Slides
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Interim Report January – September 2025 23rd October 2025 CEO, Martin Carlesund CFO, Joakim Andersson
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Highlights in the quarter 2 Financial highlights • Net revenues decreased by 2.4% to EUR 507.1 million (519.4) • Live growth -3.4% to EUR 431.7 million (446.9) • RNG growth +4.1% to EUR 75.5 million (72.5) • EBITDA amounted to EUR 336.9 million (355.6), corresponding to a margin of 66.4% (68.5)(1) Operational highlights • Negative and volatile development in Asia • Growth in Europe following full effects of ring fencing • Many new dedicated environments in USA and Canada • Launch of Ice Fishing Live and new Sneaky Slots brand • Opening of studios in the Philippines and Brazil (1) 2024 EBITDA numbers are excluding other operating revenue
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Operational KPIs 3 254 275 277 301 339 376 357 369 376 386 355 0 50 100 150 200 250 300 350 400 450 500 23Q1 23Q2 23Q3 23Q4 24Q1 24Q2 24Q3 24Q4 25Q1 25Q2 25Q3 17 331 17 447 17 823 19 221 20 537 21 141 20 772 21 252 22 223 22 248 21 652 0 5 000 10 000 15 000 20 000 25 000 23Q1 23Q2 23Q3 23Q4 24Q1 24Q2 24Q3 24Q4 25Q1 25Q2 25Q3 Increase in staff • YoY growth 4.2% • Expansion in existing locations and new studios Activity in the network • YoY growth -0.6% • Impact from Asia Headcount end of period Game Rounds index – all games
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Regional Update – Europe & Asia 5 Comments • Revenue of EUR 182.2 million (194.9) corresponding to a negative growth of 6.5% YoY but positve 1.1% QoQ • Full quarter effect from ringfencing from Q2 and onwards • Resource mix optimization ongoing • No news from the UK Gambling Commission Europe Comments • Revenue of EUR 189.1 million (202.2) corresponding to a negative growth of 6.5% YoY and negative 9.6% QoQ • Continued issues with cybercrime • Challenging regional regulatory dynamics • New studio in the Philippines off to a good start Asia 191,0 191,3 194,9 201,8 189,7 180,2 182,2 165,0 170,0 175,0 180,0 185,0 190,0 195,0 200,0 205,0 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 197,6 200,7 202,2 202,2 201,9 209,1 189,1 100,0 120,0 140,0 160,0 180,0 200,0 220,0 240,0 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25
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Regional Update – North & Latin America 6 Comments • Revenue of EUR 74.2 million (64.8) corresponding to a growth of 14.5% YoY and 0.3% QoQ • Live casino brand Ezugi launched • Prudent approach to the Sweepstakes business • Galaxy Gaming acquisition progressing North America Comments • Revenue of EUR 39.8 million (37.4) corresponding to a growth of 6.4% YoY and 5.9% QoQ • New studio in Brazil off to a good start Latin America 62,1 60,2 64,8 70,6 71,5 74,0 74,2 45,0 50,0 55,0 60,0 65,0 70,0 75,0 80,0 85,0 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 33,0 36,6 37,4 38,5 36,2 37,6 39,8 25,0 27,0 29,0 31,0 33,0 35,0 37,0 39,0 41,0 43,0 45,0 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25
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344,0 378,5 407,5 429,6 441,1 452,6 475,3 501,5 508,4 519,4 533,8 520,9 524,3 507,1 238,2 261,0 279,5 300,2 311,7 318,6 337,0 345,8 345,8 355,6 363,6 342,0 345,3 336,9 69,3% 69,0% 68,6% 69,9% 70,7% 70,4% 70,9% 69,0% 68,0% 68,5% 68,1% 65,6% 65,9% 66,4% 22Q2 22Q3 22Q4 23Q1 23Q2 23Q3 23Q4 24Q1 24Q2 24Q3 24Q4 25Q1 25Q2 25Q3 Net revenues Adj. EBITDA Adj. EBITDA, % Financial development 7 44% 42% 42% 39% 39% 39% 40% 39% 39% 39% 41% 45% 44% 46% 10% 15% 20% 25% 30% 35% 40% 45% 50% 22Q2 22Q3 22Q4 23Q1 23Q2 23Q3 23Q4 24Q1 24Q2 24Q3 24Q4 25Q1 25Q2 25Q3 Unregulated Regulated % Regulated Revenue & Profitability Regulated Revenue
