Inspired Entertainment, Inc. · NASDAQ:INSE
Inspired Entertainment — Q3 2025 Earnings Presentation
28 slides from Inspired Entertainment's earnings presentation, Nov 5, 2025
Slide 1: Third Quarter 2025 Earnings
Third Quarter 2025 Earnings NOVEMBER 5, 2025
Slide 2: Safe Harbor / Non-GAAP Financial Disclosures
Safe Harbor / Non-GAAP Financial Disclosures Forward-Looking Statements This presentation includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, statements regarding our busines
Slide 3: Agenda
1 Introduction Lorne Weil Executive Chairman 2 3Q25 Review Brooks Pierce President & CEO Agenda 3 Outlook Lorne Weil Executive Chairman 4 Q&A 3
Slide 4: Overview
1 Introduction Overview Strong fundamentals – 3Q performance reflects continued momentum Transition underway into digital-led, asset-light business model Well positioned for growth & margin expansion Clear execution plan with forward-looking guidance 4
Slide 5: Agenda
1 Introduction Lorne Weil Executive Chairman 2 Business Update Brooks Pierce President & CEO Agenda 3 Outlook Lorne Weil Executive Chairman 4 Q&A 5
Slide 6: Demonstrating Momentum and Executing on Core Strategy
2 Business Update Demonstrating Momentum and Executing on Core Strategy ▪ Total Revenue of $86.2m grew +12 YoY (+8% cc1) led by strength in Interactive +48% YoY 3Q 2025 Financial Results ▪ Net Operating Income of $9.7 million, Net Loss of $1.9 million and Adjusted Net Income of $8.3 million Exceeded
Slide 7: Diversified revenue growth
2 Business Update Diversified revenue growth Standout performance in Interactive and North America Key takeaways 3Q 2025 YOY REVENUE PERFORMANCE • Interactive +48%YoY (+44%cc) GEOGRAPHY SEGMENT • Strong growth trajectory driven by increased number of games and increased revenue per game • 50% growth
Slide 8: Mix shifting toward higher margin segments
2 Business Update Mix shifting toward higher margin segments QUARTERLY ADJUSTED EBITDA1,3 ADJUSTED EBITDA MARGINS1,2 Key takeaways SEGMENTS ALLOCATED FOR CORPORATE SEGMENTS ALLOCATED FOR CORPORATE ($ in millions) • Interactive • Driven by increased revenue base YoY 37% $32.3 Total $30.9 38% $29.2 $2
Slide 9: Interactive delivering strong profitable growth
2 Business Update Interactive delivering strong profitable growth Strong execution delivering double-digit growth as our game portfolio scales INTERACTIVE REVENUE ADJ EBITDA1 ADJ EBITDA MARGIN2 % OF TOTAL ($ in millions) ($ in millions) ADJ EBITDA3 +48% +55% +300bp +800bp $10.7 $15.1 68% 71% 29% $10
Slide 10: Future growth opportunities in the U.S. are meaningful
2 Business Update Future growth opportunities in the U.S. are meaningful Well positioned to capitalize on large and growing addressable U.S. iGaming market Online Sports iGaming Betting Regulated US states1 7 39 2024 Total US regulated GGR2 $8.4bn $14.6bn 2024 GGR in PA, MI & NJ3 $7.5bn $2.0bn Proje
Slide 11: Hybrid Dealer: Driving growth and market presence
2 Business Update Hybrid Dealer: Driving growth and market presence Network effect as we grow our footprint across Tier 1 and 2 customers 23 56 20k+ ~$7m ACTIVE PLAYERS/ CUSTOMERS LIVE WEBSITES LIVE MONTH STAKES/ MONTH STRATEGY: VELOCITY, VISIBILITY, AND IMPACT • Accelerating content rollout with la
Slide 12: Positive performance from new Gaming terminals
2 Business Update Positive performance from new Gaming terminals Strong performance across key markets GAMING WILLIAM HILL BETTING SHOP GREECE BETTING SHOP ILLINOIS NET TERMINAL GROSS WIN/UNIT/DAY GROSS WIN/UNIT/DAY INCOME2 +HSD%1 +MSD%1 +HSD%1 3Q24 3Q25 3Q24 3Q25 Floor Avg INSE 3Q25 (1) HSD refers
Slide 13: Agenda
1 Introduction Lorne Weil Executive Chairman 2 3Q25 Review Brooks Pierce President & CEO Agenda 3 Outlook Lorne Weil Executive Chairman 4 Q&A 13
Slide 14: Overview of Inspired
