Earnings release
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Exhibit 99.1 PRESS RELEASE November 13, 2025 at 7:00 a.m. ET Gambling.com Group Reports Record Third Quarter Revenue and Adjusted EBITDA CHARLOTTE – November 13, 2025 – Gambling.com Group Limited (Nasdaq: GAMB) (“Gambling.com Group” or the “Company”), a fast-growing provider of marketing and sports data services for the global gambling industry, today reported financial results for the third quarter ended September 30, 2025, and adjusted its 2025 full-year guidance. Charles Gillespie, Chief Executive Officer and Co-Founder of Gambling.com Group, commented, “Our record third quarter revenue and Adjusted EBITDA show the power of our business, including its ability to generate substantial adjusted free cash flow, even in the face of persisting, albeit temporary, challenges within the search channel of our marketing business. Primarily driven by strong growth in enterprise sales, our sports data services business continued to outperform our expectations with revenue increasing more than 300% year-over-year and accounting for 24% of total revenue. We continue to expand the OpticOdds product and data portfolio to deliver more value to our existing customers while continuously onboarding new customers. It is increasingly clear to us that OpticOdds has product market fit in a multi-billion-dollar sports data services market. The high-margin, high-visibility, recurring subscription revenue associated with our sports data services business is the fastest growing part of our business and we expect this trend will continue long into the future. “The outperformance in our sports data services business is partially offset by the impact to our marketing business from low- quality search results related to the proliferation of spam websites particularly in non-U.S. markets. These headwinds, which began in July, have persisted into the fourth quarter, longer than we initially expected. Despite this near-term challenge, we remain confident that these poor search quality issues will be addressed which, when combined with our accelerated initiatives to diversify traffic sources, positions the marketing business to grow in 2026. Importantly, there is unrecognized value in both the growth trajectory of our sports data services business and the significant cash flow our marketing business continues to generate. Reflecting the confidence we have in the future of the business, we bought back nearly 2% of the outstanding shares since July 1st.” Elias Mark, Chief Financial Officer of Gambling.com Group, added, “Through the first nine months of 2025, revenue and Adjusted EBITDA increased 30% and 25%, respectively, compared to the same period in 2024, and we generated $29 million in adjusted free cash flow. Our strong adjusted free cash flow generation positions us to further invest to grow our sports data services business and diversify our marketing business, while also maintaining the flexibility to deploy capital for other shareholder value creating opportunities.” 1
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Financial Highlights Three Months Ended September 30, 2025 vs. Three Months Ended September 30, 2024 (USD in thousands, except per share data, unaudited) Three Months Ended September 30, Change 2025 2024 % Revenue 38,982 32,118 21 % Net (loss) income for the period attributable to shareholders (3,860) 8,509 (145)% Net (loss) income per share attributable to shareholders, diluted (0.11) 0.24 (146)% Net (loss) income margin (10)% 26 % Adjusted net income for the period attributable to shareholders 9,345 11,064 (16)% Adjusted net income per share attributable to shareholders, diluted 0.26 0.31 (16)% Adjusted EBITDA 13,010 12,584 3 % Adjusted EBITDA Margin 33 % 39 % Cash flows generated by operating activities 10,911 14,936 (27)% Adjusted Free Cash Flow 9,632 14,240 (32)% __________ (1) Represents a non-IFRS measure. See “Supplemental Information - Non-IFRS Financial Measures” and the tables at the end of this release for reconciliations to the comparable IFRS numbers. Third Quarter 2025 and Recent Business Highlights • Delivered more than 101,000 new depositing customers (“NDCs”) • Acquired Spotlight.Vegas, an online booking platform for live events and local attractions in September • Repurchased 562,222 shares at an average price of $8.33 • Won EGR Affiliate of the Year award for an unprecedented 3 time in October Three Months Ended September 30, 2025 Results Compared to Three Months Ended September 30, 2024 Revenue rose 21% year-over-year to a record $39.0 million. Revenue from marketing services of $29.8 million was in line with the prior-year period as the Company delivered more than 101,000 NDCs to clients, compared to 116,000 in the third quarter of 2024, reflecting the impact of poor organic search dynamics in the period. Revenue from sports data services grew 304% year-over-year to $9.2 million, primarily due to the contribution from OpticOdds and OddsJam. Recurring subscription revenue represented 24% of total 2025 third quarter revenue. Gross profit increased 17% year-over-year to $35.6 million. Cost of sales of $3.4 million compares to cost of sales of $1.7 million in the year-ago period reflecting costs associated with the Company’s strategy to diversify traffic sources in the marketing business, as well as cost of sales related to the acquired OpticOdds and