Meridian Holdings Inc. · NASDAQ:MRDN
Meridian — Golden Matrix Group — Q3 2025 Earnings Presentation
32 slides from Meridian's earnings presentation, Oct 30, 2025
Slide 1: Golden Matrix Group Q3 2025 Investor Presentation
GMG GOLDEN MATRIX GROUP YOU CAN BET ON US Q3 2 INVESTOR PRESENTATION SPAN ee GGmac UZEE) me ploy
Slide 2: Forward Looking Statements
Forward Looking Statements Certain statements made in this press release contain forward-looking information within the meaning of applicable securities laws, including within the meaning of the Private Securities Litigation Reform Act of 1998 ("forward-looking statements"). Words such as "strategy"
Slide 3: Q3 2025 at a Glance
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Slide 4: Profitable Quarter Delivered
Profitable Quarter Delivered Figures in millions except margins and EPS - Q3 2025 vs Q3 2024 Revenue +15% Gross Profit +18% Gross Margin +111.4 bps OD Net income at $3.7M improvement Adjusted EBITDA Adjusted EBITDA Margin 12% improvement © $0.4M] $0.00 Unaucited figures. See Appendix for reconciliat
Slide 5: Financial Performance
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Slide 6: Execution that shows up in the numbers
$50 $10 cution that shows up in the numbers $473M $41.0M Q3 2024 Revenue up $6.3M YoY to $47.3M Q3 2025
Slide 7: Improved Operating Discipline
Improved Operating Discipline Operating expenses as a share of revenue continue to decline 60 30 0 ° a Beneli.! 0224 324 0424 0125 Opex-to-revenue ratio decreased 510 bps sequentially to 56.6
Slide 8: Operational Discipline Keeps Driving Margin Expansion
| PROFIT MARGIN perational Discipline Keeps Driving Margin E: Steady progress in profitability - growth converts into durable operating stré Values are in $M $40 ey =~: el $20 $10 $0 a4 Q3 2024 32025 Gross profit grew 17.9% YoY to $26.4M, with gross margin expanding te
Slide 9: Profitable Growth and Steady Margins
a REVENUE & GROSS PROFIT GROWTH. Profitable Growth and Steady Margins Expanding top line while protecting margin strength Tl Revenue iJ Gross Profit Values are in SM $60 $50 se] 3 se $40 $30 $20 i $10 Q3'24 424 125 225 Q3'25
Slide 10: Financial Strength & Capital Structure
\L STRENGTH & CAPITAL STRUCTURE ~~ ‘Shareholder Equity +18% —S Shareholder equity grew 18% to $123.5M compared to $105.1M as of December 31, 2024. Growth driven by debt restructuring that eliminated convertible obligations, removed future conversion risk and cleared dilution overhang. Sequential gro
Slide 11: Full-Year Outlook
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Slide 12: FY 2025 Revenue Guidance and Q4 Guidance
‘Values are in SM $200 $150 $100 FY 20240 FY 2025E ated FY 2025 Revenue Guidance and Q4 202 Full-Year Revenue Expected in the Range of $186 M-$187 M (Up 23-24% YoY) with Q4 Revenue Guic of $52.7 M-$53.7 M (Up 15-17% YoY) $30 $15 $0
Slide 13: Operational Overview
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Slide 14: Meridianbet: Double- and Triple-Digit Growth Sustained
eridianbet: Double- and Triple-Digit Growth Sustain Revenue up 26% YoY, Brazil Scaling Fast |.7 Operational Highlights + Total revenue up 26% YoY to $32.5M * Sports revenue +25%, turnover +29% to $143M * Online casino GGR up 30% to $14.6M, with 35% turnover growth to $485M Engagement & User Metrics
Slide 15: Expanse Studios: Another Record-Breaking Quarter
Expanse Studios: Another Record-Breaking Quart Exceptional YoY Growth in User Base and Engagement Operational Highlights ‘+ Revenue jumped 433%, game spins up 155% + Players surged 248% YoY, reaching 564K unique users + Pay-in and GGR grew 265% and 386% respectively Strategic Milestones + 1,300th B2
Slide 16: Kings: Record Quarter and Strong CRM-Driven Results
ke Kings: Record Quarter and Strong CRM-Driven Re New CRM rollout boosting engagement as acquisition and order values continue | Performance Summary + Strong quarter with sustained momentum SY” R KINGS + Record revenue of $7.6 M, +14 % YoY, supported by stronger retention and repeat purchases. K (CO
Slide 17: Classics: High-Margin, Accretive Addition to the Portfolio
lassics: High-Margin, Accretive Addition to the Po Strong Gross Margins And Higher AOV [xe Performance Summary + Revenue +13% QoQ to $2.3M, reflecting stronger user engagement and higher transaction values. ha + Gross profit after marketing +12% QoQ to $878K, showed clear increasing momentum and ope
