Meridian Holdings Inc. · NASDAQ:MRDN
Meridian — Q2 2026 Earnings Presentation
35 slides from Meridian's earnings presentation, Jul 29, 2026
Slide 1: Second Quarter 2026 Investor Presentation
Second Quarter 2026 INVESTOR PRESENTATION 29 JULY 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 Q2 2026 Overview 7 Financial Performance 14 Business Segments 23 The Investment Case 28 Appendices SECOND QUARTER 2026 INVESTOR PRESENTATION 3
Slide 4: Second Quarter 2026 Highlights
Second Quarter 2026 Highlights Consistent profitability and six consecutive quarters of deleveraging Revenue Growth GAAP Profitability $50.2M +16% YoY $2.2M $0.17 Second Quarter 2026 revenue Net Income attributable to MRDN Diluted EPS vs $(0.31) Continued top-line growth from $43.2M in Q2 2025. Seco
Slide 5: Q2 2026 Overview
Q2 2026 Overview
Slide 6: Second Quarter 2026 Financial Highlights
Q2 2026 OVERVIEW FINANCIAL PERFORMANCE BUSINESS SEGMENTS THE INVESTMENT CASE APPENDICES Second Quarter 2026 Financial Highlights Figures in millions of U.S. Dollars except margins and EPS Q2 2026 vs Q2 2025 Revenue Gross Gross Net Income Adjusted GAAP Attributable Profit Margin to MRDN EBITDA EPS $5
Slide 7: Financial Performance
Financial Performance
Slide 8: Revenue Growth Continues
Q2 2026 OVERVIEW FINANCIAL PERFORMANCE BUSINESS SEGMENTS THE INVESTMENT CASE APPENDICES Revenue Growth Continues Q2 2026 revenue of $50.2M. First-half revenue surpasses $100M $50.2M $60 $43.2M Q2 Revenue Growth $30 +$6.9M +16% YOY $0 Q2 2025 Q2 2026 SECOND QUARTER 2026 INVESTOR PRESENTATION 8
Slide 9: Gross Profit Climbs 10%
Q2 2026 OVERVIEW FINANCIAL PERFORMANCE BUSINESS SEGMENTS THE INVESTMENT CASE APPENDICES Gross Profit Climbs 10% $60 Gross profit of $26.9M in Q2 2026 $40 $26.9M $24.4M Gross Margin $20 +$2.5M 53.5% -287 bps $0 Q2 2025 Q2 2026 SECOND QUARTER 2026 INVESTOR PRESENTATION 9
Slide 10: Revenue to Operating Cash Flow
Q2 2026 OVERVIEW FINANCIAL PERFORMANCE BUSINESS SEGMENTS THE INVESTMENT CASE APPENDICES Revenue to Operating Cash Flow How $50.2M of reported revenue converted into $7.8M of operating cash flow Income Statement Cash Flow Statement Revenue - Accounting Profit Net Income - Operating Cash Flow Expanded
Slide 11: Deleveraging That Reaches the Bottom Line
Q2 2026 OVERVIEW FINANCIAL PERFORMANCE BUSINESS SEGMENTS THE INVESTMENT CASE APPENDICES Deleveraging That Reaches the Bottom Line Sixth consecutive quarter of deleveraging, net debt reduced to $9.4M Cash Net Net Debt Debt on Hand Debt Leverage Remaining $17.3M $9.4M 0.39x $26.7M JUN 30, 2026 DOWN 65
Slide 12: Share Count Discipline
Q2 2026 OVERVIEW FINANCIAL PERFORMANCE BUSINESS SEGMENTS THE INVESTMENT CASE APPENDICES Share Count Discipline Minimal dilution and no new equity granted, protecting shareholder value 0 0.23% None New equity awards granted Net share change Share repurchases in Q2 Q2 2026 · burn rate 0% Q2 2026 · vs
Slide 13: Second Half 2026 Outlook
Q2 2026 OVERVIEW FINANCIAL PERFORMANCE BUSINESS SEGMENTS THE INVESTMENT CASE APPENDICES Second Half 2026 Outlook For the second half of 2026, we expect constand currency revenue growth of approximately 8% to 10% year-over-year. Q4 strongest $120 quarter H2 2026 Outlook $96.9M $100 Approx. 8% to 10%
Slide 14: The Businesses Behind the Numbers
The Businesses Behind the Numbers
Slide 15: Segment Performance
Q2 2026 OVERVIEW FINANCIAL PERFORMANCE BUSINESS SEGMENTS THE THE LONG INVESTMENT TERM THESIS CASE APPENDICES Segment Performance Segment Metric Revenue $35.8M $10.8M $3.6M Revenue YoY +22.7% +3.8% -1.6% Gross Profit $23.5M $2.2M $1.2M Gross Profit YoY +14.6% -22.7% +1.9% Gross Margin 65.6% 20.0% 33.
