Slide 1: First Quarter 2026 Investor Presentation
First Quarter 2026 INVESTOR PRESENTATION 28 APRIL 2026 1
Slide 2: Forward Looking Statements
Forward Looking Statements Certain statements made in this presentation 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,”
Slide 3: Table of Contents
Table of Contents 5 Q1 2026 Overview 7 Financial Performance 12 Business Segments 21 The Long Term Thesis 26 Appendices FIRST QUARTER 2026 INVESTOR PRESENTATION 3
Slide 4: Business Highlights
Business Highlights First GAAP-profitable quarter under Meridian Holdings GAAP PROFITABILITY REVENUE GROWTH $2.2M $0.18 $50.1M +17% YoY Net Income Diluted EPS vs $(0.02) First Quarter 2026 revenue First GAAP-profitable quarter under Meridian Holdings, Continued top-line growth from $42.7M in Q1 2025
Slide 5: Q1 2026 Overview
Q71 2026 Overview
Slide 6: First Quarter 2026 Financial Highlights
Q1 2026 OVERVIEW FINANCIAL PERFORMANCE BUSINESS SEGMENTS THE LONG TERM THESIS APPENDICES First Quarter 2026 Financial Highlights Figures in millions of U.S. Dollars except margins and EPS Q1 2026 vs Q1 2025 Revenue Gross Gross Net Adjusted GAAP Profit Margin Income EBITDA EPS $50.1M $28.1M 56% $2.2M
Slide 7: Financial Performance
Financial Performance
Slide 8: Revenue Growth Continues
Q1 2026 OVERVIEW FINANCIAL PERFORMANCE BUSINESS SEGMENTS THE LONG TERM THESIS APPENDICES Revenue Growth Continues Q1 2026 Revenue of $50.1M $50.1M $60 $42.7M Q1 Revenue Growth $30 +$7.4M +17% YOY $0 Q1 2025 Q1 2026 FIRST QUARTER 2026 INVESTOR PRESENTATION 8
Slide 9: Gross Profit Climbs 16% on Stable Margin
Q1 2026 OVERVIEW FINANCIAL PERFORMANCE BUSINESS SEGMENTS THE LONG TERM THESIS APPENDICES Gross Profit Climbs 16% on Stable Margin $60 Gross profit of $28.1M in Q1 2026 $40 $28.1M $24.2M Gross Margin $20 +$3.9M 56% -46 bps $0 Q1 2025 Q1 2026 FIRST QUARTER 2026 INVESTOR PRESENTATION 9
Slide 10: Strengthened Balance Sheet Through Strategic De-Leveraging
Q1 2026 OVERVIEW FINANCIAL PERFORMANCE BUSINESS SEGMENTS THE LONG TERM THESIS APPENDICES Strengthened Balance Sheet Through Strategic De-Leveraging Net debt down 62% year over year to $13.5M CASH ON NET NET DEBT DEBT HAND DEBT LEVERAGE REMAINING $16.2M $13.5M 0.53x $29.7M MAR 31, 2026 DOWN 62% YOY A
Slide 11: Q2 2026 Preliminary Outlook
Q1 2026 OVERVIEW FINANCIAL PERFORMANCE BUSINESS SEGMENTS THE LONG TERM THESIS APPENDICES Q2 2026 Preliminary Outlook Preliminary Q2 2026 revenue guidance of $51M to $53M (+18 to +23% YoY) $52M $60 $43.2M Q2 2026 Revenue Guidance $40 $51 million – $53 million 18–23% YoY +18 to +23% YoY vs Q2 2025A ($
Slide 12: The Businesses Behind the Numbers
The Businesses Behind the Numbers
Slide 13: Segment Performance
Q1 2026 OVERVIEW FINANCIAL PERFORMANCE BUSINESS SEGMENTS THE LONG TERM THESIS APPENDICES Segment Performance Segment Metric Revenue $34.9M $12.1M $3.1M Revenue YoY +25.9% +8.5% -18.4% Gross Profit $24.1M $2.9M $1.1M Gross Profit YoY +21.2% -9.2% -3.7% Gross Margin 69.3% 24.2% 33.9% Gross Margin YoY
