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Q3 2025 INVESTOR PRESENTATION YOU CAN BET ON US
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Forward Looking Statements Certain statements made in this press release contain forward-looking information within the meaning of applicable securities laws, including within the meaning of the Private Securities Litigation Reform Act of 1995 (“forward-looking statements”). Words such as “strategy,” “expects,” “continues,” “plans,” “anticipates,” “believes,” “would,” “will,” “estimates,” “intends,” “projects,” “goals,” “targets” and other words of similar meaning are intended to identify forward-looking statements but are not the exclusive means of identifying these statements. Important factors that may cause actual results and outcomes to differ materially from those contained in such forward-looking statements include, without limitation, the amount, timing, and sources of funding for the repurchase program, the fact that common share repurchases may not be conducted in the timeframe or in the manner the Company expects, or at all, the ability of the Company to obtain the funding required to pay certain Meridianbet Group acquisition post-closing obligations, the terms of such funding, potential dilution caused there by and/or covenants agreed to in connection therewith; potential lawsuits regarding the acquisition; the business, economic and political conditions in the markets in which the Company operates; the effect on the Company and its operations of the ongoing Ukraine/Russia conflict and the conflict in Israel, changing interest rates and inflation, and risks of recessions; the need for additional financing, the terms of such financing and the availability of such financing; the ability of the Company and/or its subsidiaries to obtain additional gaming licenses; the ability of the Company to manage growth; the Company’s ability to complete acquisitions and the availability of funding for such acquisitions; disruptions caused by acquisitions; dilution caused by fund raising, the conversion of outstanding preferred stock, and/or acquisitions; the Company’s ability to maintain the listing of its common stock on the Nasdaq Capital Market; the Company’s expectations for future growth, revenues, and profitability; the Company’s expectations regarding future plans and timing thereof; the Company’s reliance on its management; the fact that the sellers of the Meridianbet Group hold voting control over the Company; related party relationships; the potential effect of economic downturns, recessions, increases in interest rates and inflation, and market conditions, decreases in discretionary spending and therefore demand for our products and services, and increases in the cost of capital, related thereto, among other affects thereof, on the Company’s operations and prospects; the Company’s ability to protect proprietary information; the ability of the Company to compete in its market; the effect of current and future regulation, the Company’s ability to comply with regulations and potential penalties in the event it fails to comply with such regulations and changes in the enforcement and interpretation of existing laws and regulations and the adoption of new laws and regulations that may unfavourably impact our business; the risks associated with gaming fraud, user cheating and cyber- attacks; risks associated with systems failures and failures of technology and infrastructure on which the Company’s programs rely; foreign exchange and currency risks; the outcome of contingencies, including legal proceedings in the normal course of business; the ability to compete against existing and new competitors; the ability to manage expenses associated with sales and marketing and necessary general and administrative and technology investments; and general consumer sentiment and economic conditions that may affect levels of discretionary customer purchases of the Company’s products, including potential recessions and global economic slowdowns. Although we believe that our plans, intentions and expectations reflected in or suggested by the forward-looking statements we make in this press release are reasonable, we provide no assurance that these plans, intentions or expectations will be achieved. Other important factors that may cause actual results and outcomes to differ materially from those contained in the forward-looking statements included in this communication are described in the Company’s publicly-filed reports, including, but not limited to, under the “Special Note Regarding Forward-Looking Statements,” “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of the Company’s periodic and current filings with the SEC, including the Form 10-Qs and Form 10-Ks, including, but not limited to, the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 and its Quarterly Report on Form 10-Q for the quarter ended September 30, 2025, and future periodic reports on Form10-K and Form 10-Q. These reports are available at www.sec.gov.
