Gaming Realms (GMR) investor relations material

Executive summary

• Revenue for H1 2026 was £15.5m, down 3% year-over-year, mainly due to a sharp drop in non-core brand licensing after a prior period renewal.

• Content licensing revenue grew 12% year-over-year to £13.0m, with strong momentum in North America and new partner additions.

• Adjusted EBITDA was £6.6m, down 12% year-over-year, but up 16% to £5.9m excluding brand licensing, with margins expanding to 40%.

• Unique players reached 6.9m, an 88% increase year-over-year.

• Net cash at period end was £13.5m after £6.0m was returned to shareholders via share buybacks.

Financial highlights

• Revenue: £15.5m (-3% vs H1'25); Revenue excl. brand licensing: £14.8m (+9%).

• Content licensing revenue up 12% to £13.0m; brand licensing revenue down 71% to £0.7m.

• Adjusted EBITDA: £6.6m (-12%); Adjusted EBITDA excl. brand licensing: £5.9m (+16%).

• Profit before tax: £3.4m (-21%); Profit before tax excl. brand licensing: £2.7m (+47%).

• Basic EPS was 0.87p (H1'25: 0.90p); diluted EPS was 0.83p (H1'25: 0.86p).

Outlook and guidance

• Continued investment in content output, new studio launches, and platform technology to drive future growth.

• Further release volume growth expected in H2'26 as development investment converts into output.

• Focus remains on expanding into new regulated markets and deepening relationships with partners.

• North America remains a key growth market, with ongoing expansion and regulatory adaptability.