Northstar Gaming Holdings Inc · TSXV:BET
Northstar Gaming — Q2 2025 Earnings Presentation
21 slides from Northstar Gaming's earnings presentation, Aug 13, 2025
Slide 1: Investor Deck
Investor Deck August 13, 2025 TSXV:BET OTCQB:NSBBF TSXV: BET OTCQB:NSBBF 1
Slide 2: Disclaimer
DISCLAIMER Cautionary Statement The information contained in this presentation has been prepared by NorthStar Gaming Holdings Inc. (“NorthStar” or the “Company”) and contains confidential information pertaining to the business and operations of the Company. The information contained in this presenta
Slide 3: Disclaimer: Non-IFRS Financial Measures
DISCLAIMER Non-IFRS Financial Measures This presentation includes references to the Company’s "Profit and loss before marketing and other expenses", measures not prescribed by International Financial Reporting Standards (“IFRS”). Management uses certain non-IFRS financial measures and supplementary
Slide 4: Spearheading the Intersection of iGaming and Media
SPEARHEADING THE INTERSECTION OF iGAMING AND MEDIA
Slide 5: Investment Highlights
INVESTMENT HIGHLIGHTS ~C$9.5B Canadian TAM exposed to NorthStar brand, with 01 Ontario’s regulated market launched in April 2022 and brand launch of NorthStarBets.com in November 2023* 02 Industry leading gaming content and technology Funding in place to reach profitability based on current 03 busin
Slide 6: Expanding Addressable Market
EXPANDING ADDRESSABLE MARKET Ontario Market On Pace to exceed C$3.7B for FY25 1 Projected Online Sports Betting and iGaming 2 Alberta Opportunity Market Size (2025 E) • Canada’s 4th most populous province with a population (C$ billions) of ~4.4 million (3.3 million adults) with the youngest C$9.5B a
Slide 7: Q2 2025 Results At a Glance
Q2 2025 Results At a Glance Revenue Gross Margin $8.5 million 15% $3.5 million 25% Profit Before Marketing % Marketing1 Revenue2 87% 16% $0.7 million 35.8% 1 Profits before Marketing and Other Expenses 2 Marketing and affiliate expense divided by revenue TSXV: BET OTCQB:NSBBF 7 Represents a Non-IFRS
Slide 8: Revenue
REVENUE * Second Quarter Six Months C$ Millions C$ Millions 16.4 +23% 13.4 8.5 +15% 7.4 2024 2025 2024 2025 Three months ended June 30 Six months ended June 30 * Revenue, including managed services fees, net of bonuses, promotional costs and free bets TSXV: BET OTCQB:NSBBF 8
Slide 9: Consistent Year-Over-Year Growth Since Launch
CONSISTENT YEAR-OVER-YEAR GROWTH SINCE LAUNCH Revenue C$ Millions 9.5 8.5 7.8 7.4 6.7 6.3 5.9 4.5 4.5 3.5 3.1 2.0 0.5 Q2-22 Q3-22 Q4-22 Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 * NorthStar Commenced Operations Q2 2022. TSXV: BET OTCQB:NSBBF 9
Slide 10: Gross Margin
GROSS MARGIN Second Quarter Six Months C$ Millions C$ Millions 6.5 +39% +25% 3.5 4.7 2.8 2024 2025 2024 2025 Three months ended June 30 Six months ended June 30 Percent of 37.6% 40.8% 34.9% 39.7% Revenue TSXV: BET OTCQB:NSBBF 10
Slide 11: Profit Before Marketing and Other Expenses
PROFIT BEFORE MARKETING AND OTHER EXPENSES1 Second Quarter Six Months C$ Millions C$ Millions 1.3 0.7 +1,300% +87% 0.4 2024 2025 -0.1 Three months ended June 30 Six months ended June 30 1 Represents a Non-IFRS financial measure. See “Non-IFRS Financial Measures” above for more information. TSXV: BET
Slide 12: Marketing Expense as a % Revenue
MARKETING EXPENSE AS A % REVENUE1 Six Months Second Quarter C$ Millions C$ Millions -3% -16% 7.4 3.6 7.2 3.1 2024 2025 2024 2025 Three months ended June 30 Six months ended June 30 Percent of 48.8% 37.6% 40.8% 35.8% 34.9% 55.1% 43.7% Revenue TSXV: BET OTCQB:NSBBF 12
Slide 13: Demonstrating Increasing Operating Leverage
DEMONSTRATING INCREASING OPERATING LEVERAGE Revenue and Gross Margin Growing Faster than Expenses Revenue Steady growth Expenses Relatively stable Launch 2022 Building Scale Covering 2024-25 Break-even Profitability 2023-24 Overhead TSXV: BET OTCQB:NSBBF 13
Slide 14: Recapitalized Balance Sheet
RECAPITALIZED BALANCE SHEET C$43.4 Loan facility with Beach Point Capital Management, January 2025 Million Long-Term 30-month payment deferral, matures in 2030 Financing Validation of business plan Business Supports continued investment in growth fully-funded to profitability based on current Will m
Slide 15: 1H 2025 Achievements
1H 2025 ACHIEVEMENTS Raised C$43.4M in long-term debt funding from Beach Point Capital Management LP Gross Margin expanding every quarter Customer Retention: Sustained record levels in both Q1 and Q2 2025, driven by repeat engagement of recent first-time depositors Product Enhancements: Expanded tou
Slide 16: The Keys to Our Success
NorRTHSTAR* GAMING THE KEYS TO OUR SUCCESS
Slide 17: Opportunity to Accelerate Consideration
OPPORTUNITY TO ACCELERATE CONSIDERATION Given market pressures, driving first choice consideration through differentiation is more important than ever to acquisition AND retention success. Political and economic conditions present an opportunity to develop pillars of differentiation that are relevan
Slide 18: Summer 2025 Promotional Campaign
SUMMER 2025 PROMOTIONAL CAMPAIGN Nine-week campaign tapping into a sense of nostalgia for the Canadian summer: ♣ "Explore Canada" contests ♣ Great Canadian Road Trip Missions ♣ Canada Day weekend scratch cards & Summer swag drops ♣ $30K Canadian Spin-Off Slots Tourney ♣ $10K Canadian Parlay Challeng
Slide 19: Key Areas of Focus in 2025-2026
KEY AREAS OF FOCUS IN 2025-2026 2025-2026 Focus Operational Enhanced Excellence Profitability Strategic Product Partnerships Marketing Innovation TSXV: BET OTCQB:NSBBF 19
Slide 20: Capitalization
CAPITALIZATION ($ millions, except per share amounts) C$ Bitove & Torstar Entities.5 17.4% Other Spot Share Price $0.04 Shareholders 38.2% 206.8 million Rivett & Basic Shares Outstanding 206.8 9.6% Related Entities shares Options 1 16.1 outstanding 2 Warrants 86.8 3 RSU 6.0 25.7% 9.1% Fully Diluted
Slide 21: Question & Answer
QUESTION & ANSWER TSXV: BET OTCQB:NSBBF 21
NorthStar Gaming Holdings — Q2 2025 Earnings Presentation on 6ix