Meridian Holdings Inc. · NASDAQ:MRDN
Meridian — Golden Matrix Group — Q2 2025 Earnings Presentation
26 slides from Meridian's earnings presentation, Aug 6, 2025
Slide 1: Golden Matrix Group Q2 2025 Investor Presentation
NA RCN) MATRIX GROUP YOUCANBETONUS Q2 202 INVESTOR PRESENTATION RAN 3K BRINGS GGmac
Slide 2: Forward Looking Statements
Forward Looking Statements Certain statements made inthis press release contain forward-looking information within the meaning of applicable securities laws, including within the meaning of the Private Securtios Litigation Reform Act of 1995 (forward-looking statements". Words such as “strategy,” “e
Slide 3: Forward Looking Statements and Non-GAAP Financial Measures
Forward Looking Statements ‘The forward-looking statements included in this Presentation are made only as ofthe date hereof. The Company cannot guarantee future results, levels of activity, performance or achievements. Accordinaly, you should not place undue reliance on these forward-looking stateme
Slide 4: Where Our Revenue Comes From
WHERE OUR REVENUE COMES FROM Six Gaming Brands. Zero Overlap. Pure Synergy. Classics Loyalty & Subse \e2c], Golden Matrix Group | 22025 INVESTOR PRESENTATION
Slide 5: How We Win
HOW WE Win Six Businesses. Zero Competition. Pure Synergy. Built Like a Portfolio. Runs Like a Platform We Never Compete With Ourselves We Make Money in Every Scenario That Compounds 20 Years Profitable 25+ Markets 1000+ 828 Partners, Robust Tech Stack Strong Cash Flow 0% Overlap Meridianbet: Balkan
Slide 6: Revenue Growth
REVENUE GROWTH Scaling a Global Growth Story From Strong Foundations to Global Scale $150 a e ao? . oD a] A : la = 2016 20178 2018a 20214 Revenue ae Millions) Note: igus prt At 9, 2028 reoresent Meeiabet Group fests ety Fm ApS, 2024, cower resus eect he combined campy "wth Mecanbet Wont os he scouni
Slide 7: Strategic Growth Journey
STRATEGIC GROWTH JOURNEY From Startup to Global Platform in eight Years Disciplined M&A Creating Unmatched Geographic and Vertical Diversification | Golden Matix Group | 02.2025 INVESTOR PRESENTATION
Slide 8: Financial Highlights
Financial Highlights
Slide 9: Q2 2025 Operational Highlights
(02 2025 OPERATIONAL HIGHLIGHTS Q2 - Strong Performance Across Key Metrics Continued Momentum in Financial and Operational Execution Revenue @ Organic Growth ~) Gross Profit $24.38M — Margin: 56.4% $43.25M 410% YoY 5% Rate +5% YoY +#1.4 pp improvement Cash Position oO Net Debt Leverage @ $22.14M 1.5
Slide 10: Revenue Growth
REVENUE GROWTH Sustained Revenue Growth Strong Year-over-Year Growth Momentum Driven by Both Organic Expansion and Strategic Synergies $50 $40 . Z $20 + 10% - $10 $0 922024 922025 Revenue grew 10% to 43.2M | cotden Matix croup | 22025 NVESTOR PRESENTATION
Slide 11: Gross Profit Margin
GROSS PROFIT MARGIN Margin Expansion Driving Profitability Consistent Gross Profit Growth $40 $30 $20 $10 $0 +12.4% Q2 2024 Q2 2025 Gross profit grew 12.4% YoY to $24.38M, with gross margin exp Golden Matrix Group | 022025 INVESTOR PRESENTATION
Slide 12: Revenue & Gross Profit Growth
REVENUE & GROSS PROFIT GROWTH Scaling Revenue with Expanding Margins Consistent Growth in Core Financial Metrics [i Revenue if Gross Profit - oc 2 2 oo $40 $34 $21 $1 s 8 8 | eotden Matix croup | 22025 NVESTOR PRESENTATION
Slide 13: Financial Strength & Capital Structure
FINANCIAL STRENGTH & CAPITAL STRUCTURE Balance Sheet Strength & Strategic Deleveraging Strategic Debt Elimination ~~ = fo. \ Equity +36%) $3.5M_ —— —=s Shareholder equity of the As of June 30, the Company The Company is rapidly ‘Company grew 36% QoQ to held $22.1M in cash after reducing debt, loweri
Slide 14: Operational Overview
Operational Overview
Slide 15: Meridianbet: The Growth Engine Accelerates
