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Gaming Realms (GMR) investor relations material

Gaming Realms H1 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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H1 2025 earnings summary8 Sep, 2025

Executive summary

  • Achieved H1 2025 revenue of £16.0m ($20.7m), up 18% year-over-year, with a 29% CAGR since 2019 in core content licensing.

  • Adjusted EBITDA rose 30% to £7.5m, with margin improving to 47% and 73% of Adjusted EBITDA converted to cash.

  • Profit before tax increased 19% to £4.3m, reflecting strong operational leverage.

  • Expanded global reach, launching in Brazil, British Columbia, Delaware, and adding 19 new partners.

  • UK content licensing was impacted by new staking limits, but recovery is underway due to product innovation.

Financial highlights

  • Content licensing revenue up 4% to £11.7m; brand licensing revenue up 623% to £2.4m due to a major deal.

  • Adjusted EBITDA reached £7.5m, up 30% from H1 2024, with margin at 47%.

  • Net cash increased 28% to £19.0m at period end, with 73% EBITDA-to-cash conversion.

  • Free cash flow supported by positive working capital and £3.5m capex, mainly for game and platform development.

  • Basic EPS was 0.90p, down from 1.12p in H1'24.

Outlook and guidance

  • U.S. online casino market forecast to grow 48% from 2025 to 2028, supporting further expansion.

  • Continued investment in new game launches, platform tools, and localized content for regulated markets.

  • Further launches planned in the Philippines, South Africa, Switzerland, and Greece.

  • Ongoing roll-out of marketing tools and bespoke content to drive player acquisition and engagement.

  • Trading in H1'25 was in line with expectations; management expects continued growth for FY25.

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Frequently asked questions

Gaming Realms plc is a developer, licensor, and distributor of mobile-focused gaming content. The company specializes in creating real-money and social gaming experiences, with an emphasis on innovative mechanics and engaging gameplay. Its portfolio includes proprietary and licensed gaming products, which are distributed through various platforms and operators globally. Gaming Realms also licenses its content and technology to third-party gaming companies. The company is headquartered in London, United Kingdom, and its shares are listed on the LSE.

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