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Q3 2025 at a Glance
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$26.4 $0.00 Profitable Quarter Delivered Figures in millions except margins and EPS - Q3 2025 vs Q3 2024 +15% +18% $0.03 improvement 56% +32% 12% 4 Revenue Net incomeGross Profit EPSGross Margin Adjusted EBITDA Adjusted EBITDA Margin Unaudited figures. See Appendix for reconciliation of non-GAAP measures $47 .3 +111.4 bps $5.7M +152.5bps $3.7M improvement $0.4M
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Financial Performance
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$0 $10 $20 $30 $40 $50 +15% Q3 2024 Q3 2025 $41.0M $47 .3M Consistent Revenue Growth Execution that shows up in the numbers 6 Revenue up $6.3M Y o Y to $47 .3M Revenue Growth 15% REVENUE GROWTH
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Improved Operating Discipline Operating expenses as a share of revenue continue to decline Opex-to-revenue ratio decreased 510 bps sequentially to 56.6%, reflecting sustained cost discipline 0 Q2’24 10 20 30 40 50 60 54.7% Q3’24 5 7.0 % Q4’24 58.6% Q1’25 56.9% Q2’25 Q3’25 61.7% 56.6% 510 bps Opex-to-Revenue Ratio Improvement 7
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$0 $10 $20 $30 $40 $50 +111 bps Q3 2025 55.8% Q3 2024 54.7% Operational Discipline Keeps Driving Margin Expansion Steady progress in profitability - growth converts into durable operating strength Gross profit grew 17 .9% Y o Y to $26.4M, with gross margin expanding to 55.8% Gross profit 55.8% 26.4M 22.4M GROSS PROFIT MARGIN Values are in $M 8
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Profitable Growth and Steady Margins Expanding top line while protecting margin strength 9 $10 $20 $30 $40 $50 $60 Q3’24 Q4’24 54.6% 58.4% Q1’25 56.6% Q2’25 56.4% Q3’25 55.8% REVENUE & GROSS PROFIT GROWTH Revenue Gross Profit Values are in $M
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Capital Efficiency at Scale Debt Down 37% vs FY24 Year End, AEBITDA Up 32% YoY, Leverage Improving 10 FINANCIAL STRENGTH & CAPITAL STRUCTURE Shareholder equity grew 18% to $123.5M compared to $105.1M as of December 31, 2024. Growth driven by debt restructuring that eliminated convertible obligations, removed future conversion risk and cleared dilution overhang. Sequential growth from $121M in Q2 2025. Shareholder Equity +18% Cash position remained solid at $22 million, supporting ongoing investment in platform innovation and geographic expansion. This reflects continued positive cash generation from operations and disciplined capital allocation. Cash on Hand $22.0M Net debt leverage improved 20% to 1.2x from 1.5x in Q2 2025, as total debt declined to $45.1M (from $48.8M). This reflects a stronger balance sheet, with lower leverage supported by steady cash generation. Net Debt Leverage 1.2X We achieved $5.7M adjusted EBITDA in Q3, with 12% margin, up 32% QoQ. Revenue scales faster than costs. Growing profitably while investing in expansion. AEBITDA $5.7M
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Full-Y ear Outlook
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Updated FY 2025 Revenue Guidance and Q4 2025 Outlook Full-Year Revenue Expected in the Range of $186 M–$187 M (Up 23 –24% YoY) with Q4 Revenue Guidance of $52.7 M–$53.7 M (Up 15 –17% YoY) 12 REVENUE GROWTH $0 $50 $100 $150 $200 + 24% FY 2024A FY 2025E $151M $187M $0 $15 $30 $45 $60 + 17% Q4 2025F $53.7 Q4 2024 $45.86 Values refer to $ million Values are in $M
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Operational Overview
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Meridianbet: Double- and Triple-Digit Growth Sustained Revenue up 26% YoY, Brazil Scaling Fast 14 Operational Highlights • Total revenue up 26% YoY to $32.5M • Sports revenue +25%, turnover +29% to $143M • Online casino GGR up 30% to $14.6M, with 35% turnover growth to $485M Engagement & User Metrics • New registrations: +70% YoY, as Brazil operation scales • First depositors: +87% - improved onboarding conversion • First deposit amount growth: +81% • Monthly Active Users (MAU): +21% • Total depositors: +21% Product & Technology • Meridian Missions — proprietary gamification system live across core markets, boosting retention and player LTV through tiered rewards • New responsible gambling tools introduced to reinforce player protection and regulatory alignment Revenue Growth Monthly Active Users (MAU) User Growth & Engagement Product Performance $32.5M +26% QoQ +70% New Users +87% Depositors +21% Monthly Active Users (MAU) Sports: $17 .9M +25% Casino: $14.6M +30% QoQ QoQ +21% YoY
