Interim Results

8 September 2025

Gaming Realms plc

(the "Company" or the "Group")

Interim Results

18% revenue growth, Adjusted EBITDA1 up 30% driven by international licensing expansion

International footprint set to expand

Gaming Realms plc (AIM: GMR), the developer and licensor of mobile focused gaming content, is pleased to announce its interim results for the six months to 30 June 2025 (the "Period" or "H1'25").

Financial highlights:

· Total revenue increased 18% to £16.0m in H1'25 (H1'24: £13.6m)

· Group Adjusted EBITDA grew 30% to £7.5m (H1'24: £5.8m), representing a 47% Adjusted EBITDA margin (H1'24: 43%)

· Total licensing revenues grew 22% to £14.1m (H1'24: £11.5m):

· Content licensing revenue increased 4% to £11.7m (H1'24: £11.2m)

• UK content licensing revenue fell 13% in H1'25 (21% in Q2'25) due to UK staking limit changes introduced in April 2025. However, the trend improved sharply in July (reduced to a 16% decline) and August (reduced to a 9% decline) as new Slingo innovations were certified and released.

• Ex-UK content licensing revenue continued to perform strongly, up 18% in H1'25 with US up 22%

· Brand licensing revenue increased 623% to £2.4m (H1'24: £0.3m), due to the completion of a significant brand deal during the period

· Profit before tax increased 19% to £4.2m (H1'24: £3.5m)

· Net cash at period end up 28% to £19.0m (Dec'24: £13.5m) with continued strong cash generation

· Reported revenue negatively affected by currency movements between GBP and USD

Operational highlights:

· Launched content in the regulated markets of Brazil and British Columbia, Canada

· Granted supplier license in Delaware, USA

· Released six new unique Slingo games into the market, including Slingo Fishing Bob and Slingo Honey Crew, taking the distributed games portfolio to 95 titles

· Launched with 19 new partners globally:

• In North America with the British Columbia Lottery Corporation ("BCLC") and Hollywood Casino in West Virginia

• In South America with BetMGM, Superbet and KTO in Brazil, and BetPlay in Colombia

• In Europe with GG Poker, Microgame and E-Play 24

· Launched a further three third-party slot games, bringing the total number of third-party games distributed to 17 (Dec'24: 14)

Post period-end:

· Licensing revenue increased 2% in the two months post period-end compared to the same period in 2024. This is satisfactory given the negative impacts of currency translation and the new staking limit regulations in the UK which gave a decline of UK licensing revenue of 16% in July and 9% in August (referred to above)

· Launched content with Rush Street Interactive in Delaware, USA, the sixth U.S. state where the Group distributes its content

· Launched Slingo content with Bet365 in Brazil, Golden Nugget in Ontario and Betly in West Virginia

· Released Slingo Cash Eruption as well as three NFL franchise branded Slingo games in partnership with BetMGM

1 EBITDA is profit before interest, tax, depreciation and amortisation expenses and is a non-GAAP measure. The Group uses EBITDA and Adjusted EBITDA to comment on its financial performance. Adjusted EBITDA is EBITDA excluding share option and related charges and adjusting items, which are significant, non-recurring items outside the scope of the Group's ordinary activities. See Note 4 for further details.

Summary:

Gaming Realms has sustained its growth through the first half of 2025, executing on its strategy of developing and licensing innovative games globally to market-leading brands and operators, as well as licensing our IP into adjacent markets.

Revenue for H1'25 increased by 18% on a reported basis, and 21% at constant currency, driven primarily by the Group's international licensing business. Adjusted EBITDA rose 30% to £7.5m, with margins expanding to 47% (H1'24: 43%).

Content licensing from the UK (which accounted for 29% of the content licensing total in the period) was negatively affected by the staking limits imposed by UK government and the new regulations that came into effect on 9 April 2025. However, The Company made innovations to our Slingo games which have resulted in some recovery in the period since 1 July 2025.