OddsJam businesses. Total operating expenses exclusive of fair value movements related to the outperformance of Odds Holdings of $7.5 million, non-cash amortization of acquired intangible assets of $2.5 million, acquisition related costs of $0.5 million, acquisition related bonuses of $0.3 million, and restructuring charges of $0.5 million, grew 30% to $25.7 million primarily associated with added headcounts from the acquisitions of Odds Holdings and Spotlight.Vegas, higher marketing costs associated with traffic source diversification in the marketing business and increased share based payment expense. Inclusive of the above-mentioned expenses, total operating expenses were $37.0 million compared to $20.8 million in the year-ago period. Net loss attributable to shareholders of $3.9 million, or $0.11 per share, was primarily due to the fair value movement in contingent consideration related to the outperformance of Odds Holdings and compared to Net income attributable to shareholders of $8.5 million, or $0.24 per share, in the year-ago-period. Adjusted net (1) (1) (1) (1) (1) rd 2
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income fell 16% to $9.3 million, or $0.26 per share, primarily because of increased interest expenses related to the Company’s credit facility. Adjusted EBITDA increased 3% to a third quarter record $13.0 million, reflecting an Adjusted EBITDA margin of 33% as compared to Adjusted EBITDA of $12.6 million and an Adjusted EBITDA margin of 39% in the prior-year period. The Adjusted EBITDA margin for the 2025 third quarter reflects the impact of the higher cost of sales and marketing expenses associated with traffic diversification initiatives for the marketing business. Operating cash flow was $10.9 million compared to $14.9 million in the year-ago period. Adjusted free cash flow was $9.6 million compared to $14.2 million in the year-ago period reflecting strong cash conversion of 74% from Adjusted EBITDA. Adjusted free cash flow was down year over year primarily because of timing differences in 2024 where the Company saw an atypically strong third quarter following an atypically weak second quarter. As of September 30, 2025, the Company had total cash of $7.4 million and $70.5 million of undrawn capacity under its credit facility. During the third quarter, the Company acquired Spotlight.Vegas, which included a cash payment of $8.0 million before working capital adjustments. The Company also repaid $5.6 million on the outstanding term loan during the third quarter. In the third quarter, the Company repurchased 562,222 shares for total consideration of $4.7 million, and year-to-date has repurchased 671,998 shares for total consideration of $5.6 million. The Company has $14.4 million remaining on the current share buyback authorization. 2025 Outlook Gambling.com Group adjusted its full-year guidance to reflect revenue of approximately $165 million and Adjusted EBITDA of approximately $58 million. The change in guidance from the prior outlook provided on August 14, 2025, reflects the continued headwind of poor organic search dynamics which affected the marketing business for all of Q3 and, while recently somewhat recovering, persists in Q4. The Company’s prior full-year guidance included an expectation that more progress would have been made against spam websites than has been seen to date. The revised guidance also includes approximately $1.0 million in higher cost of sales than previously anticipated related to the successful acceleration of the traffic diversification strategy. The revenue guidance represents 30% year-over-year growth and the Adjusted EBITDA guidance reflects 19% year-over- year growth. The guidance assumes an average Euro to USD exchange rate of 1.15 for the year. 3
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Financial Highlights Nine Months Ended September 30, 2025 vs. Nine Months Ended September 30, 2024 (USD in thousands, except per share data, unaudited) Nine Months Ended September 30, Change 2025 2024 % Revenue 119,211 91,874 30 % Net (loss) income for the period attributable to shareholders (6,041) 22,746 (127)% Net (loss) income per share attributable to shareholders, diluted (0.17) 0.62 (127)% Net (loss) income margin (5)% 25 % Adjusted net income for the period attributable to shareholders 39,612 30,020 32 % Adjusted net income per share attributable to shareholders, diluted 1.11 0.82 35 % Adjusted EBITDA 42,552 33,955 25 % Adjusted EBITDA Margin 36 % 37 % Cash flows generated by operating activities 29,051 23,936 21 % Adjusted Free Cash Flow 28,766 28,417 1 % __________ (1) Represents a non-IFRS measure. See “Supplemental Information - Non-IFRS Financial Measures” and the tables at the end of this release for reconciliations to the comparable IFRS numbers. Conference Call Details Date/Time: Thursday, November 13, 2025, at 8:00 a.m. ET Webcast: https://www.webcast-eqs.com/register/gamblingq3_25/en U.S. Toll-Free Dial In: 877-407-0890 International Dial In: 1 201-389-0918 To access, please dial in approximately 10 minutes before the start of the call. An archived webcast of the conference call will also be available in the News & Events section of the Company’s website at gambling.com/corporate/investors/news-events. Information contained on the Company’s website is not incorporated into this press release. ### For further information, please contact: Investors: Peter McGough, Gambling.com Group, investors@gdcgroup.com Richard Land, Alliance Advisors, gambir@allianceadvisors.com Media: Christine Doh, Gambling.com Group; media@gdcgroup.com About Gambling.com Group Limited Gambling.com Group Limited (Nasdaq: GAMB) (the “Group”) is a fast-growing provider of marketing and sports data services for the global online gambling industry. Founded in 2006, the Group operates globally, primarily from offices in the United States and Ireland. The Group helps online gambling operators, including for iGaming and sports betting, acquire new customers in 19 national markets across more than ten languages through a portfolio of premier branded websites including Gambling.com, Bookies.com and Casinos.com. Under the (1) (1) (1) (1) 4