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Expanse Studios: Another Record-Breaking Quarter Exceptional YoY Growth in User Base and Engagement Operational Highlights • Revenue jumped 433%, game spins up 155% • Players surged 248% YoY, reaching 564K unique users • Pay-in and GGR grew 265% and 386% respectively Strategic Milestones • 1,300th B2B partner reached — 300+ new operators added this quarter alone • Gates of Olympia — Flagship title driving retention and engagement across all markets Players +248% Revenue +433% Pay-In +265% GGR +386%
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RKings: Record Quarter and Strong CRM-Driven Retention New CRM rollout boosting engagement as acquisition and order values continue to rise 16 Performance Summary • Strong quarter with sustained momentum • Record revenue of $7 .6 M, +14 % YoY, supported by stronger retention and repeat purchases. • New users +18 % Y o Y; conversion 84 % (+3 pts) — efficiency gains from improved onboarding. • Total order value from new registrations +50% Y o Y, driven by higher first-time AOV and more first- time purchasers. • CRM system deployed in Q3 to personalize engagement and lift lifetime value; full impact expected Q4. • Marketing set to re-accelerate acquisition via optimized PPC and SEO campaigns. Revenue $7 .6M (+14% Y o Y) Total Order Value from New Registrations +50% Y o Y New Users +18% YOY
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Classics: High-Margin, Accretive Addition to the Portfolio Strong Gross Margins And Higher AOV 17 Performance Summary • Revenue +13% QoQ to $2.3M, reflecting stronger user engagement and higher transaction values. • Gross profit after marketing +12% QoQ to $878K, showed clear increasing momentum and operational stability. • New users +72% QoQ; conversion 94%. • Average order value (AOV) +21% QoQ to $26 • First-time order value +23% QoQ to $253K • Implemented new CRM system in Q3 to enhance lifecycle management; full rollout by Q4 expected to boost LTV, conversion, and retention, with VIP acquisition resuming in Q1 2026 and expanded omnichannel marketing to improve ROI. • Record Campaign: August Holden Torana sold 10K+ packages, $776K revenue, AOV $69.64, 1.7K new buyers. Revenue $2.3M (+13% QoQ) Total Order Value from New Registrations +23% QoQ New Users +72% QoQ
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GMAG: Back in Growth Mode Revenue stable at $3.5M, expansion in new markets and AI-powered growth set up the next leg forward 18 Performance Summary • Revenue: $3.5M (vs. $3.6M in Q2) – reflects a strategic transition with positive momentum. • Emerging markets up 40%+, led by Brazil and Mexico. • 12 new game providers added via AI-powered aggregator for improved scalability and personalization. • Operator base expected to grow 10%+ in upcoming quarters through enhanced API efficiency. • Mexplay is launching new CRM system in December to boost retention and deposit activity. $3.5M Stable QoQ New Providers +12 added AI- Powered Aggregator Emerging Markets +40% Brazil and Mexico leading Revenue
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Building Long-Term Value
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Six Gaming Brands. Zero Overlap. Pure Synergy. OUR MOAT Prize Competitions | B2C | UK & Ireland Online and Retail Sports Betting and iGaming | B2B+B2C | 18 Markets 25+ Markets Six Verticals Unified Strategy Casino Platform & Aggregator | B2B | Asia Online Betting and iGaming Operator | B2C | Mexico Loyalty & Subscriptions | B2C | Australia iGaming Development Studio | B2B | 1,000+ Partners
