Inspired Entertainment, Inc. · NASDAQ:INSE
Inspired Entertainment — Q1 2026 Earnings Presentation
20 slides from Inspired Entertainment's earnings presentation, May 7, 2026
Slide 1: First Quarter 2026 Earnings
First Quarter 2026 Earnings MAY 7, 2026
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: 1Q 2026 Key takeaways
Introduction 1Q 2026 Key takeaways High-margin growth with strong cash conversion 1 GROWTH MARGIN EXPANSION Adjusted EBITDA +29% Interactive Revs +38%, Adj EBITDA1 +53% YoY Adjusted EBITDA margin3 41% (+1100bp) Revs ex holiday parks & pubs restructure2 +15% YoY Structural margin uplift from portfoli
Slide 4: Underlying revenue +15% (ex divestiture & pubs restructuring)
Growth Underlying revenue +15% (ex divestiture & pubs restructuring)1 Portfolio actions mask strong underlying growth 1Q26 YoY REVENUE BRIDGE $ in millions -20% +15% $60.3 $57.2 portfolio actions underlying growth 1Q25 Holiday parks sale Pubs restructuring Interactive Cashbox Other 1Q26 performance2
Slide 5: Interactive revenue +38% with strong Adj EBITDA leverage
Growth Interactive revenue +38% with strong Adj EBITDA leverage Driver of group growth and margin expansion INTERACTIVE SEGMENT Revenue Adjusted Adjusted EBITDA EBITDA1 Margin2 Key drivers • Above-market growth rates • Expansion within existing +38% +53% +700bps customers • New content introductions
Slide 6: Positive Interactive Momentum in U.S.
Growth Positive Interactive Momentum in U.S. Share gains plus growing presence in top themes signals accelerating future performance Momentum Driven by Reinforcing U.S. PERFORMANCE INDICATORS1 Growth Levers 3/2026 3/2025 Content Strength Execution Slot index ranking #4 #8 Proven U.S.-focused content
Slide 7: Stronger New Titles, Backed by Proven Scale
Growth Stronger New Titles, Backed by Proven Scale Newest games are outperforming; adding growth on our stable, revenue-generating base £5,000,000 MONTHLY INTERACTIVE REVENUE PROGRESSION1 - BY YEAR OF RELEASE £4,000,000 £3,000,000 £2,000,000 £1,000,000 £0 Jan-22 Jan-23 Jan-24 Jan-25 Game release dat
Slide 8: Gaming machines growing above market and gaining share
Growth Gaming machines growing above market and gaining share Strong performance across key markets 1Q26 RETAIL SOLUTIONS PERFORMANCE METRICS Wiliam Hill betting shop Greece betting shop Illinois net terminal Gross win/unit/day Gross win/unit/day income1 +9% +11% +OVERINDEX 1Q25 1Q26 1Q25 1Q26 Floor
Slide 9: Expanding Virtual Sports Distribution
Growth Expanding Virtual Sports Distribution New channels position Inspired for incremental reach and additional pathways for growth1 (1) BetMGM agreement launched in 1Q26 and Playtech signed in 2Q26. 9
Slide 10: Portfolio optimization improving margin profile & scalability
Margin Expansion Portfolio optimization improving margin profile & scalability Strategic divestments and digital shift deliver higher-margin, more scalable earnings YoY ADJUSTED EBITDA1 $ in millions +$5.3m Key drivers of improvement $23.7 Adjusted EBITDA • Portfolio rationalization (exit low margin
Slide 11: 1Q 2026 Snapshot
