Gaming Realms (GMR) H2 2025 earnings summary

Executive summary

• Revenue grew 10% year-over-year to £31.4 million, with Adjusted EBITDA up 15% to £15 million, driven by strong performance in North America and ongoing expansion into new regulated markets.

• The business model centers on content licensing, leveraging the Slingo IP, with additional revenue from brand licensing and social gaming.

• Unique players increased 22% to 6.9 million, reflecting growing engagement and market reach.

• Expanded into 32 regulated markets, including Brazil, South Africa, Switzerland, and Peru, with over 250 distribution partners.

• Strong cash generation and a robust balance sheet support ongoing investment and shareholder returns.

Financial highlights

• Revenue increased 10% to £31.4 million; Adjusted EBITDA rose 15% to £15 million compared to 2024.

• North America accounted for 63% of content licensing revenue, with U.S. and Canada revenues up 23% and 31% respectively (constant currency).

• Free cash flow of £4.3 million after £8.2 million capital investment and £2.8 million share buybacks; year-end cash balance at £17.8 million.

• Over £7.4 billion in bets placed across the platform in 2025.

• Profit before tax increased 5% to £8.8 million.

Outlook and guidance

• 2026 Adjusted EBITDA consensus is £14.7 million, slightly below 2025 due to increased U.K. Remote Gaming Duty; underlying growth remains strong.

• Content licensing revenues in Jan-Feb 2026 were 8% ahead of the same period in 2025 (10% constant currency).

• CapEx growth expected to normalize to mid-teens percentage in 2026, reflecting full-year impact of prior investments.

• Effective tax rate expected to align with U.K. standard of 25% going forward.

• Continued investment in content innovation, market-specific products, and global distribution.