In the period April - June 2025, UK content licensing revenue was down 21% as new staking limits had an impact on the player experience of Slingo. We developed a new tool within Slingo games to accommodate the new staking limits and, as the updated games were approved by the regulator and deployed, the negative impact on our revenues moderated. In the second quarter UK licensing revenues were down 21%, but in July revenues were down 16% and in August were down 9%. It is management's belief that this trend will continue, and the UK content licensing revenues will reach previous levels by the end of this year.

Content licensing outside the UK (which accounted for 71% of the content licensing total in the period) continued to perform strongly with revenue up 18%. The US (54% of the total) has performed particularly strongly, up 26% (at constant exchange rates).

The Group strengthened its regulated market presence with launches in Brazil and with the lottery in British Columbia, Canada. This takes the total number of regulated markets where the Group distributes content to 22.

During the period, we also launched with 19 new operator partners and released six new Slingo titles, including premium games Slingo Fishing Bob and Slingo Honey Crew, alongside three additional third-party slot games.

Outlook for FY25:

Trading in the first half of 2025 was in line with expectations, and the Board remains confident that the Group will maintain this positive trajectory through the remainder of the year.

Looking ahead, the Group is well positioned to build on its momentum and deliver further growth across both new and existing markets.

Our strategic focus for the remainder of the year is to continue to broaden our international footprint through entry into additional regulated markets, while deepening our presence with existing partners to capture further growth opportunities.

Since the period end, we have launched our Slingo content in Delaware - the sixth U.S. regulated iGaming state in which the Group's content is now live with Rush Street Interactive. Further launches are expected in the regulated markets of the Philippines, South Africa, Switzerland and Greece in the near term.

These market expansions will be underpinned by:

· The release of premium Slingo titles in the second half of 2025, including Slingo Gold Fish and Slingo Slinguini;

· Creation of new slots team for diversification of content portfolio

· The continued growth of our third-party games pipeline and distribution.

Commenting on the first half performance, Mark Segal, Chief Executive Officer, said:

"The Group has delivered a strong first half, with revenue increasing 18% and Adjusted EBITDA up 30%, reflecting the success of our strategy to expand internationally through licensing. Our entry into newly regulated markets, including Brazil, British Columbia and Delaware, underlines the global demand for our content and the strength of our operator partnerships. With further launches scheduled in additional regulated jurisdictions and a robust pipeline of new Slingo and third-party titles, we remain well positioned to deliver continued growth and enhance shareholder value in the second half of the year and beyond."

An analyst briefing will be held virtually at 9.30am today. To attend, please contact Yellow Jersey at [email protected].

Enquiries

About Gaming Realms

Gaming Realms creates and licenses innovative games for mobile, with operations in the U.K., U.S., Canada and Malta. Through its unique IP and brands, Gaming Realms is bringing together media, entertainment and gaming assets in new game formats. As the creator of a variety of SlingoTM, bingo, slots and other games, we use our proprietary data platform to build and engage global audiences. The Gaming Realms management team includes accomplished entrepreneurs and experienced executives from a wide range of leading gaming and media companies.

Business review

Gaming Realms delivered another strong performance in the first half of 2025, continuing to execute on its core strategy of expanding its content licensing business. 

Total Group revenue increased 18% to £16.0m (H1'24: £13.6m), driven by the Group's licensing business.

EBITDA rose to £6.3m (H1'24: £5.5m), and to £7.5m on an adjusted basis before share option and related charges and other adjusting items (H1'24: £5.8m). The Adjusted EBITDA margin increased to 47% (H1'24: 43%), demonstrating the high margin nature of the Group's licensing business.

The £0.9m increase in EBITDA period-on-period has seen the Group record a profit before tax of £4.2m (H1'24: £3.5m), an increase of £0.7m on the prior period.