Snapshot 1Q 2026 Snapshot THREE MONTHS ENDED MARCH 31, 2026 $57m $24m 29% Revenue Adjusted EBITDA1 Adjusted EBITDA YoY % change 60% 41% 3.0x Digital mix2 Adjusted EBITDA Net leverage4 margin3 (1) Reconciliation of non-GAAP financial measures to the most comparable GAAP financial measures shown in ap
Slide 12: Adjusted EBITDA growth converting to strong Free Cash Flow
Cash & Balance Sheet Adjusted EBITDA growth converting to strong Free Cash Flow Free Cash Flow tracking inline with targets based on quarterly variability Three months ended March 31, 2026 Commentary Adjusted EBITDA $ 23.7 Cash flow from operating activities • Favorable movements in working capital
Slide 13: Targets Reaffirmed with Adj EBITDA margin increased
Outlook Targets Reaffirmed with Adj EBITDA margin increased 2026 2027 2025 TARGETS7 TARGETS7 Adj EBITDA1 $111m $112m - $118m $125m - $135m Adj EBITDA margin2 37% up to 45% (from 43%) 45%+ Digital as a % of Adj EBITDA3 51% 55%+ 60%+ Cash Capex4 $44m $30m - $35m $30m - $35m Free cash flow conversion5
Slide 14: Appendix
Appendix 14
Slide 15: 1Q26 Adjusted EBITDA Commentary
1Q26 Adjusted EBITDA Commentary Commentary 1Q26 YOY ADJUSTED EBITDA PERFORMANCE Interactive +53% YoY (+42%cc); -10% QoQ ($ in millions) • March was a record GGR month in North America; offset by seasonally slower January • 51% growth in the UK and 29% growth in the U.S. $11.8 70.6% Interactive $7.7
Slide 16: Financials: Adjusted Income Statement
Financials: Adjusted Income Statement Three months ended 2026 2025 Change % 31-Mar $m $m Revenue 57.2 60.4 -5% Less: cost of sales (11.2) (17.9) -37% Gross Profit $ 46.0 $ 42.5 8% SG&A (24.3) (30.3) 20% Depreciation & amortizaion (12.5) (10.6) -18% Commentary Net operating income $ 9.2 $ 1.6 475% In
Slide 17: Non-GAAP Reconciliation: Q1 2026 Adjusted EBITDA by Segment
Non-GAAP Reconciliation: Q1 2026 Adjusted EBITDA by Segment Retail Virtual Solutions Sports Interactive Corporate Total Net income (loss) $ 5.4 $ 3.8 $ 10.7 $ (20.4) $ (0.5) Items Relating to Legacy Activities: Pension charges — — — 0.3 0.3 Items outside the normal course of business: Costs of group
Slide 18: Non-GAAP Reconciliation: Q1 2025 Adjusted EBITDA by Segment
Non-GAAP Reconciliation: Q1 2025 Adjusted EBITDA by Segment Retail Virtual Solutions Sports Interactive Corporate Total Net income (loss) $ 2.5 $ 4.9 $ 6.9 $ (14.4) $ (0.1) Items Relating to Legacy Activities: Pension charges — — — 0.2 0.2 Items outside the normal course of business: Costs of group
Slide 19: Q1 2026 Pro Rated Segment Adjusted EBITDA Contribution
Q1 2026 Pro Rated Segment Adjusted EBITDA Contribution Retail Virtual Corporate Solutions Sports Interactive Functions Total Total Revenue $ 31.8 $ 8.7 $ 16.7 $ — $ 57.2 Segment % of Total Revenue 55.6% 15.2% 29.2% 100.0% Adjusted EBITDA $ 14.3 $ 6.1 $ 11.8 $ (8.5) $ 23.7 Corporate allocation(1) (4.
Slide 20: Q1 2025 Pro Rated Segment Adjusted EBITDA Contribution
Q1 2025 Pro Rated Segment Adjusted EBITDA Contribution Retail Virtual Corporate Solutions Sports Interactive Functions Total Total Revenue $ 39.6 $ 8.7 $ 12.1 $ — $ 60.4 Segment % of Total Revenue 65.6% 14.4% 20.0% 100.0% Adjusted EBITDA $ 11.0 $ 6.3 $ 7.7 $ (6.6) $ 18.4 Corporate allocation(1) (4.4
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