B90 Holdings Plc · LSE:B90
B90 — FY2025 Earnings Presentation
19 slides from B90's earnings presentation, 2026
Slide 1: 2025 Final Results
2025 Final Results Validation of a Scalable AI-Driven Platform +103% +67% Profitable +165% Revenue EBITDA Return to PAT Cash
Slide 2: Investment Highlights
Company Overview Investment Highlights Profitable Scalable Capital-Light AI-Driven Re-rating Growth Platform Model Execution Opportunity Revenue +103% Software focus Low capex ML-led optimisation Platform economics Positive PAT High automation Positive WC Data differentiation Valuation upside B90 HO
Slide 3: From Turnaround to Scalable Platform
Strategic Journey From Turnaround to Scalable Platform NOW 2024–2025 P AS T 2021–2023 NEXT 2026+ Transformation Profitable Platform Systematic Deployment Operational reset AI-driven execution Software-led monetization Strategic pivot to B2B Revenue scaling (+103%) Platform capabilities scalable acro
Slide 4: 2025: Defining Year
FY25 Headline Results 2025: Defining Year Revenue EBITDA Profit (PAT) Cash €7.2m €1.1m €0.4m €1.0m ▲ 103% ▲ 67% Return ▲ 165% FY24: €3.5m FY24: €0.66m FY24: €1.7m Loss FY24: €0.4m B90 HO LDINGS PLC 04
Slide 5: Operational Highlights
FY25 EXECUTION Operational Highlights Disciplined execution of the platform model - six proof points from the period. TECHNOLOGY-LED EXECUTION AI & MACHINE LEARNING EMBEDDED B2B PARTNER EXPANSION Continued execution of B90's technology-led, capital-light AI, automation and ML further embedded across
Slide 6: From Affiliate Business to AI-Driven MarTech Platform
Repositioning the Equity Story From Affiliate Business to AI-Driven MarTech Platform Was Perceived As I s Becomi ng Affiliate sites AI-driven performance marketing & MarTech platform Traffic arbitrage Predictable, repeatable software-driven revenue Volatile revenue Operating leverage with expanding
Slide 7: How the Platform Works
Platform Architecture How the Platform Works 01 02 03 04 TRAFFIC AI PARTNER RECURRING ACQUISITION OPTIMISATION CONVERSION MONETISATION PPC, SEO, owned brands Bidding, LTV models, creative High-intent player flows Revenue share, hybrid, software fees Data Feedback Loop B90 HO LDINGS PLC 07
Slide 8: Why the Model Scales
Scalability Thesis Why the Model Scales Smarter models Smarter models AUTOMATION Scalable operations without proportional headcount B90 DATA More data Flywheel Higher ROI Proprietary insights improving conversion rates OPERATING LEVERAGE Fixed base covered; incremental revenue flows to profit Reinve
Slide 9: Structural Growth in Digital Customer Acquisition
Market Opportunity Structural Growth in Digital Customer Acquisition $107bn 30-40% AI-LED Global iGaming market (2024) Of operator economics captured Performance optimisation by performance marketing channels Now an industry standard, improving ROI and unit Growing mid-single digit CAGR through 2028
Slide 10: Financial Inflection Point
Three-Year Financial Trajectory Financial Inflection Point Revenue +140% over 2 years EBITDA swing +€4.4m PAT positive The Turning Point Two-year EBITDA swing of +€4.4m. FY25 the first profitable year with operating leverage. B90 HO LDINGS PLC 10
Slide 11: Profitability and Cash Generation
Operating Leverage in Action Profitability and Cash Generation +67% EBITDA growth FY24 → FY25 (€0.67m → €1.11m) Revenue +103% funding marketing reinvestment Discipline on overhead — admin costs broadly contained Cash €0.4m → €1.0m (+165%) — operating cash flow positive FY24 to FY25 EBITDA bridge — r
Slide 12: Financial Performance
FY25 P&L Summary Financial Performance M etric FY24 FY25 YoY % Trend Margin Progression Revenue €3.5m €7.2m +103% Gross Profit €2.8m €3.7m +34% Operating leverage as platform scales EBITDA €0.66m €1.1m +67% Marketing reinvestment driving revenue scale-up -3.4 pts EBITDA Margin 18.9% 15.5% Scaling In
Slide 13: Strengthened Financial Position
BALANCE SHEET HIGHLIGHTS Strengthened Financial Position Audited results · Year ended 31 December 2025 CA SH & EQUIV A LENTS NET WO R KING CA PITA L TO TA L EQUITY €1.0m (€0.2m) €0.9m €7.2m +165% (FY24: €0.4m) +€1.1m swing FY24 → FY25 +9% YoY (FY24: €6.6m) M etric FY24 FY25 Non-Current Assets Goodwi
Slide 14: Platform Expansion Opportunity
Where the Platform Goes Next Platform Expansion Opportunity Systematic deployment of capabilities - the path to multiple expansion. 01 02 CURRENT FOCUS 03 Adjacent Third-Party Software-Driven Verticals Customers Revenue Open platform capabilities as a service Predictable, repeatable, recurring fees
Slide 15: Why This May Be a Re-Rating Moment
Equity Story Why This May Be a Re-Rating Moment 01 Turnaround complete FY25 marks the inflection. Operational reset delivered; cost base disciplined The re-rating thesis rests on five independently validating proofs. 02 Profitability proven FY25 first profitable year; €0.4m PAT, +67% EBITDA 03 Platf
Slide 16: Aligned, Experienced Leadership
Leadership Aligned, Experienced Leadership Industry veterans with deep iGaming, capital markets, and performance marketing pedigree. Ronny Marcel Andy Mark Breivik Noordeloos McIver Blandford Chief Executive O fficer Chief Financial O fficer Strategic A dviser Non-Executive Chairm an 20+ years senio
Slide 17: Outlook and Priorities for 2026
FY26 Roadmap Outlook and Priorities for 2026 Three priorities, one trajectory: systematic deployment of capabilities through 2026. SCALE MONETISE EXPAND Deepen revenue share; introduce software-led Expand channels, geographies, and partner recurring fees Adjacent verticals and platform partnerships
Slide 18: Why B90 Now
Closing Investment Case Why B90 Now 01 AI-driven performance marketing & MarTech platform The case is no longer a turnaround. Differentiated, ML-led optimisation across the customer acquisition stack It is a platform. Scalable, capital-light model 02 Operating leverage; growth funded from internal c
Slide 19: Questions?
Questions? Investor Contact ronny@b90holdings.com· marcel@b90holdings.com info@b90holdings.com·b90holdings.com B90 Holdings plc·33–37 Athol Street·Douglas IM1 1LB·Isle of Man 19