Ainsworth Game Technology (AGI) AGM 2025 Presentation summary

Financial performance and results

• Underlying profit before tax for 2024 was $23.2m, down 44% from 2023, with total revenue at $264.1m, a 7% decrease year-on-year.

• North America contributed 56% of total revenue, with strong gaming operations generating $62.6m in recurring revenue from 6,871 units.

• Net cash position at year-end was $9.7m, down from $19.4m, mainly due to a $28.5m SAT payment; credit facility increased to US$50m and extended by 5 years.

• Dividends remain suspended to prioritize liquidity and R&D investment.

• EBITDA was $58.9m, including $9.6m in currency gains; underlying EBITDA was $48.2m.

Regional and segment performance

• North America saw a 5% revenue increase to $147.0m, driven by higher machine sales, improved ASP, and HHR connection fees; HHR now 22% of segment revenue.

• Latin America and Europe revenue fell 17% to $66.8m due to import restrictions in Mexico and Argentina, but signs of improvement are emerging.

• Asia Pacific revenue dropped to $42.7m, impacted by competitive pressures and product transitions; new A-STAR Raptor™ launch expected to boost future ASP.

• Online revenue halved to $7.6m after GAN contract termination, but direct operator relationships are expected to restore growth.

Balance sheet and cash flow

• Total assets increased to $438.1m, net assets to $360.6m; debt ratio improved to 18% from 25% year-on-year.

• Cash flow from operations was $25.5m excluding SAT payment; net cash decreased due to loan drawdown for SAT settlement.

• Cash flow to debt ratio was (4%) due to SAT payment, but would be 33% excluding it.