Meridian Holdings Inc. · NASDAQ:MRDN
Meridian — FY2025 Earnings Presentation
37 slides from Meridian's earnings presentation, Mar 31, 2026
Slide 1: Fourth Quarter and Full Year 2025 Investor Presentation
meridian HOLDINGS Fourth Quarter and Full Year 2025 INVESTOR PRESENTATION
Slide 2: Forward Looking Statements
Forward Looking Statements Certain statements made in ths presentation contain forward-looking information within the meaning of applicable securities laws, including within the meaning ofthe Private Securities Litigation Reform Act of 1995 (Yorward-/eoking statements), Words such as “strategy” “exp
Slide 3: Business Highlights
MERIDIAN HOLDINGS INC, - NASDAQ: MRDN Business Highlights Multi-brand iGaming group across $182.9M FY2025 — +21% YoY 25+ regulated markets Sixth consecutive year of double-digit Europe, Africa, Americas and Asia-Pacific — PEPE revenue growth (from $I5IM in FY 2024) six brands, zero brand overlap, st
Slide 4: Q4 & Full Year 2025 Overview
Q4 & Full Year 2025 Overview
Slide 5: Q4 & FY2025 Financial Highlights
RESULTS OVERVIEW Q4 & FY2025 Financial Highlights Figures in millions except margins and EPS — Q4 2025 and FY2025 vs prior year Q4 2025 vs Q4 2024 FY 2025 vs FY 2024 Revenue Gross GAAP Margin EPS $49.6M | |$28.5M|| 57% | |$(88.4M)|| $4.6M || $(7.09) esos |] wsamn || vesesu || vesioz0) Non-cash drive
Slide 6: Understanding the GAAP Results
RESULTS OVERVIEW Understanding the GAAP Results Non-cash and non-recurring items Excluding $92.9M of non-recurring items, comprising $91.8M non-cash impairment charges and $1.1M of cash severance costs, Meridian Holdings generated $4.6M of Adjusted EBITDA on record revenue of $49.6M in Q4 2025. A $2
Slide 7: Financial Performance
Financial Performance
Slide 8: Record Revenue. Quarter After Quarter.
REVENUE GROWTH Record Revenue. Quarter After Quarter. Consistent growth across all four quarters of FY2025 $200 q ae FY Revenue Growth $120 $80 i fi a a a $0 ars 7253250425 Fv2024 FY 2025 4 2025 vs Q4 2024 FY 2025 vs FY 2024 Q4 Revenue Growth Revenue up +8% YoY to $49.6M Record $182.9M in FY2025 - [
Slide 9: Gross Profit Growing. Margin Resilient.
GROSS PROFIT MARGIN, Gross Profit Growing. Margin Resilient. Revenue growth translating directly into gross profit — $103.5M in FY2025, up 17% YoY Gross Margin - % 57% FY 2025 2 ; TTT] il GBB cross Margin or25 a2 FY 2025 Q4 2025 — Peak Quarter 57% Q4 2025 vs Q4 2024 FY 2025 vs FY 2024. eee Gross pro
Slide 10: Financial Strength & Capital Structure
FINANCIAL STRENGTH & CAPITAL STRUCTURE CASH ON HAND \ 8.1M _ DEC 31, 2 Cash position supports ‘ongoing operations and regulated market investment. Positive operating cash generation throughout FY2025. Net debt reduced from $40.9M to $16.6M - a $24.3M reduction driven- by disciplined debt repayment a
Slide 11: Q1 2026 Preliminary Outlook
FINANCIAL OUTLOOK QI 2026 Preliminary Outlook Preliminary QI 2026 revenue guidance ~$50M (+17% YoY) - Adjusted EBITDA ~$6.IM (+9% QoQ) Revenue e ‘Adj. AEBITDA 8 — sagem) ssoM : = : B 22.7) sas.sv i 10250 20250 3025A 1026F 10258 2025 12026 Revenue Q12026 Adj. EBITDA $50 million $6.1 million Bc 9% QoQ
Slide 12: The Businesses Behind the Numbers
The Businesses Behind the Numbers
Slide 13: Portfolio Performance — Meridianbet Group
PORTFOLIO PERFORMANCE — MERIDIANBET GROUP Meridianbet Performance FTGHIRGTECE fal 68% of total revenue FY Revenue FY Gross Margin Group Revenue Share $124.6M 70% 68% +17% YoY - vs $106.2M FY2024 $87.6M GP - Highest-margin segment ‘of MRDN FY2025 - at 70% gross margin Ist Depositors FY Depositors FY
Slide 14: Expanse Studios: Another Record-Breaking Quarter