Slide 16: Revenue Composition by Geography
Q2 2026 OVERVIEW FINANCIAL PERFORMANCE BUSINESS SEGMENTS THE THE LONG INVESTMENT TERM THESIS CASE APPENDICES Revenue Composition by Geography Revenue Composition 17% Geographic by Segment Revenue 6% 7% 5% 11% 57% 17% 6% Meridianbet 5% 71% 57% 22% 4% 4% 11% $35.8M Europe exc. UK 71% 57% Sports and iG
Slide 17: Meridianbet Performance
Q2 2026 OVERVIEW FINANCIAL PERFORMANCE BUSINESS SEGMENTS THE THE LONG INVESTMENT TERM THESIS CASE APPENDICES Meridianbet Performance Core operating segment continues to scale. Year-over-year performance in Q2 2026 Registrations First-time Depositors Total Deposit Volume +37% +24% +24% (516K vs 378K)
Slide 18: Expanse Studios: Rapid Growth Continues
Q2 2026 OVERVIEW FINANCIAL PERFORMANCE BUSINESS SEGMENTS THE THE LONG INVESTMENT TERM THESIS CASE APPENDICES Expanse Studios: Rapid Growth Continues Results are included in the Meridianbet segment. Year-over-year performance in Q2 2026 1,881 operator sites New RGS Certifications in Q2 2026 362 new a
Slide 19: RKings Performance
Q2 2026 OVERVIEW FINANCIAL PERFORMANCE BUSINESS SEGMENTS THE THE LONG INVESTMENT TERM THESIS CASE APPENDICES RKings Performance Growing revenue on stronger per-customer value. Year-over-year performance in Q2 2026 Performance Summary • Sales reached $7.0M, up $0.3M year over year. • Average order va
Slide 20: Classics for a Cause Performance
Q2 2026 OVERVIEW FINANCIAL PERFORMANCE BUSINESS SEGMENTS THE THE LONG INVESTMENT TERM THESIS CASE APPENDICES Classics for a Cause Performance Continued year-over-year user growth Performance Summary • New users climbed to 7,259, up 28% year over year. • New users with purchase rose 25% to 6,627. • T
Slide 21: GMAG Performance
Q2 2026 OVERVIEW FINANCIAL PERFORMANCE BUSINESS SEGMENTS THE THE LONG INVESTMENT TERM THESIS CASE APPENDICES GMAG Performance Improving revenue trend and continued content deployment Performance Summary • New games deployed climbed to 2,382, up 13% year over year. • Revenue of $3.6M was roughly leve
Slide 22: Mexplay: Accelerating New User Economics
Q2 2026 OVERVIEW FINANCIAL PERFORMANCE BUSINESS SEGMENTS THE THE LONG INVESTMENT TERM THESIS CASE APPENDICES Mexplay: Accelerating New User Economics Included in the GMAG Segment Performance Summary • Total registrations reached 48,294, up 50% year over year as the customer acquisition funnel contin
Slide 23: The Investment Case
The Investment Case
Slide 24: Six Brands. Zero Overlap. One Platform.