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OddsJam, OpticOdds and RotoWire brands, the Group's sports data services assist consumers and power enterprises to succeed in sports betting and fantasy sports. Use of Non-IFRS Measures This press release contains certain non-IFRS financial measures, such as Adjusted Net Income, EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin, Free Cash Flow, Adjusted Free Cash Flow and related ratios. See “Supplemental Information - Non-IFRS Financial Measures” and the tables at the end of this release for an explanation of the adjustments and reconciliations to the comparable IFRS numbers. Cautionary Note Concerning Forward-Looking Statements This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995, that relate to our current expectations and views of future events. All statements other than statements of historical facts contained in this press release, including statements relating to the continued growth in our sports data services business and the size of the sports data services market, continued growth of recurring subscription revenue, our ability to generate substantial adjusted free cash flow, whether the search quality issues and our search rankings improve, whether the marketing business will grow in 2026, and our 2025 outlook, are all forward- looking statements. These statements represent our opinions, expectations, beliefs, intentions, estimates or strategies regarding the future, which may not be realized. In some cases, you can identify forward-looking statements by terms such as “believe,” “may,” “estimate,” “continue,” “anticipate,” “intend,” “should,” “plan,” “expect,” “predict,” “potential,” “could,” “will,” “would,” “ongoing,” “future” or the negative of these terms or other similar expressions that are intended to identify forward- looking statements, although not all forward-looking statements contain these identifying words. Forward-looking statements are based largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy, short-term and long-term business operations and objectives and financial needs. These forward-looking statements involve known and unknown risks, uncertainties, contingencies, changes in circumstances that are difficult to predict and other important factors that may cause our actual results, performance, or achievements to be materially and/or significantly different from any future results, performance or achievements expressed or implied by the forward-looking statement. Important factors that could cause actual results to differ materially from our expectations are discussed under “Item 3. Key Information - Risk Factors” in Gambling.com Group’s annual report filed on Form 20-F for the year ended December 31, 2024 with the U.S. Securities and Exchange Commission (the “SEC”) on March 20, 2025, and Gambling.com Group’s other filings with the SEC as such factors may be updated from time to time. Any forward-looking statements contained in this press release speak only as of the date hereof and accordingly undue reliance should not be placed on such statements. Gambling.com Group disclaims any obligation or undertaking to update or revise any forward-looking statements contained in this press release, whether as a result of new information, future events or otherwise, other than to the extent required by applicable law. 5
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Consolidated Statements of Comprehensive Income (Unaudited) (USD in thousands, except per share amounts) The following table details the consolidated statements of comprehensive income for the three and nine months ended September 30, 2025 and 2024 in the Company's reporting currency and constant currency. Reporting Currency ConstantCurrency Reporting Currency ConstantCurrency Three Months EndedSeptember 30, Change Change Nine Months EndedSeptember 30, Change Change 2025 2024 % % 2025 2024 % % Revenue 38,982 32,118 21 % 15 % 119,211 91,874 30 % 27 % Cost of sales (3,410) (1,683) 103 % 91 % (8,369) (5,351) 56 % 53 % Gross profit 35,572 30,435 17 % 10 % 110,842 86,523 28 % 25 % Sales and marketing expenses (15,905) (10,815) 47 % 39 % (45,990) (31,021) 48 % 45 % Technology expenses (6,049) (3,616) 67 % 58 % (17,913) (10,044) 78 % 74 % General and administrative expenses (7,655) (6,041) 27 % 20 % (23,686) (18,582) 27 % 24 % Movements in credit losses allowance and write-offs 124 (360) (134)% (132)% (347) (1,061) (67)% (68)% Fair value movement on contingentconsideration (7,531) — 100 % 100 % (29,163) — 100 % 100 % Operating (loss) profit (1,444) 9,603 (115)% (114)% (6,257) 25,815 (124)% (124)% Finance income 512 551 (7)% (12)% 8,836 1,725 412 % 400 % Finance expenses (2,529) (1,052) 140 % 127 % (7,348) (2,396) 207 % 199 % (Loss) income before tax (3,461) 9,102 (138)% (136)% (4,769) 25,144 (119)% (119)% Income tax charge (399) (593) (33)% (36)% (1,272) (2,398) (47)% (48)% Net income for the period attributable toshareholders (3,860) 8,509 (145)% (143)% (6,041) 22,746 (127)% (126)% Other comprehensive income (loss) Items that are or may be reclassifiedsubsequently to profit or loss Exchange differences on translating foreigncurrencies 155 4,309 (96)% (97)% 5,568 794 601 % 584 % Cash flow hedge - effective portion of changes in fair value 615 — 100 % 100 % (2,435) — 100 % 100 % Cash flow hedges - reclassified to profit or loss 73 — 100 % 100 % 2,386 — 100 % 100 % Related tax (86) — 100 % 100 % 6 — 100 % 100 % Other comprehensive income for theperiod, net of tax 757 4,309 (82)% (83)% 5,525 794 596 % 579 % Total comprehensive income for the periodattributable to shareholders (3,103) 12,818 (124)% (123)% (516) 23,540 (102)% (102)% 6
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Consolidated Statements of Financial Position (Unaudited) (USD in thousands) SEPTEMBER 30, 2025 DECEMBER 31, 2024 ASSETS Non-current assets Property and equipment 2,253 1,833 Right-of-use assets 4,529 4,632 Intangible assets 261,917 130,811 Other non-current asset 360 — Deferred tax asset 4,799 6,418 Total non-current assets 273,858 143,694 Current assets Trade and other receivables 23,902 21,160 Cash and cash equivalents 7,355 13,729 Total current assets 31,257 34,889 Total assets 305,115 178,583 EQUITY AND LIABILITIES Equity Share capital — — Capital reserve 90,455 78,037 Treasury shares (34,679) (29,998) Share-based compensation reserve 13,899 10,624 Foreign exchange translation deficit (5,244) (10,812) Hedging reserve (43) — Retained earnings 69,296 75,337 Total equity 133,684 123,188 Non-current liabilities Trade and other payables 947 — Lease liability 3,871 3,819 Deferred payables 439 — Deferred tax liability 6,955 2,258 Contingent consideration 16,119 — Borrowings 73,108 19,582 Derivative financial instrument 2,318 — Total non-current liabilities 103,757 25,659 Current liabilities Trade and other payables 12,108 10,205 Deferred income 5,421 2,616 Contingent consideration 38,485 — Deferred consideration — 11,277 Borrowings and accrued interest 9,992 3,349 Lease liability 1,228 1,213 Income tax payable 440 1,076 Total current liabilities 67,674 29,736 Total liabilities 171,431 55,395 Total equity and liabilities 305,115 178,583 7
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Consolidated Statements of Cash Flows (Unaudited) (USD in thousands) Three months ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Cash flow from operating activities (Loss) income before tax (3,461) 9,102 (4,769) 25,144 Finance (income) expense, net 2,017 501 (1,488) 671 Income tax paid (2,106) (131) (10,107) (1,571) Adjustments for non-cash items: Depreciation and amortization 3,577 1,801 10,726 4,046 Movements in credit loss allowance and write-offs (124) 360 347 1,061 Share-based payment expense 1,728 1,180 5,359 3,737 Fair value movement on contingent consideration 7,531 — 29,163 — Payment of deferred consideration — — — (7,156) Cash flows from operating activities before changes in working capital 9,162 12,813 29,231 25,932 Changes in working capital Trade and other receivables 519 535 2,321 571 Trade and other payables 1,230 1,588 (2,501) (2,567) Cash flows generated by operating activities 10,911 14,936 29,051 23,936 Cash flows from investing activities Acquisition of property and equipment (199) (274) (736) (1,188) Acquisition of intangible assets — (469) — (21,074) Capitalization of internally developed intangibles (1,081) (422) (2,872) (1,487) Acquisition of subsidiaries, net of cash acquired (6,736) — (70,374) — Interest received from bank deposits 11 14 98 118 Payment of deferred consideration in relation to business combinations — — (10,803) (10,044) Cash flows used in investing activities (8,005) (1,151) (84,687) (33,675) Cash flows from financing activities Exercise of options 40 697 628 1,254 Treasury shares acquired (4,532) (12,445) (4,531) (22,195) Proceeds from borrowings — — 94,500 45,560 Transaction costs related to borrowings (22) 27,560 (6,027) (847) Repayment of borrowings (5,625) (21,060) (29,006) (21,060) Repayment of debt assumed in a business combination (393) — (393) — Repayment of other non-current liability assumed in a business combination (206) — (206) — Principal proceeds from the settlements of the derivative financial instrument used to hedge liabilities arisingfrom financing activities 2,813 — 5,625 — Interest proceeds from the settlements of the derivative financial instrument used to hedge liabilities arising from financing activities 1,281 — 2,579 — Principal payment of settlements of the derivative financial instrument used to hedge liabilities arising from financing activities (2,903) — (5,804) — Interest payment of settlements of the derivative financial instrument used to hedge liabilities arising from financing activities (870) — (1,753) — Interest payment attributable to third party borrowings (3,377) (371) (5,252) (545) Interest payment attributable to deferred consideration settled in relation to asset acquisitions and business combinations — (675) (1,382) Principal paid on lease liability (284) (229) (747) (483) Interest paid on lease liability (84) (83) (236) (172) Cash flows generated from financing activities (14,162) (5,931) 48,702 130 Net movement in cash and cash equivalents (11,256) 7,854 (6,934) (9,609) Cash and cash equivalents at the beginning of the period 18,667 7,523 13,729 25,429 Net foreign exchange differences on cash and cash equivalents (56) 346 560 (97) Cash and cash equivalents at the end of the period 7,355 15,723 7,355 15,723 Supplemental non-cash Right-of-use assets 93 3,982 602 4,077 Issue of ordinary shares for acquisitions — — 9,971 — 8
