Gaming Realms plc

Revenue increased 10% to GBP 31.4 million, while adjusted EBITDA rose 15% to GBP 15 million. North America drove growth, with U.S. revenue up 19%/23% constant currency and Canada up 26%/31% constant currency; U.K. revenue declined 10% due to staking limits, and rest of world was weaker mainly because of the Netherlands and Portugal. Variable costs were 20% of revenue, underlying cash inflow was GBP 9.5 million, cash conversion was 63% of adjusted EBITDA, and year-end cash was GBP 17.8 million. The company returned GBP 2.8 million to shareholders via buybacks in 2025, completed the remaining GBP 3.2 million of the announced GBP 6 million program in Q1 2026, and announced a further GBP 5 million buyback. For 2026, consensus adjusted EBITDA is GBP 14.7 million; management said that, on a pro forma basis assuming the higher U.K. gaming tax had applied in 2025, reported 2025 revenue would have been down GBP 2 million and adjusted EBITDA down GBP 1.7 million to GBP 13.3 million.

Mark Segal said the business is still in a strong growth phase, with Slingo remaining the core IP and the main basis for expansion across regulated iGaming markets. He emphasized new market launches such as Delaware, British Columbia, Brazil, Peru, South Africa and other African markets, plus ongoing expansion with large operators like DraftKings, BetMGM and others. His tone was constructive and confident, stressing that the company has a strong balance sheet, is cash generative, and is investing into more Slingo content, bespoke titles and new adjacent opportunities.

Geoffrey Green highlighted that revenue grew to GBP 31.4 million and adjusted EBITDA to GBP 15 million, supported by a high-margin model where variable costs were 20% of revenue. He pointed to strong cash generation, with GBP 9.5 million of underlying cash inflow, 63% cash conversion, GBP 4.3 million net cash increase and GBP 17.8 million of cash at year-end. On capital allocation, he said the company returned GBP 2.8 million through buybacks in 2025, completed the rest of the GBP 6 million program in early 2026, and approved another GBP 5 million buyback; he also said capex rose 45% in 2025 and should grow at a mid-teens pace in 2026 before normalizing.

Analysts focused on capex, tax, buybacks, brand licensing revenue, North America growth and whether Slingo content was saturating. Management said the capex increase reflected investment in Slingo, Lucky Lunar, bespoke content and aggregation, and that 2026 capex growth should be only mid-teens before normalizing. On taxes, they said the complex presentation is largely behind them now, with all available U.K. tax losses used by end-2025 and a 25% U.K. tax rate the right forward assumption; on buybacks, management said execution is proceeding within agreed price and volume limits. They also said brand licensing should revert more toward 2024-like levels in 2026 after a spike in 2025, and rejected the idea that Slingo had hit saturation, pointing instead to the U.K. regulatory disruption and continued U.S. growth.