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21 HOW WE WIN Six Businesses. Zero Competition. Pure Synergy. Built Like a Portfolio. Runs Like a Platform We Never Compete With Ourselves Network Effects Cross-Selling Shared Tech We Make Money in Every Scenario Meridianbet: 18 Markets Worldwide RKings: A Top UK Raffle Business Mexplay: Online Provider in Mexico GMAG: Asia B2B Infrastructure Expanse: 1000+ B2B Partners Classics: Australian Loyalty King Regulations Change - Our Moat Widens Retail Resilience with 700+ Locations M&A as a Revenue Catalyst B2C and B2B We Create, We Distribute, We Operate, We Own We’re Not in the Gaming Business. We ARE the Gaming Business The Moat That Compounds 20 Years Profitable 25+ Markets 1300+ B2B Partners Robust Tech Stack Strong Cash Flow 0% Overlap Six Category Leaders - One Stock Antifragile by Design Rare Trinity: Profitable + Growing + Protected Expansion 25+ Regulated Markets Efficient Lean Operations Capital Discipline Self-Funded Growth Owned Technology 20 Years Robust
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Decade of Compounding Revenue Growth Growing faster. Scaling smarter. Powered by our own technology Revenue (USD Millions) REVENUE GROWTH $0 2016A 2017 A 2018A 2019A 2020A 2021A 2022A 2023A 2024A 2025E $10 $25 $50 $75 $100 $150 $200 $25.98 $40.68 $60.37 $74.93 $93.00 $151.12 $187 .00 $45.18 $38.81 $31.47 Note: Figures prior to April 9, 2024, represent Meridianbet Group results only. From April 9, 2024, onward, results reflect the combined company following Golden Matrix Group’s acquisition of Meridianbet, with Meridianbet treated as the accounting acquirer under U.S. GAAP
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From Startup to Global Platform Disciplined M&A. Unified Technology. Global Scale. 23 Nine Y ears of Execution. One Unified Platform. STRATEGIC GROWTH JOURNEY 2024-20252016 2021 2022 Entry into Gaming Market Classics for a Cause acquisition GMAG acquisition (Asia expansion) OTCQX uplisting RKings acquisition (UK market entry) NASDAQ Main Market listing Mexplay acquisition (LatAm entry) Meridianbet + Expanse merger Brazil permanent license US B2B launch
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24 56% 19% 5% 6% 5% 9% Revenue Diversification: Our Geographic Moat Geographic revenue Americas: 5% UK: 19% Europe (exc. UK): 56% Australia: 5% Asia: 6% Africa: 9% Revenue Composition by Segment 69% 24% 7% 24 Meridianbet: 69% Raffles: 24% Aggregators: 7% 19% 6% 5% 56% 5% 9% 25+ Markets B2B & B2C Online & Retail
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Detailed Financial Data & Reconciliations
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Non-GAAP financial measures and Non-GAAP Reconciliations In addition to Financial Measures presented in accordance with U.S. GAAP, we monitor certain non-GAAP key financial measures. The presentation of these non-GAAP financial measures is used to enhance the understanding of certain aspects of our financial performance. It is not meant to be considered in isolation, superior to, or as a substitute for the directly comparable financial measures prepared in accordance with U.S. GAAP, and may not be comparable to similarly titled measures of other companies. Non-GAAP Measure Definition Purpose of Adjusted Measures EBITDA and Adjusted EBITDA EBITDA excludes from net income: • interest income and expense, • income taxes, and • depreciation and amortization. • Adjusted EBITDA, further excludes: • stock-based compensation • restructuring costs • Enhances comparability on a consistent basis and provides investors with useful insight into the underlying trends of the business. • Used by management to assess performance and effectiveness of our business strategies. • Provides a measure, among others, used in the determination of incentive compensation for management. Organic Revenue Organic Revenue is defined as revenue generated by MeridianBet Group, GMAG, and RKings for fiscal years 2024 and 2025, and by Classics for a Cause (“CFAC”) for the periods of August to September 2024 and August to September 2025. • Enhances comparability on a consistent basis and provides investors with useful insight into the underlying trends of the business. • Used by management to assess performance and effectiveness of our business strategies. Net Debt and Net Debt Leverage Ratio Net Debt is defined as total debt less cash and cash equivalents. Net Debt Leverage Ratio is defined as Net Debt as of the balance sheet date divided by annualized Adjusted EBITDA for the quarter then ended. • We believe these measures provide investors with additional insight into the Company’s leverage and liquidity position, il- lustrating our ability to service and repay debt using operating performance and available cash resources.