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Earnings Per Share Below is a reconciliation of basic and diluted earnings per share as presented in the Consolidated Statement of Comprehensive Income for the period specified, stated in USD thousands, except per share amounts (unaudited): Three Months EndedSeptember 30, ReportingCurrencyChange ConstantCurrencyChange Nine Months EndedSeptember 30, ReportingCurrencyChange ConstantCurrencyChange 2025 2024 % % 2025 2024 % % Net (loss) income for theperiod attributable toshareholders (3,860) 8,509 (145)% (143)% (6,041) 22,746 (127)% (126)% Weighted-average numberof ordinary shares, basic 35,582,412 35,592,252 35,612,028 36,466,391 Net (loss) income pershare attributable toshareholders, basic (0.11) 0.24 (146)% (144)% (0.17) 0.62 (127)% (127)% Net (loss) income for theperiod attributable toshareholders (3,860) 8,509 (145)% (143)% (6,041) 22,746 (127)% (126)% Weighted-average number of ordinary shares,diluted 35,582,412 35,833,767 35,612,028 36,750,150 Net (loss) income pershare attributable toshareholders, diluted (0.11) 0.24 (146)% (144)% (0.17) 0.62 (127)% (127)% Disaggregated Revenue Revenue is disaggregated based on how the nature, amount, timing and uncertainty of the revenue and cash flows are affected by economic factors. Marketing Performance marketing. Performance marketing revenue consists of (i) Cost Per Acquisition (“CPA”) revenue from arrangements where we are paid exclusively by a single cash payment for each referred player, (ii) revenue share arrangements where we are paid exclusively by a share of the customer’s net gambling revenue ("NGR") from the referred players, and (iii) hybrid revenue from arrangements where we are paid by both a CPA commission and a revenue share commission from the referred players. Advertising and other. Advertising and other revenue includes revenue from arrangements not based on the referred players and includes advertising on our platform, onboarding fees and fees and commissions from ticketing. For advertising and other revenue, revenue is recognized on a straight-line basis over the term of the contract. Data Subscription. Data revenue consists of consumer and enterprise subscription revenue from data, data analytics and data syndication services. 9
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Three Months EndedSeptember 30, As a Percentage of Revenue Nine Months EndedSeptember 30, As a Percentage of Revenue 2025 2024 Change 2025 2024 2025 2024 Change 2025 2024 Marketing 29,796 29,846 — % 76 % 93 % 89,907 85,698 5 % 75 % 93 % Data 9,186 2,272 304 % 24 % 7 % 29,304 6,176 374 % 25 % 7 % Totalrevenues 38,982 32,118 21 % 100 % 100 % 119,211 91,874 30 % 100 % 100 % The Company presents revenue as disaggregated by market based on the location of end user as follows: Three Months EndedSeptember 30, As a Percentage of Revenue Nine Months EndedSeptember 30, As a Percentage of Revenue 2025 2024 Change 2025 2024 2025 2024 Change 2025 2024 North America 19,802 12,786 55 % 51 % 40 % 59,901 39,859 50 % 50 % 43 % U.K. andIreland 9,619 9,800 (2)% 25 % 31 % 31,759 28,631 11 % 27 % 31 % Other Europe 6,859 6,515 5 % 18 % 20 % 19,435 16,098 21 % 16 % 18 % Rest of the world2,702 3,017 (10)% 6 % 9 % 8,116 7,286 11 % 7 % 8 % Total revenues 38,982 32,118 21 % 100 % 100 % 119,211 91,874 30 % 100 % 100 % The Company presents disaggregated revenue by monetization type as follows: Three Months EndedSeptember 30, As a Percentage of Revenue Nine Months EndedSeptember 30, As a Percentage of Revenue 2025 2024 Change 2025 2024 2025 2024 Change 2025 2024 Performancemarketing 24,003 25,082 (4)% 62 % 78 % 74,682 72,674 3 % 63 % 79 % Subscription 9,186 2,272 304 % 24 % 7 % 29,304 6,176 374 % 25 % 7 % Advertising &other 5,793 4,764 22 % 15 % 15 % 15,225 13,024 17 % 12 % 14 % Total revenues 38,982 32,118 21 % 100 % 100 % 119,211 91,874 30 % 100 % 100 % The Company also tracks its revenues based on the product type from which it is derived. Revenue disaggregated by product type was as follows: Three Months EndedSeptember 30, As a Percentage of Revenue Nine Months EndedSeptember 30, As a Percentage of Revenue 2025 2024 Change 2025 2024 2025 2024 Change 2025 2024 Casino 23,174 24,835 (7)% 59 % 77 % 71,487 66,719 7 % 60 % 72 % Sports 15,003 6,955 116 % 39 % 22 % 45,643 24,566 86 % 38 % 27 % Other 805 328 145 % 2 % 1 % 2,081 589 253 % 2 % 1 % Total revenues 38,982 32,118 21 % 100 % 100 % 119,211 91,874 30 % 100 % 100 % Supplemental Information Rounding We have made rounding adjustments to some of the figures included in the discussion and analysis of our financial condition and results of operations together with our consolidated financial statements and the related notes thereto. Accordingly, numerical figures shown as totals in some tables may not be an arithmetic aggregation of the figures that preceded them. 10