Q2 2026 OVERVIEW FINANCIAL PERFORMANCE BUSINESS SEGMENTS THE INVESTMENT CASE APPENDICES Six Brands. Zero Overlap. Sports Betting & iGaming One Platform. B2B+B2C | 18 Markets Built like a portfolio. Prize Competitions Raffles & Loyalty Runs like a platform. B2C | UK & Ireland B2C | Australia • Over 2
Slide 25: One Platform. Zero Brand Overlap.
Q2 2026 OVERVIEW FINANCIAL PERFORMANCE BUSINESS SEGMENTS THE INVESTMENT CASE 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 20
Slide 26: A Decade of Sustained Growth
Q2 2026 OVERVIEW FINANCIAL PERFORMANCE BUSINESS SEGMENTS THE INVESTMENT CASE APPENDICES A Decade of Sustained Growth From regional operator to global platform. Consistent execution across 10 fiscal years. $183M $200 $151M $160 $120 $93M $75M $26M $31M $39M $45M $41M $60M $80 $40 $0 2016A 2017A 2018A
Slide 27: One Platform. Now One Name. Meridian Holdings.
Q2 2026 OVERVIEW FINANCIAL PERFORMANCE BUSINESS SEGMENTS THE INVESTMENT CASE 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 EVE
Slide 28: Appendices
Appendices
Slide 29: Appendix 1: Non-GAAP Financial Measures and Reconciliations
Q2 2026 OVERVIEW FINANCIAL PERFORMANCE BUSINESS SEGMENTS THE INVESTMENT CASE 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 30: Appendix 2: Key Financial Metrics (Unaudited)
Q2 2026 OVERVIEW FINANCIAL PERFORMANCE BUSINESS SEGMENTS THE INVESTMENT CASE APPENDICES APPENDIX Appendix 2: Key Financial Metrics (Unaudited) Amounts in Millions, Except Per Share Data - Q2 2026 vs Q2 2025 Q2 2026 Q2 2025 Y/Y Change Y/Y % Revenue $50.2 $43.2 +$6.9 +16% Gross profit $26.9 $24.4 +$2.
Slide 31: Appendix 3: Non-GAAP Net Debt Leverage Reconciliation
Q2 2026 OVERVIEW FINANCIAL PERFORMANCE BUSINESS SEGMENTS THE INVESTMENT CASE APPENDICES Appendix 3: Non-GAAP Net Debt Leverage Reconciliation Reconciliation of Net Debt and Leverage Calculation (Unaudited) - June 30, 2026 Net debt & leverage calculation Net debt leverage Net debt Total debt $26,746,
Slide 32: Appendix 4: Consolidated Income Statement - Second Quarter 2026
Q2 2026 OVERVIEW FINANCIAL PERFORMANCE BUSINESS SEGMENTS THE INVESTMENT CASE APPENDICES Appendix 4: Consolidated Income Statement - Second Quarter 2026 (Unaudited) Meridian Holdings Inc. and Subsidiaries - Consolidated Statements of Operations and Comprehensive Income Unaudited Q2 2026 Q2 2025 Reven
Slide 33: Appendix 4: Consolidated Income Statement - Second Quarter 2026
Q2 2026 OVERVIEW FINANCIAL PERFORMANCE BUSINESS SEGMENTS THE INVESTMENT CASE APPENDICES Appendix 4: Consolidated Income Statement - Second Quarter 2026 (Unaudited) Meridian Holdings Inc. and Subsidiaries - Consolidated Statements of Operations and Comprehensive Income Unaudited Q2 2026 Q2 2025 Less:
Slide 34: Appendix 5: Reconciliation of Net Income to EBITDA and Adjusted EBITDA
Q2 2026 OVERVIEW FINANCIAL PERFORMANCE BUSINESS SEGMENTS THE INVESTMENT CASE APPENDICES Appendix 5: Reconciliation of U.S. GAAP Net Income (Loss) to EBITDA and Adjusted EBITDA (Unaudited) Three-Month Period Ended June 30, 2026 vs. June 30, 2025 (Unaudited) June 30, 2026 June 30, 2025 Net Income (los
Slide 35: www.meridian-holdings.com
3651 Lindell Road, Ste 555 Las Vegas, NV +1 702 318-7548 www.meridian-holdings.com 35