Licensing

Licensing segment revenues increased 22% to £14.1m (H1'24: £11.5m), comprising:

· Content licensing revenue up 4% to £11.7m (H1'24: £11.2m), or 6% at constant currency; and

· Brand licensing revenue up 623% to £2.4m (H1'24: £0.3m), or 663% at constant currency.

The segment delivered Adjusted EBITDA of £8.2m, a 26% increase on the £6.5m in H1'24.

Content licensing

The Group's core focus remains the expansion of its content licensing business, driven by entry into new regulated markets, enhancement of the Slingo games portfolio, and the deepening of relationships with both new and existing partners to grow in existing markets.

During the period, the Group launched with 19 additional partners across North America, South America and Europe. Post period end, the Group went live with 5 further partners, with a strong pipeline for the remainder of the year and into 2026.

Six new Slingo titles and three third-party slot games were released during the period, taking the distributed games portfolio to 95 titles at 30 June 2025 (Dec'24: 87 games). Slingo continues to stand out as a unique genre in the market, driving engagement and proving highly popular with both partners and players.

Content licensing revenues grew 4% to £11.7m (H1'24: £11.2m), or 6% at constant currency. Segmental expenses (excluding share option and related charges) increased 17% to £5.8m (H1'24: £5.0m), reflecting continued investment in teams to deliver an expanded and diversified product roadmap across more international markets.

After the period end, the Group also launched its content in Delaware - its sixth regulated U.S. state.

Brand licensing

Brand licensing revenues increased significantly to £2.4m (H1'24: £0.3m), primarily reflecting a major brand deal completed during the period. We continue to explore brand licensing opportunities that complement our portfolio and enhance long-term value.

Social

Revenue in the Group's social publishing business decreased 7% on a reported basis to £1.9m (H1'24: £2.1m), and 4% on a constant currency basis.

Marketing expenses of £0.1m (H1'24: £0.2m) were invested in the period to drive player growth, engagement and revenues over a 12-month period. 

The 44% reduction in marketing spend was the primary driver of the 4% constant currency revenue reduction. This lower spend reflects timing, with management expecting marketing investment in the second half to bring full-year spend broadly in line with 2024, supporting stronger revenue levels in H2. Social remains a segment with significant potential to further monetise our Slingo portfolio.

Excluding marketing, segmental expenses fell 9% to £1.3m (H1'24: £1.4m), reflecting lower revenue-associated costs and disciplined cost management. We continue to invest in our development and operational teams to support the Group's growth plan.

Adjusted EBITDA contribution from the segment increased 21% to £0.6m (H1'24: £0.5m).

Cashflow and Balance Sheet

The Group's cash balance as at 30 June 2025 was £19.0m, an increase of £5.5m from the £13.5m reported at 31 December 2024. This increase represents a conversion of Adjusted EBITDA to cash of 73% (H1'24: 37%), demonstrating the cash generative nature of the business.

The current period increase in cash was largely driven by the £9.1m cash inflow from operations, offset by £3.4m development costs capitalised during the period and £0.4m of share buyback activity during the period.

The Group remains debt free, and the Board continues to review the optimal use of the cash balance.

The Group's net asset position at the period end was £38.1m (31 December 2024: £34.0m).

Dividend and Capital Allocation

The Board of Directors are not proposing an interim dividend for the Period as it continues to execute on its strategy and invest in the growth of the business.

During the first half of the year, the Group repurchased 1,108,779 of its own shares as part of its capital allocation strategy, reflecting the Board's confidence in the long-term prospects of the business and its commitment to delivering shareholder value.

Consolidated statement of comprehensive income

for the 6 months ended 30 June 2025

Consolidated statement of financial position

as at 30 June 2025

Consolidated statement of cash flows

for the 6 months ended 30 June 2025

for the 6 months ended 30 June 2025

For the 6 months ended 30 June 2025

1. Accounting policies

General Information

Gaming Realms plc ("the Company") and its subsidiaries (together "the Group").