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Profit & Loss Comments • Net revenues of EUR 507.1m corresponding to a negative growth of 2.4% YoY and negative 3.3% QoQ • Total operating expenses of EUR 210.5m, growing by 5.3% YoY but declining 3.4% QoQ on cost optimization measures o Personnel expenses +6.3% YoY and -4.9% QoQ o Other operating expenses -0.9% YoY and -5.0% QoQ • Operating profit of EUR 296.6 million • Profit for the period of EUR 252.3 million • EPS of EUR 1.25 8 Jul-Sep Jul-Sep Jan-Sep Jan-Sep Group, EUR thousands 2025 2024 2025 2024 Revenues - Live 431,666 446,878 1,334,026 1,316,287 Revenues - RNG 75,457 72,501 218,310 212,953 Net revenues 507,123 519,379 1,552,336 1,529,240 Other operating revenues* - 59,650 - 59,650 Total operating revenues 507,123 579,029 1,552,336 1,588,890 Personnel expenses -117,546 -110,593 -361,055 -328,789 Depreciation, amortisation and impairments -40,272 -36,078 -117,697 -104,891 Other operating expenses -52,690 -53,179 -167,151 -153,291 Total operating expenses -210,508 -199,850 -645,903 -586,971 Operating profit 296,615 379,179 906,433 1,001,919 Financial items 776 -1,009 -12,349 11,660 Profit before tax 297,391 378,170 894,084 1,013,579 Tax on profit for the period -45,062 -49,559 -138,769 -146,668 Profit for the period 252,329 328,611 755,315 866,911 Average number of shares after dilution 202,468,281 209,319,036 204,005,144 211,777,111 Earnings per share after dilution, EUR 1.25 1.57 3.70 4.09 *Other operating revenues was reduction of earn-out liability. 1 2 3 4 P&L Statement
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Cash Flow 9 Capital expenditureOperating cash flow 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 0 50 100 150 200 250 300 350 22Q1 22Q2 22Q3 22Q4 23Q1 23Q2 23Q3 23Q4 24Q1 24Q2 24Q3 24Q4 25Q1 25Q2 25Q3 Op. Cash flow Cash conversion Note: Op. Cash flow defined as Cash flow from operating activities less capital expenditures (excl M&A and financial investments) Cash conversion rolling 4Qs = Op.Cash flow / EBITDA 0% 1% 2% 3% 4% 5% 6% 7% 8% 0 5 10 15 20 25 30 35 40 45 50 22Q1 22Q2 22Q3 22Q4 23Q1 23Q2 23Q3 23Q4 24Q1 24Q2 24Q3 24Q4 25Q1 25Q2 25Q3 Intangibles Tangibles % of revenue, rolling 4 quarters Comments • Total investments of EUR 29.8m into intangible and tangible assets • Previously communicated full year expectation of EUR 140m in capital expenditures likely on the high side Comments • Operating Cash Flow after Investments of EUR 342.1m o Change of working capital contributing with EUR 35.2m • Cash conversion of 83%
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Financial Position 10 EURm 30/9/2025 31/12/2024 Goodwill 2,336.2 2,276.5 Other non-current assets 954.0 963.5 Bond portfolio 103.2 100.8 Total non-current assets 3,393.4 3,340.9 Current assets 1,123.8 1,204.4 Cash and cash equivalents 656.4 801.5 Total current assets 1,780.1 2,005.9 TOTAL ASSETS 5,173.6 5,346.8 Total equity 3,819.6 3,971.8 Total non-current liabilities 150.9 271.8 Total current liabilities 1,203.1 1,103.1 TOTAL EQUITY AND LIABILITIES 5,173.6 5,346.8 Comments • Strong financial position remains • Total of EUR 759.6m of cash and bond portfolio • Total equity of EUR 3.8bn • Shareholder distribution: o Dividend in of EUR 572.5m (559.3) o Own share repurchases of EUR 187.0m in Q3 and EUR 406.5m year-to-date 2025 Balance Sheet Summary
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Outlook & Capital allocation • Margin estimate of 66-68% remains; full speed ahead • Product leap years continue; 110+ new games in 2025 • Asia remains volatile • Capex 2025 forecast: EUR 140m • Dividend policy: • Minimum 50% of net profit • 100% of excess cash distributed • Share repurchase intention 2025: EUR 500m Capital allocation Outlook 11
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Q&A