Slide 14: Revenue Composition by Geography
Q1 2026 OVERVIEW FINANCIAL PERFORMANCE BUSINESS SEGMENTS THE LONG TERM THESIS APPENDICES Revenue Composition by Geography Geographic 20% 5% Revenue Composition Revenue by Segment 55% 6% 6% 10% 20% 5% 4% MeridianBet 6% 70% 10% 55% 24% 4% $34.9M Europe exc. UK 70% 55% FIRST QUARTER 2026 INVESTOR PRESE
Slide 15: Meridianbet Performance
Q1 2026 OVERVIEW FINANCIAL PERFORMANCE BUSINESS SEGMENTS THE LONG TERM THESIS APPENDICES Meridianbet Performance Core operating segment continues to scale. Year-over-year performance in Q1 2026 REVENUE GROSS PROFIT GROUP REVENUE SHARE $35M $24M 70% +26% YoY · vs $28M +21% YoY · 69% gross margin +476
Slide 16: Expanse Studios: Strong Start to 2026
Q1 2026 OVERVIEW FINANCIAL PERFORMANCE BUSINESS SEGMENTS THE LONG TERM THESIS APPENDICES Expanse Studios: Strong Start to 2026 Results are included in the Meridianbet segment. Year-over-year performance in Q1 2026 1,519 operator sites 175 new added in Q1 2026 New RGS Certifications in Q1 2026 Latvia
Slide 17: RKings Performance
Q1 2026 OVERVIEW FINANCIAL PERFORMANCE BUSINESS SEGMENTS THE LONG TERM THESIS APPENDICES RKings Performance Revenue growth on improved per-transaction economics Performance Summary • Sales reached $7.7M, up $0.8M year over year. • Average order value rose to $16.91, a 29% increase as customer mix sh
Slide 18: Classics for a Cause Performance
Q1 2026 OVERVIEW FINANCIAL PERFORMANCE BUSINESS SEGMENTS THE LONG TERM THESIS APPENDICES Classics for a Cause Performance Sequential improvement in user acquisition Performance Summary • New users climbed to 9,813, up 18% year over year. • VIP subscriptions returned above 10,000 for the first time i
Slide 19: GMAG Performance
Q1 2026 OVERVIEW FINANCIAL PERFORMANCE BUSINESS SEGMENTS THE LONG TERM THESIS APPENDICES GMAG Performance Expanded provider network and game deployment in Q1 2026 Performance Summary • New providers onboarded to the platform reached 12 in Q1 2026, compared with 2 in Q1 2025. • New games deployed cli
Slide 20: Mexplay: Accelerating New User Economics
Q1 2026 OVERVIEW FINANCIAL PERFORMANCE BUSINESS SEGMENTS THE LONG TERM THESIS APPENDICES Mexplay: Accelerating New User Economics Included in the GMAG Segment Performance Summary • Total registrations reached 74,000 in Q1 2026, up 271% year over year as the customer acquisition funnel scales meaning
Slide 21: The Long-Term Thesis
The Long-Term Thesis
Slide 22: Six Brands. Zero Overlap. One Platform.
Q1 2026 OVERVIEW FINANCIAL PERFORMANCE BUSINESS SEGMENTS THE LONG TERM THESIS APPENDICES Six Brands. Zero Overlap. Sports Betting & iGaming B2B+B2C | 18 Markets One Platform. Built like a portfolio. Prize Competitions Raffles & Loyalty B2C | UK & Ireland B2C | Australia Runs like a platform. • Over
Slide 23: One Platform. Zero Brand Overlap.