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Non-IFRS Financial Measures Management uses both IFRS and non-IFRS financial measures in analyzing and assessing the overall performance of the business and for making operational decisions. Adjusted Net Income and Adjusted Net Income Per Share In the fourth quarter of 2024, we changed our definition of Adjusted net income, a non-IFRS financial measure, to net income attributable to shareholders adjusted to exclude the effect of non-recurring items, significant non-cash items, fair value movement on contingent consideration, unwinding of deferred consideration, employees’ bonuses related to acquisition, deferred revenue fair value adjustment, share-based payment and related expense, acquisition related costs, amortization expenses related to acquired businesses and assets, restructuring costs, and other items that our board of directors believes do not reflect the underlying performance of the business, including acquisition related expenses, such as acquisition related costs and bonuses. Previously, Adjusted net income, a non-IFRS financial measure, was defined as net income attributable to shareholders excluding the fair value gain or loss related to contingent consideration, unwinding of deferred consideration, and certain employee bonuses related to acquisitions. We believe this more appropriately reflects the measurement of Adjusted net income as it includes adjustments for non-recurring items and significant non-cash items in addition to fair value movements related to contingent consideration and unwinding of deferred consideration. Adjusted net income per diluted share is a non-IFRS financial measure defined as Adjusted net income attributable to shareholders divided by the diluted weighted average number of ordinary shares outstanding. We believe Adjusted net income and Adjusted net income per diluted share are useful to our management as a measure of comparative performance from period to period as these measures remove the effect of the fair value movement on contingent consideration, unwinding of deferred consideration, employees’ bonuses related to acquisition, deferred revenue fair value adjustment, share-based payment and related expense, acquisition related costs, amortization expenses related to acquired businesses and assets, restructuring costs, and all other items associated with our acquisitions, during the limited period where these items are incurred. The unwinding of deferred consideration is associated with the unwinding of the discount applied to the valuation of the deferred consideration for the acquisition of the Freebets.com Assets during the nine months ended September 30, 2025. The unwinding of deferred consideration and employee bonuses incurred until April 2024 relate to the Company’s acquisition of RotoWire and BonusFinder. See Note 5 of the consolidated financial statements for the year ended December 31, 2023 filed on March 21, 2024 for a description of the contingent and deferred considerations associated with our 2022 acquisitions. While we use Adjusted net income and Adjusted net income per share as tools to enhance our understanding of certain aspects of our financial performance, we do not believe that Adjusted net income and Adjusted net income per share are substitutes for, or superior to, the information provided by IFRS results. As such, the presentation of Adjusted net income and Adjusted net income per share is not intended to be considered in isolation or as a substitute for any measure prepared in accordance with IFRS. The primary limitations associated with the use of Adjusted net income and Adjusted net income per share as compared to IFRS results are that Adjusted net income and Adjusted net income per share as we define them may not be comparable to similarly titled measures used by other companies in our industry and that Adjusted net income and Adjusted net income per share may exclude financial information that some investors may consider important in evaluating our performance. The following tables reconcile Adjusted net income and Adjusted net income per share, diluted from net income for the period attributable to the shareholders and net income per share attributed to shareholders, diluted as presented in the Consolidated Statements of Comprehensive Income and for the period specified (unaudited): 11
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Reporting Currency Constant Currency Reporting Currency Constant Currency Three months endedSeptember 30, Change Change Nine Months EndedSeptember 30, Change Change 2025 2024 % % 2025 2024 % % (USD in thousands) (USD in thousands) Revenue 38,982 32,118 21 % 15 % 119,211 91,874 30 % 27 % Net (loss) income for the periodattributable to shareholders (3,860) 8,509 (145)% (143)% (6,041) 22,746 (127)% (126)% Net (loss) income margin (10)% 26 % (5)% 25 % Net (loss) income for the periodattributable to shareholders (3,860) 8,509 (145)% (143)% (6,041) 22,746 (127)% (126)% Fair value movement oncontingent consideration 7,531 — 100 % 100 % 29,163 — 100 % 100 % Unwinding of deferredconsideration — 396 (100)% (100)% 211 1,075 (80)% (81)% Employees' bonuses related toacquisition 346 — 100 % 100 % 936 — 100 % 100 % Deferred revenue fair valueadjustment 325 — 100 % 100 % 975 — 100 % 100 % Share-based payment and relatedexpense 1,728 1,180 46 % 38 % 5,359 3,737 43 % 40 % Acquisition related costs 485 — 