The Company is admitted to trading on AIM of the London Stock Exchange. It is incorporated and domiciled in the UK. The address of its registered office is Two Valentine Place, London, SE1 8QH.

The results for the six months ended 30 June 2025 and 30 June 2024 are unaudited.

Basis of preparation

The financial information for the year ended 31 December 2024 included in these financial statements does not constitute the full statutory accounts for that year. The Annual Report and Financial Statements for 2024 have been filed with the Registrar of Companies. The Independent Auditors' Report on the Annual Report and Financial Statement for 2024 was unqualified, did not draw attention to any matters by way of emphasis, and did not contain a statement under 498(2) or 498(3) of the Companies Act 2006.

This interim report, which has neither been audited nor reviewed by independent auditors, was approved by the board of directors on 5 September 2025. The financial information in this interim report has been prepared in accordance with UK adopted international accounting standards. The accounting policies applied by the Group in this financial information are the same as those applied by the Group in its financial statements for the year ended 31 December 2024 and which will form the basis of the 2025 financial statements.

The consolidated financial statements are presented in Sterling.

Going concern

The Group meets its day-to-day working capital requirements from the cash flows generated by its trading activities and its available cash resources. 

The Group prepares cash flow forecasts and re-forecasts at least bi-annually as part of the business planning process. 

The Directors have reviewed forecast cash flows for the period to December 2027, and consider that the Group will have sufficient cash resources available to meet its liabilities as they fall due.

Accordingly, these financial statements have been prepared on the basis of accounting principles applicable to a going concern, which assumes that the Group will realise its assets and discharge its liabilities in the normal course of business.

Adjusted EBITDA

The Board of Directors believes that in order to best represent the trading performance and results of the Group, the reported numbers should exclude certain one-off items. The Group therefore presents adjusted results, which differ from statutory results due to the exclusion of these items.

Management regularly uses the adjusted financial measures internally to understand, manage and evaluate the business and make operating decisions. These adjusted measures are among the primary factors management uses in planning for and forecasting future periods.

EBITDA is a non-GAAP company specific measure defined as profit or loss before tax adjusted for finance income and expense, depreciation and amortisation.

Adjusted EBITDA is EBITDA excluding share option and related charges and adjusting items, which are significant, non-recurring items outside the scope of the Group's ordinary activities.

2. Segment information

The executive management team is the Group's chief operating decision-maker. Management has determined the operating segments based on the information reviewed by the Board for the purposes of allocating resources and assessing performance.

The Group has two reportable segments.

· Licensing - B2B brand and content licensing for a global network of partners; and

· Social publishing - provides B2C freemium games to the US.

Revenue

The Group has disaggregated revenue into various categories in the following table which is intended to:

· Depict how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic date; and

· Enable users to understand the relationship with revenue segment information provided below.

EBITDA

3. Finance income and expense

4. Adjusting items

EBITDA is profit before interest, depreciation and amortisation and is a non-GAAP measure. Adjusted EBITDA is EBITDA before adjusting items, which are items that Management considers to be significant, non-recurring and outside the Group's ordinary activities that may distort an understanding of financial performance or impair comparability.

Adjusted EBITDA is stated before adjusting items are follows:

The adjusted other income and legal expenses relate to a legal case that settled during the period. The other income represents costs reimbursed in relation to the matter.

5. Earnings per share

Basic earnings per share is calculated by dividing the result attributable to ordinary shareholders by the weighted average number of shares in issue during the period. The calculation of diluted EPS is based on the result attributable to ordinary shareholders and weighted average number of ordinary shares outstanding after adjustment for the effects of all dilutive potential ordinary shares. The Group's potentially dilutive securities consist of share options.