Q1 2026 OVERVIEW FINANCIAL PERFORMANCE BUSINESS SEGMENTS THE LONG TERM THESIS APPENDICES One Platform. Zero Brand Overlap. Built like a portfolio. Runs like a platform. Grows like a network. We Never Compete We Make Money The Moat That Expansion With Ourselves in Every Scenario Compounds Efficient 2
Slide 24: A Decade of Sustained Growth
Q1 2026 OVERVIEW FINANCIAL PERFORMANCE BUSINESS SEGMENTS THE LONG TERM THESIS APPENDICES A Decade of Sustained Growth From regional operator to global platform — consistent execution across 10 fiscal years $182.9M $200 $151.1M $160 $120 $93.00M $25.98M $31.47M $38.81M $45.18M $40.68M $60.37M $74.93M
Slide 25: One Platform. Now One Name. Meridian Holdings.
Q1 2026 OVERVIEW FINANCIAL PERFORMANCE BUSINESS SEGMENTS THE LONG TERM THESIS APPENDICES One Platform. Now One Name. Meridian Holdings. New Corporate Identity Reflects Our Unified Platform and Decade of Proven Execution. PLATFORM GEOGRAPHIC PUBLIC MARKETS TRANSFORMATIVE A NEW IDENTITY FOUNDATIONS EV
Slide 26: Appendices
Appendices
Slide 27: Appendix 1: Non-GAAP Financial Measures and Reconciliations
Q1 2026 OVERVIEW FINANCIAL PERFORMANCE BUSINESS SEGMENTS THE LONG TERM THESIS APPENDICES Appendix 1: Non-GAAP Financial Measures and 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
Slide 28: Appendix 2: Key Financial Metrics (Unaudited)
Q1 2026 OVERVIEW FINANCIAL PERFORMANCE BUSINESS SEGMENTS THE LONG TERM THESIS APPENDICES APPENDIX Appendix 2: Key Financial Metrics (Unaudited) Amounts in Millions, Except Per Share Data — Q1 2026 vs Q1 2025 Q1 2026 Q1 2025 Y/Y Change Y/Y % Revenue $50.1 $42.7 +$7.4 +17% Gross profit $28.1 $24.2 +$3
Slide 29: Appendix 3: Non-GAAP Net Debt Leverage Reconciliation
Q1 2026 OVERVIEW FINANCIAL PERFORMANCE BUSINESS SEGMENTS THE LONG TERM THESIS APPENDICES Appendix 3: Non-GAAP Net Debt Leverage Reconciliation Reconciliation of Net Debt and Leverage Calculation (Unaudited) — March 31, 2026 Net debt leverage Net debt Net debt & leverage calculation 0.53x $13.4M Tota
Slide 30: Appendix 4: US GAAP Stand-Alone Q1 2026 Income Statement
Q1 2026 OVERVIEW FINANCIAL PERFORMANCE BUSINESS SEGMENTS THE LONG TERM THESIS APPENDICES Appendix 4: US GAAP Stand-Alone Q1 2026 Income Statement (Unaudited) Meridian Holdings Inc. and Subsidiaries - Consolidated Statements of Operations and Comprehensive Income Unaudited Q1 2026 Q1 2025 Revenues $5
Slide 31: Appendix 4: US GAAP Stand-Alone Q1 2026 Income Statement
Q1 2026 OVERVIEW FINANCIAL PERFORMANCE BUSINESS SEGMENTS THE LONG TERM THESIS APPENDICES Appendix 4: US GAAP Stand-Alone Q1 2026 Income Statement (Unaudited) Meridian Holdings Inc. and Subsidiaries - Consolidated Statements of Operations and Comprehensive Income Unaudited Q1 2026 Q1 2025 Less: Net l
Slide 32: Appendix 5: Non-GAAP Reconciliation of EBITDA and Adjusted EBITDA
Q1 2026 OVERVIEW FINANCIAL PERFORMANCE BUSINESS SEGMENTS THE LONG TERM THESIS APPENDICES Appendix 5: Non-GAAP Reconciliation of EBITDA and Adjusted EBITDA to Net Income Three-Month Period Ended March 31, 2026 vs. March 31, 2025 (Unaudited) Q1 2026 Q1 2025 Net Income (loss) $2,168,157 $(258,217) + In
Slide 33: www.meridian-holdings.com
3651 Lindell Road, Suite D555, Las Vegas, Nevada, 89103, United States +1 702 318-7548 www.meridian-holdings.com 33