100 % 100 % 1,188 357 233 % 225 % Restructuring costs 462 — 100 % 100 % 462 — 100 % 100 % Amortization expense related toacquired businesses and assets 2,513 1,067 136 % 122 % 7,961 2,297 247 % 238 % Tax effect of the adjusting items (185) (88) 110 % 97 % (602) (192) 214 % 207 % Adjusted net income for theperiod attributable toshareholders 9,345 11,064 (16)% (20)% 39,612 30,020 32 % 29 % __________ (1) There is no tax impact from fair value movement on contingent consideration, unwinding of deferred consideration, share-based payment and related expense, employees’ bonuses related to acquisition, deferred income fair value adjustment related to acquisition and acquisition related cost. (2) Tax effect of adjusting costs is computed based on costs and certain amortization charges related to acquired businesses and assets using effective tax rate for each period. (1) (1) (1) (1) (1) (1) (1) (2) (2) 12
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Reporting Currency Constant Currency Reporting Currency Constant Currency Three months endedSeptember 30, Change Change Nine Months EndedSeptember 30, Change Change 2025 2024 % % 2025 2024 % % Net (loss) income per shareattributable to shareholders,basic (0.11) 0.24 (146)% (144)% (0.17) 0.62 (127)% (127)% Effect of adjustments for fair valuemovements on contingentconsideration, basic 0.21 0.00 100 % 100 % 0.82 0.00 100 % 100 % Effect of adjustments for unwindingof deferred consideration, basic 0.00 0.01 (100)% (100)% 0.01 0.03 (67)% (67)% Effect of adjustments foremployees' bonuses related toacquisition, basic 0.01 0.00 100 % 100 % 0.03 0.00 100 % 100 % Effect of adjustments for deferredrevenue fair value adjustment,basic 0.01 0.00 100 % 100 % 0.03 0.00 100 % 100 % Effect of adjustments for share-based payment and relatedexpense, basic 0.05 0.03 67 % 25 % 0.15 0.10 50 % 45 % Effect of adjustments for acquisitionrelated costs, basic 0.01 0.00 100 % 100 % 0.03 0.02 50 % 200 % Effect of adjustments forrestructuring costs, basic 0.01 0.00 100 % 100 % 0.01 0.00 100 % 100 % Effect of adjustments foramortization expense related toacquired businesses and assets,basic 0.08 0.03 167 % 167 % 0.22 0.06 267 % 267 % Effect of tax adjustments, basic (0.01) 0.00 (100)% (100)% (0.02) (0.01) 100 % 100 % Adjusted net income per shareattributable to shareholders,basic 0.26 0.31 (16)% (21)% 1.11 0.82 35 % 32 % Net (loss) income per shareattributable to ordinaryshareholders, diluted (0.11) 0.24 (146)% (144)% (0.17) 0.62 (127)% (127)% Adjusted net income per shareattributable to shareholders,diluted 0.26 0.31 (16)% (18)% 1.11 0.82 35 % 32 % EBITDA, Adjusted EBITDA and Adjusted EBITDA Margin EBITDA is a non-IFRS financial measure defined as earnings excluding interest, income tax (charge) credit, depreciation, and amortization. Adjusted EBITDA is a non-IFRS financial measure defined as EBITDA adjusted to exclude the effect of non- recurring items, significant non-cash items, share-based payment expense, foreign exchange gains (losses), fair value of contingent consideration, and other items that our board of directors believes do not reflect the underlying performance of the business, including acquisition related expenses, such as acquisition related costs and bonuses. Adjusted EBITDA Margin is a non-IFRS measure defined as Adjusted EBITDA as a percentage of revenue. We believe Adjusted EBITDA and Adjusted EBITDA Margin are useful to our management team as a measure of comparative operating performance from period to period as those measures remove the effect of items not directly resulting from our core operations including effects that are generated by differences in capital structure, depreciation, tax effects and non-recurring events. 13
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While we use Adjusted EBITDA and Adjusted EBITDA Margin as tools to enhance our understanding of certain aspects of our financial performance, we do not believe that Adjusted EBITDA and Adjusted EBITDA Margin are substitutes for, or superior to, the information provided by IFRS results. As such, the presentation of Adjusted EBITDA and Adjusted EBITDA Margin is not intended to be considered in isolation or as a substitute for any measure prepared in accordance with IFRS. The primary limitations associated with the use of Adjusted EBITDA and Adjusted EBITDA Margin as compared to IFRS results are that Adjusted EBITDA and Adjusted EBITDA Margin as we define them may not be comparable to similarly titled measures used by other companies in our industry and that Adjusted EBITDA and Adjusted EBITDA Margin may exclude financial information that some investors may consider important in evaluating our performance. Below is a reconciliation to EBITDA and Adjusted EBITDA from net income attributable to shareholders for the period as presented in the Consolidated Statements of Comprehensive (Loss) Income for the period specified (unaudited): Reporting Currency Constant Currency Reporting Currency Constant Currency Three Months EndedSeptember 30, Change Change Nine Months EndedSeptember 30, Change Change 2025 2024 % % 2025 2024 % % (USD in thousands) (USD in thousands) Net income for the periodattributable toshareholders (3,860) 8,509 (145)% (143)% (6,041) 22,746 (127)% (126)% Add back (deduct): Interest expenses onborrowings and leaseliability 1,832 450 307 % 284 % 5,673 929 511 % 495 % Interest income (11) (14) (21)% (27)% (101) (118) (14)% (17)% Income tax charge 399 593 (33)% (36)% 1,272 2,398 (47)% (48)% Depreciation expense 159 111 43 % 35 % 442 252 75 % 71 % Amortization expense 3,418 1,690 102 % 91 % 10,284 3,794 171 % 164 % EBITDA 1,937 11,339 (83)% (84)% 11,529 30,001 (62)% (63)% Share-based payment andrelated expense 1,728 1,180 46 % 38 % 5,359 3,737 43 % 40 % Fair value movement oncontingent consideration 7,531 — 100 % 100 % 29,163 — 100 % 100 % Deferred revenue fair valueadjustment 325 — 100 % 100 % 975 — 100 % 100 % Unwinding of deferredconsideration — 396 (100)% (100)% 211 1,075 (80)% (81)% Foreign currency translationlosses (gains), net (7) (385) (98)% (98)% (7,806) (1,308) 497 % 483 % Cash flow hedge -ineffective portion ofchanges in fair value 2 — 100 % 100 % 13 — 100 % 100 % Other finance results 201 54 272 % 253 % 522 93 461 % 448 % Restructuring costs 462 — 100 % 100 % 462 — 100 % 100 % Acquisition related costs 485 — 100 % 100 % 1,188 357 233 % 225 % Employees' bonusesrelated to acquisition 346 — 100 % 100 % 936 — 100 % 100 % Adjusted EBITDA 13,010 12,584 3 % (2)% 42,552 33,955 25 % 22 % __________ (1) The acquisition costs are related to historical and contemplated business combinations of the Group. (1) 14
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Below is the Adjusted EBITDA Margin calculation for the period specified stated in the Company's reporting currency and constant currency (unaudited): Reporting Currency Constant Currency Reporting Currency Constant Currency Three Months EndedSeptember 30, Change Change Nine Months EndedSeptember 30, Change Change 2025 2024 % % 2025 2024 % % (USD in thousands, except margin) (in thousands USD, except margin) Revenue 38,982 32,118 21 % 15 % 119,211 91,874 30 % 27 % Adjusted EBITDA 13,010 12,584 3 % (2)% 42,552 33,955 25 % 22 % Adjusted EBITDA Margin 33 % 39 % 36 % 37 % In regard to forward looking non-IFRS guidance, we are not able to reconcile the forward-looking non-IFRS Adjusted EBITDA measure to the closest corresponding IFRS measure without unreasonable efforts because we are unable to predict the ultimate outcome of certain significant items including, but not limited to, fair value movements, share-based payments for future awards, acquisition-related expenses and certain financing and tax items. Free Cash Flow and Adjusted Free Cash Flow Free Cash Flow is a non-IFRS liquidity financial measure defined as cash flow from operating activities adjusted for cash flows related to acquisitions less capital expenditures. Capital expenditures for Free Cash Flow are defined as the acquisition of property and equipment, and capitalized research and development costs, and excludes cash flows related to acquisitions accounted for as business combinations and asset acquisitions. Adjusted Free Cash Flow is a non-IFRS liquidity financial measure defined as Free Cash Flow adjusted to exclude the effect of certain non-recurring payments. We believe Free Cash Flow and Adjusted Free Cash Flow are useful to our management team as measures of financial performance as they measure our ability to generate additional cash from our operations. While we use Free Cash Flow and Adjusted Free Cash Flow as tools to enhance our understanding of certain aspects of our financial performance, we do not believe that Free Cash Flow and Adjusted Free Cash Flow are substitutes for, or superior to, the information provided by IFRS metrics. As such, the presentation of Free Cash Flow and Adjusted Free Cash Flow are not intended to be considered in isolation or as substitutes for any measures prepared in accordance with IFRS. The primary limitation associated with the use of Free Cash Flow and Adjusted Free Cash Flow as compared to IFRS metrics is that Free Cash Flow and Adjusted Free Cash Flow do not represent residual cash flows available for discretionary expenditures because these measures do not deduct the payments required for debt payments and other obligations or payments made for acquisitions. Free Cash Flow and Adjusted Free Cash Flow as we define them also may not be comparable to similarly titled measures used by other companies in the online gambling affiliate industry. Below is a reconciliation to Free Cash Flow and Adjusted Free Cash Flow from cash flows generated by operating activities as presented in the Consolidated Statements of Cash Flows for the period specified (unaudited): 15
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Three Months EndedSeptember 30, Change Nine Months EndedSeptember 30, Change 2025 2024 % 2025 2024 % (in thousands USD,unaudited) (USD in thousands,unaudited) Cash flows generated by operating activities 10,911 14,936 (27)% 29,051 23,936 21 % Adjustment for items presented in operatingactivities: Payment of deferred consideration — — — % — 7,156 (100)% Adjustment for items presenting in investingactivities: Capital Expenditures Acquisition of property and equipment (199) (274) (27)% (736) (1,188) (38)% Capitalization of internally developed intangibles (1,081) (422) 156 % (2,872) (1,487) 93 % Free Cash Flow 9,631 14,240 (32)% 25,443 28,417 (10)% Tax and other payments in relation to acquisition — — — % 3,323 — 100 % Adjusted Free Cash Flow 9,631 14,240 (32)% 28,766 28,417 1 % 1. One-time tax payments are related to income and payroll effects of pre-acquisition distributions to the Sellers of OddsJam, which were acquired as part of the business combination. 16