Meridianbet: The Growth Engine Accelerates Double- and Triple-Digit Growth Across Key Metrics ke Sescstona Highlights Revenue grew 16% YoY to $29.2M, with online revenue up 20%, contributing to the growth + Online casino GGR surged 29%, supported by 2,500+ new games added to platform + Active users
Slide 16: Record-Breaking Quarter for Expanse Studios
Record-Breaking Quarter for Expanse Studios . Exceptional YoY Growth in User Base and Engagement ke Operational Highlights + Players grew 449% YoY, reaching 490K+ unique users + Pay-in and GGR surged 344% and 557% respectively, driven by flagship and crash games + Revenue jumped 652%, marking Expans
Slide 17: RKings: Optimizing for Profitability and Scale
RKings: Optimizing for Profitability and Scale Strategic Transformation Driving Improved Unit Economics [42 Operational Hightights + Gross profit after marketing rose $291k QoQ, highlighting improved cost discipline and stronger monetization per player + Marketing ROI increased and delivered immedia
Slide 18: Classics: High-Margin, Accretive Addition to the Portfolio
Classics: High-Margin, Accretive Addition to the Portfolio First Quarter Fully Consolidated: Strong Gross Margins And Positive Post - Marketing Contribution [42 Operational / Financial Highlights + Revenue: $2.03M + Gross profit: $1.31M > 64.5% GP margin + $523k marketing investment in Q2 to acceler
Slide 19: GMAG: Resetting for Higher-Margin Growth
GMAG: Resetting for Higher-Margin Growth Strategic Shift Toward Product Diversification [42 Operational Highlights (a2 2025) + Revenue held at $3.6M as the company shifted away from lower-margin clients, sharpening focus on sustainable, high-value accounts + Gross profit margin strengthened, with CO
Slide 20: Updated FY 2025 Revenue Guidance
Updated FY 2025 Revenue Guidance Full-Year Revenue Expected In The Range Of $185m-$188m, Reflecting 22%-24% Growth Over 2024 $200 $150 $100 $50 $0 FY 2024A Golden Matrix Group | 22025 INVESTOR PRESENTATION
Slide 21: Non-GAAP Financial Measures and Non-GAAP Reconciliations
Non-GAAP financial measures and Non-GAAP 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
Slide 22: Appendix - Key Financial Metrics (Unaudited)
Appendix 1 - Key Financial Metrics (Unaudited) Amounts In Millions, Except Per Share Data — Q2 2025 Vs Q2 2024 Q2 2025 Q2 2024 Y/Y Change Revenue $43.2 $39.4 Gross profit $24.4 Gross Margin 56% Net Income (loss) $(3.7) EPS $(0.03) Adjusted EBITDA $3.4 Adjusted EBITDA Margin 8% | olden atx ooup | 422
Slide 23: Appendix - Reconciliation of GAAP to Organic Revenue
Appendix 2 - Reconciliation of GAAP to Organic Revenue (Unaudited) Organic Revenue In Thousands Excludes Contributions From Newly Acquired Entities Q2 2025 Q2 2024 GAAP Revenue $43,245 $39,415 (-) Acquired Entity Revenue $2,030 - Organic Revenue $41,215 $39,415 | cotden Matrix roup | 022028 NVESTOR
Slide 24: Appendix - Net Debt Leverage
Appendix 3 - Net Debt Leverage Debt $48,806,502 Less: cash and cash equivalents $22,136,319 Net Debt $26,670,183 Divided by: annualized adjusted EBITDA. $18,122,578 Net debt leverage ratio 1.5K | cotton Matix croup | a2 2028 NVESTOR PRESENTATION
Slide 25: Appendix - Stand-Alone Q2 2025 Income Statement
Appendix 4 - Stand-Alone Q2 2025 Income Statement (Unaudited) Golden Matrix Group, Inc. and Subsidiaries - Consolidated Statements of Operations and Comprehensive Income (Loss) Unaudited Q22025 Q2 2024 Revenues $43,245,368 $39,415,242 Cost of goods sold $(18,868,349) '$(17729,700) Gross Profit $2437
Slide 26: Appendix - Stand-Alone Q2 2025 Income Statement
Appendix 4 - Stand-Alone Q2 2025 Income Statement (Unaudited) Golden Matrix Group, Inc. and Subsidiaries - Consolidated Statements of Operations and Comprehensive Income (Loss) Unaudited Q2 2025 Q2 2024 Loss: Net income (loss) attributable to noncontroling interest (147/548) (49,299) Net income (los