6. Property, plant and equipment

7. Intangible assets

8. Taxation

The reason for the difference between the actual tax charge for the period and the standard rate of corporation tax in the UK applied to profits for the year are as follows:

Deferred Tax

The analysis included in the financial statements at the period end is as follows:

The deferred tax included in the Group income statement is as follows:

The deferred tax asset movement is as follows:

The deferred tax liability movement is as follows:

9. Trade and other receivables

All amounts shown fall due for payment within one year.

10. Trade and other payables

The carrying value of trade and other payables classified as financial liabilities measured at amortised cost approximates fair value.

11. Share capital

The Company's issued share capital on 30 June 2025 was 295,819,814 ordinary shares, of which 1,108,779 shares are held in treasury (see Note 13). Therefore the number of ordinary shares with voting rights in the Company was 294,711,035.

The issue of 993,370 ordinary shares relates to the exercise of share options during the period. The increase in share capital of £993 and share premium of £184,467 totalling £185,460 is disclosed in the consolidated statement of changes in equity and consolidated statement of cash flows.

12. Share based payments

The share option and related charges income statement expense comprises:

IFRS 2 (Share-based payments) requires that the fair value of equity settled transactions are calculated and systematically charged to the statement of comprehensive income over the vesting period. The total expense that was charged to the income statement in the period in relation to share-based payments was £487,848, being £472,627 equity settled and £15,221 cash settled (H1'24: £267,348 equity settled and £nil cash settled).

Where individual EMI thresholds are exceeded, or when unapproved share options are exercised by employees, the Group is subject to employer taxes payable on the taxable gain on exercise. Since these taxes are directly related to outstanding share options, the income statement charge has been included within share option and related charges. The Group uses its closing share price at the reporting date to calculate such taxes to accrue. The tax related income statement charge for the period was £517,481 (H1'24: £32,481). The large increase in the period to the direct taxes related to share options is primarily due to the increase in the share price.

During the period 2,554,000 share options were granted to certain directors and employees. The share options vest providing an associated service condition is satisfied. The May 2025 option grant vests in equal annual tranches, meaning one third of the granted options vest on 6 May 2026, the second third on 6 May 2027 and the final third on 6 May 2028. The February 2025 option grant vests entirely at the end of the vesting period.

In addition during the period 110,000 share options were granted to overseas contractors. These options vest on 6 May 2028 providing an associated service condition is satisfied. The options will be settled via a cash payment based on the prevailing share price at the time of exercise and there is no potential for the liability to be settled via equity. The options have therefore been accounted for as a cash settled option. The key terms of the options are:

The liability relating to cash settled share options at 30 June 2025 was £21,731 (30 June 2024: £nil).

13. Share buyback

During the period the Group repurchased 1,108,779 ordinary shares with a nominal value of 0.1 pence at a weighted average price of 37.02 pence per share. The total cost was £410,520 inclusive of associated trading fees and the shares are currently held at cost in the treasury share reserve within equity.

14. Related party transactions

Jim Ryan is a Non-Executive Director of the Company and the CEO of Boyd Interactive U.S. LLC (previously Pala Interactive LLC), which has a real-money online casino site in New Jersey, Pennsylvania and Ontario. During the period, total license fees earned by the Group were $57,346 (H1'24: $43,785) with $7,690 due at 30 June 2025 (30 June 2024: $10,569). During the period the Group distributed its content to certain North American partners via Boyd's B2B platform distribution network, with platform fees of $10,936 being incurred (H1'24: $9,972) of which $2,604 was owed at 30 June 2025 (30 June 2024: $5,645).

Boyd Interactive U.S. LLC acquired Resorts Digital Gaming LLC on 1 September 2024. During the period ended 30 June 2025 the Group earned $40,548 of license fees from Resorts Digital Gaming LLC, with $19,334 due at 30 June 2025.

During the period £80,000 (H1'24: £75,000) of consulting fees were due to Dawnglen Finance Limited, a company controlled by Michael Buckley. The amount owed at 30 June 2025 was £5,000 (30 June 2024: £Nil).