Slide 18: MAG: Back in Growth Mode
ke MAG: Back in Growth Mode Revenue stable at $3.5M, expansion in new markets and Al-powered growth set up the next leg forward Performance Summary hi + Revenue: $3.5M (vs. $3.6M in Q2) - reflects a strategic transition with positive momentum. + Emerging markets up 40%-+, led by Brazil and Mexico. +
Slide 19: Long-Term Value Building
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Slide 20: Our Moat
‘OUR MOAT Six Gaming Brands. Zero Overlap. Pure Synergy. meridianbet Online and Retail Sports Betting and iGaming | 82B+B2C | 18 Markets or WY R KINGS — SK. Gounamions Prize Competitions |B2C | UK & Ireland > = GGMAG Casino Platform & Aggregator | B2B | Asia Six Verticals Unified Strategy Soran Me:
Slide 21: How We Win
“HOW We WIN Six Businesses. Zero Competition. Pure Synergy. Built Like a Portfolio. Runs Like a Platform We Never Compete We Make Money The Moat That Expansion With Ourselves in Every Scenario Compounds Efficient 25+ Regulated Lean Markets Meridianbet: 18 Markets Worldwide Regulations Change - 20 Ye
Slide 22: Decade of Compounding Revenue Growth
REVENUE GROWTH Decade of Compounding Revenue Growth Growing faster. Scaling smarter. Powered by our own technology $200 $150 100 975 $50 $25 $10 $0 ma Ba Ba ape zp 6 ED f) 2016A, 2078 20180 20198, 20208 20218 20228 20238 20244 20256 Revenue (USD Millions) Note: Flgues orto Apt 9, 2024, represent Mec
Slide 23: Strategic Growth Journey
STRATEGIC GROWTH JOURNEY From Startup to Global Platform Disciplined M&A. Unified Technology. Global Scale. mac Rings otcax descent Tipercas) Meridianbet Brazil usB28 Classics for Bray inte acquisition acquisition _uplisting acquisition Main +Expanse permanent launch ‘Cause ‘Gaming Market (asia (UK
Slide 24: Revenue Diversification: Our Geographic Moat
Revenue Diversification: Our Geographic Moat \ 7 ~\ Geographic revenue 1 ©), ~\ a) Revenue Composition by Segment ‘fd] 25+ Markets Ha) B2B &B2C = ;
Slide 25: Detailed Financial Data
306 06Co S628 soe Detailed Financial Data & meee
Slide 26: Non-GAAP Measures and Definitions
In addition to Financial Measures a in accordance with U.S. GAAP, we monitor certain non-GAAP key financial measures measures prepared in accordance with U.S. GAAP, and may not be anime to similarly titled measures of other ¢ F comp anie Non-GAAP Measure EBITDA and Adjusted EBITDA Definition EBITDA
Slide 27: Appendix - Key Financial Metrics (Unaudited)
Appendix 1 - Key Financial Metrics (Unaudited) Amounts In Millions, Except Per Share Data — Q3 2025 Vs Q3 2024 Q3 2025 Q3 2024 Revenue $47.3 $41.0 Gross profit $263 $22.4 Gross Margin 56% 55% Net Income (loss) $0.4M ($3.3M) EPS $0.00 03) Adjusted EBITDA $5.7 Adjusted EBITDA Margin 12%
Slide 28: Appendix - Reconciliation of GAAP to Organic Revenue
pendix 2 - Reconciliation of GAAP to Organic Revenue Irganic Revenue In Thousands Excludes Contributions From Newly Acquire: Q3 2025 93 2024 GAAP Revenue $47,316 $40,992 (-) Acquired Entity Revenue ($715) = $46,601 $40,992 a | Organic Revenue Organic Revenue is defined as revenue generated by Meridl
Slide 29: Appendix - Net Debt Leverage
ndix 3 - Net Debt Leverage Debt $45,078,253 Less: cash and cash equivalents $22,042,638 Net Debt $23,035,615 Divided by: annualized adjusted EBITDA $19,718,527 Net debt leverage ratio 2
Slide 30: Appendix - Stand-Alone Q3 2025 Income Statement (Unaudited)
Appendix 4 - Stand-Alone Q3 2025 Income Statement (Unaudited) Golden Matrix Group, Inc. and Subsidiaries - Consolidated Statements of Operations and Comprehensive Income (Loss) Unaudited Q3 2025 Q3 2024 Revenues $47,316,308 $40,992,328 Cost of goods sold ($20,920,885) (s18,589162) Gross Profit $26,3
Slide 31: Appendix - Stand-Alone Q3 2025 Income Statement (Unaudited)
Appendix 4 - Stand-Alone Q3 2025 Income Statement (Unaudited) Golden Matrix Group, Inc. and Subsidiaries - Consolidated Statements of Operations and Comprehensive Income (Loss) Unaudited Q3 2025 Q3 2024 Loss: Net income (loss) attributable to noncontrolling interest ($152,212) $109,935 Net income (l
Slide 32: Golden Matrix Group
GOLDEN MATRIX GROUP 3651 Lindell Road, Suite D131, Las Vegas, Nevada, 89103, United States +1702 318-7548 www.goldenmatrix.com