1.6M in transaction costs.

• Underlying EBITDA was $26.9M, flat year-over-year, with margin compression to 17.7% from 22% due to gross margin pressures; reported EBITDA was $14.6M after currency and one-off items.

• Net cash position at June 30, 2025, was $1.4M, down from $9.7M at December 2024, with interim dividends suspended to preserve liquidity.

• Recurring revenue from gaming operations reached $50.7M, similar to $48.9M in the prior period.

Financial highlights

• Revenue reached $152.1M, up from $121.4M year-over-year; gross margin was 56%, down from 67% due to product mix and lower online revenue.

• Profit after tax was $4.9M, down from $14.0M year-over-year; EPS (diluted) was 1.4 cents, down from 4.1 cents.

• Reported EBITDA was $14.6M, down from $28.2M year-over-year, impacted by currency translation losses.

• Operating costs rose 4% to $71.4M, mainly due to higher variable selling costs and inventory write-downs.

• Net cash from operations was an outflow of $4.7M, mainly due to increased inventory investment.

Outlook and guidance

• Margin pressure is expected to persist due to tariffs and geopolitical uncertainties, but growth is anticipated from new HHR facilities and product launches.

• Continued investment in R&D and product innovation to adapt to regulatory and technological changes and maintain competitiveness.

• Focus on expanding in regulated markets and maintaining cost controls.