OPERATIONAL PERFORMANCE Expanse Studios: Another Record-Breaking Quarter Results are included in the Meridianbet segment © 1,344 operator sites sites in Q4 alone Scaled from 184 in FY24 - +630% YoY - 644 new & 71 proprietary titles Tl new games launched in FY25 - Pay-in +306% Q4 YoY & i Players Reve
Slide 15: RKings: Engagement Scaling, Strategic Repositioning
OPERATIONAL PERFORMANCE RKings: Engagement Scaling, Strategic Repositioning Ticket volumes and player values surging kX Performance Summary + Tickets sold +143% Q4 YoY to 6.7M / +137% FY YoY to 25.2M — platform engagement accelerating + Value per new registration +23% Q4 / +19% FY — higher-quality c
Slide 16: Classics for a Cause: High-Margin Asset Under Portfolio Review
OPERATIONAL PERFORMANCE Classics for a Cause: High-Margin Asset Under Wasuics Portfolio Review Strong gross margins preserved as the business undergoes strategic rationalization ke Performance Summary + Revenue $2.1M Q4/$8.7M FY + Gross margin 57% Q4 / 65% FY + Avg first time order value +$32.76 Q4
Slide 17: GMAG: A Growing Provider Network
OPERATIONAL PERFORMANCE GMAG: A Growing Provider Network Platform attracting more content partners ©GMAG kx. Performance Summary FY revenue was $14.5 million, up 16.2% from $12.5 million in FY 2024 + Q4 2025 revenue was $3.5 million, down 3% from $3.6 million in Q4 2024 New games deployed -19% Q4 Yo
Slide 18: Mexplay: Strong User Growth
OPERATIONAL PERFORMANCE Mexplay: Strong User Growth Meloy Included in the GMAG Segment lx Performance Summary Q4 revenue was $614.3K, up 13.9% from $539.1K in Q4 2024, while FY revenue rose 51.9% to $2.27M from $1.49M. Q4 registrations reached 71,063, up 255.4% from 19,993 in Q4 2024, while FY regis
Slide 19: The Long-Term Thesis
The Long-Term Thesis
Slide 20: Our Moat
our MoaT Six Brands. meridianbet Zero Overlap. = eae Fr mataciavines ee = One Platform. OF nics S Ee ED) Built like a portfolio. Prize Competitions Runs like a platform. B2C|UK& Ireland > Raffles & Loyalty B2C | Australia > Over 25 regulated markets B2B and B2C — sports, casino, raffle, lottery Prop
Slide 21: One Platform. Zero Brand Overlap.
HOW WE WIN 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 25+ Regulated Lean MERCES Meridianbet: 18 markets, sports & iGaming Regulation
Slide 22: A Decade of Sustained Growth
REVENUE GROWTH A Decade of Sustained Growth From regional operator to global platform — consistent execution across ten fiscal years $200 $160 ‘$120 $93.00M $25.98M|_ $31.47M| $38.81M| | $45.18M_$40.68M_$60.37M_$74.93M $80 2016A =» 2017A_ 201A 2019A 20208 2021A- 202A 2023A 2024 (GRR 2 2025 ons £2025
Slide 23: One Platform. Built Over a Decade. Now Meridian Holdings.
LONG-TERM VALUE One Platform. Built Over a Decade. Now Meridian Holdings. A decade of disciplined execution PLATFORM GEOGRAPHIC PUBLIC MARKETS, TRANSFORMATIVE ANEW IDENTITY FOUNDATIONS EVENT EXPANSION DEBUT PIvoT FOR A NEW ERA meridianbet "i | a Gaemac Meloy mons meridian (omAG acquisition (Asia sta
Slide 24: Revenue Diversification: Our Geographic Moat
LONG-TERM VALUE Revenue Diversification: Our Geographic Moat Revenue Composition G hi pare ell by Segment Revenue MeridianBet Group 68% $124.6M Rkings & CFAC 2496 $43.8M ‘cMAG 8% -$14.5M 56% Europe exc. UK meridian) §— 24 2025 and FY 2025 INVESTOR PRESENTATION 2% HOLDINGS
Slide 25: Non-GAAP Financial Measures and Reconciliations
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 non-GAAP financial measures is used to enhance the understanding of certain aspects of our financial
Slide 26: Key Financial Metrics Q4 2025
Appendix 1 - Key Financial Metrics (Unaudited) Amounts in Millions, Except Per Share Data — Q4 2025 vs Q4 2024 Q4 2025 Q4 2024 Y/Y Change Revenue $49.6 $459 +$3.7 Gross profit $28.5 $26.8 +$1.7 Gross Margin 57% 58% -94 bps Net Income (loss) $(88.4) $(2:1) $(863) EPS $(7.09) $(0.20) $(6.89) Adjusted
