Angler Gaming (ANGL) Q1 2025 earnings summary

Executive summary

• Revenue declined 24.82% year-over-year to €8.18M, mainly due to a new B2B model and higher customer winnings in late Q1.

• EBIT rose 10.47% to €1.73M and net profit surged 64.43% to €1.36M, driven by cost control and a favorable B2B cost structure.

• PremierGaming Ltd contributed 6.67% of group revenues, with increased active paying customers in Q1.

• Marlin Media, the affiliate marketing arm, grew organic traffic 90% sequentially and is on track for break-even by Q1 2026.

Financial highlights

• Revenue: €8.18M (down 24.82% YoY); EBIT: €1.73M (up 10.47% YoY); Net profit: €1.36M (up 64.43% YoY).

• EBIT margin improved to 21.17% from 14.41% YoY.

• Earnings per share: €0.0181 (vs €0.0110 YoY).

• Customer deposits increased 4.79% YoY to €20.17M.

• Net game win hold dropped to 54.6% from 63.4% YoY.

Outlook and guidance

• Q2 2025 trading update: average daily net gaming revenue through May 13 was 16% lower than Q2 2024, reflecting the new B2B model.

• Management is confident in the new B2B structure and ongoing improvements to the iGaming platform.

• Marlin Media expected to reach break-even by Q1 2026.