3 Outlook Overview of Inspired A solid foundation supporting the next phase of sustainable, profitable expansion LTM ENDED SEPTEMBER 30, 2025 $310m $110m 16% Revenue Adjusted EBITDA1 Adjusted EBITDA YoY % change 49% 35% 3.2x Digital mix2 Adjusted EBITDA3 Net leverage4 margin (1) Reconciliation of no
Slide 15: Digital led, capital light transition already underway
3 Outlook Digital led, capital light transition already underway Building blocks to accelerate our growth Scaling Digital Intentional shift toward scaling digital areas with strongest growth potential, highest margin profile, and lowest capital intensity Divesting Holiday Parks business Agreed sale
Slide 16: Clear execution plan to accelerate profitable growth
3 Outlook Clear execution plan to accelerate profitable growth Content & Product Innovation: Invest in content, product development and delivery channels Market Share: Deeper penetration with existing customers from increased game cadence, Drive Revenue brand franchise/branded titles and new player
Slide 17: Targeting over 45% Adjusted EBITDA margin by 2027
3 Outlook Targeting over 45% Adjusted EBITDA margin by 2027 ADJUSTED EBITDA MARGIN PROGRESSION LTM 9/30/25 - 2027 target1 45% + 35% 1 LTM 9/30/25 Holiday park divestiture Process re-engineering Higher Digital EBITDA mix Target 2027 (1) 2027 targets are consistent with the assumptions discussed in th
Slide 18: Simplified and more predictable earnings
3 Outlook Simplified and more predictable earnings Two-year targets to drive shareholder value 2026 2027 LTM 9/30/25 TARGETS8 TARGETS8 Adj EBITDA1 $110m HSD% YoY growth9 HSD% YoY growth9 Adj EBITDA margin2 35% 43% 45%+ Digital as a % of Adj EBITDA3 49% 57% 60%+ Headcount4 1,460 900 900 Cash Capex5 $
Slide 19: Agenda
1 Introduction Lorne Weil Executive Chairman 2 3Q25 Review Brooks Pierce President & CEO Agenda 3 Outlook Lorne Weil Executive Chairman 4 Q&A 19
Slide 20: Appendix
Appendix 20
Slide 21: Financials: Adjusted Income Statement
Financials: Adjusted Income Statement Three months ended 2025 2024 Change % 30-Sep $m $m Revenue 86.2 77.2 12% Less: cost of sales (25.7) (23.4) 10% Commentary Gross Profit $ 60.5 $ 53.8 12% SG&A (31.7) (31.4) 1% • Holiday parks sale resulted in an impairment Depreciation & amortizaion (13.2) (11.2)
Slide 22: Non-GAAP Reconciliation: Q3 2025 Adjusted EBITDA by Segment
Non-GAAP Reconciliation: Q3 2025 Adjusted EBITDA by Segment Note: Exchange rate in the table is calculated by dividing the USD total revenue by the GBP total revenue, therefore this could be slightly different from the average rate during the period depending on timing of transactions. 22
Slide 23: Q3 2025 Pro Rated Segment Adjusted EBITDA Contribution
Q3 2025 Pro Rated Segment Adjusted EBITDA Contribution 23
Slide 24: Non-GAAP Reconciliation: Q3 2024 Adjusted EBITDA by Segment
Non-GAAP Reconciliation: Q3 2024 Adjusted EBITDA by Segment Note: Exchange rate in the table is calculated by dividing the USD total revenue by the GBP total revenue, therefore this could be slightly different from the average rate during the period depending on timing of transactions. 24
Slide 25: Q3 2024 Pro Rated Segment Adjusted EBITDA Contribution
Q3 2024 Pro Rated Segment Adjusted EBITDA Contribution 25
Slide 26: Non-GAAP Reconciliation: Q3 2025 Last Twelve Months Adjusted EBITDA
Non-GAAP Reconciliation: Q3 2025 Last Twelve Months (“LTM”) Adjusted EBITDA 26
Slide 27: Non-GAAP Reconciliation: Q3 2024 Last Twelve Months Adjusted EBITDA
Non-GAAP Reconciliation: Q3 2024 Last Twelve Months (“LTM”) Adjusted EBITDA 27
Slide 28: Q3 2025 LTM Pro Rated Segment Adjusted EBITDA Contribution
Q3 2025 LTM Pro Rated Segment Adjusted EBITDA Contribution 28
Inspired Entertainment — Q3 2025 Earnings Presentation on 6ix