Slide 27: Key Financial Metrics FY2025
APPENDIX Appendix 2 - Key Financial Metrics (Unaudited) Amounts in Millions, Except Per Share Data — FY2025 vs FY2024 FY 2025 FY 2024 Y/Y Change Revenue $182.9 $151] +9318 Gross profit $1035 $88.6 +$14.9 Gross Margin 57% 59% -204 bps Net Income (loss) $(92) $(1.4) $(90.6) EPS $(7.76) $(0.16) $(7.60)
Slide 28: Reconciliation of GAAP to Organic Revenue Q4
APPENDIX Appendix 3 - Reconciliation of GAAP to Organic Revenue (Unaudited) Amounts in Thousands, Except Per Share Data — Q4 2025 vs Q4 2024 Q4 2025 Q4 2024 Y/Y Change GAAP Revenue $49,579 $45,857 +8.1% () Acquired Entity Revenue - - - Organic Revenue $49,579 $45,857 +8.1% Organic Revenue is defined
Slide 29: Reconciliation of GAAP to Organic Revenue FY
APPENDIX Appendix 4 - Reconciliation of GAAP to Organic Revenue (Unaudited) Amounts in Thousands, Except Per Share Data — FY 2025 vs FY 2024. FY 2025 FY 2024 Y/Y Change GAAP Revenue $182,863 $151,116 +21.0% () Acquired Entity Revenue $(5,049) - - Organic Revenue $177,814 $151.6 +17.7% Organic Revenu
Slide 30: Net Debt Leverage Reconciliation
APPENDIX Appendix 5 - Net Debt Leverage Reconciliation Reconciliation of Net Debt and Leverage Calculation (Unaudited) — December 31, 2025 ‘Adjusted EBITDA isa non-GAAP measure —see reconciliation table. Annual ‘Adjusted EBITDA used for leverage calculation reflects trailing twelve months tended Dec
Slide 31: Stand-Alone Q4 2025 Income Statement
APPENDIX Appendix 6 - Stand-Alone Q4 2025 Income Statement (Unaudited Meridian Holdings Inc. and Subsidiaries - Consolidated Statements of Operations and Comprehensive Income (Loss) Unaudited Q4 2025 Q4 2024 Revenues s49s7a644 $45,857,374 (Cost of goods sold $(21081327) $19.065,886) Gross Profit $28
Slide 32: Stand-Alone Q4 2025 Income Statement (continued)
APPENDIX Appendix 6 - Stand-Alone Q4 2025 Income Statement (Unaudited) Meridian Holdings Inc. and Subsidiaries - Consolidated Statements of Operations and Comprehensive Income (Loss) Unaudited Q4 2025 Q4 2024 Less: Net income (loss) attributable to nencontrolling interest 50.7579) $91476 Net income
Slide 33: Stand-Alone FY 2025 Income Statement
APPENDIX Appendix 7 - Stand-Alone FY 2025 Income Statement Meridian Holdings Inc. and Subsidiaries - Consolidated Statements of Operations and Comprehensive Income (Loss) FY 2025 FY 2024 Revenues $82,863,373 15,75.582 Cost of goods sold (79406653) $(62543,407) Gross Profit $103,456,720 $88572125, ‘O
Slide 34: Stand-Alone FY 2025 Income Statement (continued)
APPENDIX Appendix 7 - Stand-Alone FY 2025 Income Statement Meridian Holdings Inc. and Subsidiaries - Consolidated Statements of Operations and Comprehensive Income (Loss) FY 2025 FY 2024 Less: Net income (loss) attributable to nencontrolling interest $12,084,286) $70,400 Net income (loss) attributab
Slide 35: Reconciliation of EBITDA and Adjusted EBITDA Q4
APPENDIX Appendix 8 - Reconciliation of EBITDA and Adjusted EBITDA to Net Loss Three-Month Period Ended December 31, 2025 vs. December 31, 2024 (Unaudited) Q4 2025 Q4 2024 Net loss $(88,405,830) $12,078,868) + Interest expense sinsi7a $2,694,240 = Interest income $007,967) (85122) + Taxes 315562154)
Slide 36: Reconciliation of EBITDA and Adjusted EBITDA FY
APPENDIX Appendix 9 - Reconciliation of EBITDA and Adjusted EBITDA to Net Loss Twelve-Month Period Ended December 31, 2025 vs. December 31, 2024 (Unaudited) FY 2025 FY 2024 Net loss (91,982,136) $0,403,849) + Interest expense $457,844 $3521288 = Interest income $(240,723) (218345) + Taxes $15,206,19
Slide 37: Meridian Holdings Contact
meridian HOLDINGS 3651 Lindell Road, Suite D131, Las Vegas, Nevada, 89103, United States 41702 318-7548 www.meridian-holdings.com