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Appendix 1 – Key Financial Metrics (Unaudited) Amounts In Millions, Except Per Share Data — Q3 2025 Vs Q3 2024 Q3 2025 Q3 2024 Y/Y Change Revenue $47.3 $41.0 $6.3 Gross profit $26.3 $22.4 $3.9 Gross Margin 56% 55% 111.4 bps Net Income (loss) $0.4M ($3.3M) $3.7 EPS $0.00 ($0.03) $0.03 Adjusted EBITDA $5.7 $4.3 $1.4 Adjusted EBITDA Margin 12% 11% 152.5 bps
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Appendix 2 – Reconciliation of GAAP to Organic Revenue (Unaudited) Organic Revenue In Thousands Excludes Contributions From Newly Acquired Entities Q3 2025 Q3 2024 Y/Y Change GAAP Revenue $47,316 $40,992 +15% (-) Acquired Entity Revenue ($715) - - Organic Revenue $46,601 $40,992 +14% Organic Revenue is defined as revenue generated by MeridianBet Group, GMAG, and RKings for fiscal years 2024 and 2025, and by Classics for a Cause (“CFAC”) for the periods of August to September 2024 and August to September 2025. Amounts in Thousands
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Appendix 3 - Net Debt Leverage Debt $45,078,253 Less: cash and cash equivalents $22,042,638 Net Debt $23,035,615 Divided by: annualized adjusted EBITDA $19,718,527 Net debt leverage ratio 1.2
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Appendix 4 - Stand-Alone Q3 2025 Income Statement (Unaudited) Golden Matrix Group, Inc. and Subsidiaries - Consolidated Statements of Operations and Comprehensive Income (Loss) Unaudited Q3 2025 Q3 2024 Revenues $47,316,308 $40,992,329 Cost of goods sold ($20,929,885) ($18,589,162) Gross Profit $26,386,423 $22,403,167 Operating expenses, Selling, general and administrative expenses $26,774,044 $23,379,550 Income (loss) from operations ($387,621) ($976,383) Other income (expense): Interest expense ($510,636) ($790,193) Interest earned $62,036 $58,475 Foreign exchange loss/gain $817,201 ($219,060) Other Income $634,458 $495,654 Total other income (loss) $1,003,059 ($455,124) Net income (loss) before tax $615,438 ($1,431,507) Provision for income taxes $201,636 $1,864,122 Net income (loss) $413,802 ($3,295,629)
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Appendix 4 - Stand-Alone Q3 2025 Income Statement (Unaudited) Golden Matrix Group, Inc. and Subsidiaries - Consolidated Statements of Operations and Comprehensive Income (Loss) Unaudited Q3 2025 Q3 2024 Less: Net income (loss) attributable to noncontrolling interest ($152,212) $109,935 Net income (loss) attributable to GMGI $566,014 ($3,405,564) Weighted average ordinary shares outstanding: Basic $139,769,484 $121,510,697 Diluted $142,758,774 $121,510,697 Net income (loss) per ordinary share attributable to GMGI: Basic $0.00 ($0.03) Diluted $0.00 ($0.03) Net income (loss) $413,802 ($3,295,629) Foreign currency translation adjustments ($667 ,259) $1,818,258 Comprehensive income (loss) ($253,457) ($1,477,371) Less: Net income (loss) attributable to noncontrolling interest ($152,212) $109,935 Comprehensive income (loss) attributable to GMGI ($101,245) ($1,587 ,306)
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3651 Lindell Road, Suite D131, Las Vegas, Nevada, 89103, United States +1 702 318-7548 www.goldenmatrix.com