Maximum Entertainment (MAXENT) investor relations material

Executive summary

• Revenue for Q1 2026 was €10.7M, down 29% year-over-year due to liquidity constraints impacting business opportunities.

• Gross margin improved to 30% from 24% year-over-year, reflecting a shift to higher-margin sales and cost control.

• Adjusted EBITDA was -€0.07M, a significant improvement from -€0.21M in Q1 2025.

• Net loss for the quarter was €-1.8M, with EPS at €-0.04, compared to €-0.16 in Q1 2025.

• The company remains dependent on additional financing to continue operations.

Financial highlights

• Operating cash flow before working capital changes was -€0.6M, improved from -€1.9M year-over-year.

• Operating cash flow after working capital changes was -€1.5M, down from €0.5M in Q1 2025 due to unfavorable working capital movements.

• Cash and cash equivalents at quarter-end were €1.0M, down from €2.6M a year earlier.

• Total loans increased to €50.6M from €42.8M, with net debt rising to €59.8M from €49.7M.

• No new impairments of games were recorded in the quarter.

Outlook and guidance

• The company is actively negotiating with lenders and financial partners to resolve liquidity and covenant breaches.

• Ongoing uncertainty regarding the outcome of financing discussions and the ability to secure new funding.

• The board has prepared a control balance sheet confirming equity below half of registered share capital; an EGM decided to continue operations.