Northstar Gaming Holdings Inc · TSXV:BET
Northstar Gaming — Q3 2025 Earnings Presentation
18 slides from Northstar Gaming's earnings presentation, Nov 26, 2025
Slide 1: Investor Deck
Investor Deck November 26, 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 Proprietary tool “The Boost” launched in Q3 2025 to accelerate 03
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: Q3 2025 Results At a Glance
Q3 2025 Results At a Glance Revenue Gross Margin $6.9 million $300K $2.4 million $300K Profit Before Marketing % Marketing1 Revenue2 $250K 10% $0.2 million 32.6% 1 Profits before Marketing and Other Expenses 2 Marketing and affiliate expense divided by revenue TSXV: BET OTCQB:NSBBF 7 Represents a No
Slide 8: Revenue
REVENUE * Third Quarter Nine Months C$ Millions C$ Millions 23.3 +17% +4% 6.9 6.6 20.0 2024 2025 2024 2025 Three months ended November 30 Nine months ended November 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 6.9 6.6 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 Q3-25 * NorthStar Commenced Operations Q2 2022. TSXV: BET OTCQB:NSBBF 9
Slide 10: Gross Margin
GROSS MARGIN Third Quarter Nine Months C$ Millions C$ Millions +32% 8.9 +14% 2.4 6.8 2.1 2024 2025 2024 2025 Three months ended November 30 Nine months ended November 30 Percent of 31.7% 34.7% 33.9% 38.2% Revenue TSXV: BET OTCQB:NSBBF 10
Slide 11: Profit Before Marketing and Other Expenses
PROFIT BEFORE MARKETING AND OTHER EXPENSES1 Third Quarter Nine Months C$ Millions C$ Millions 1.5 +140% 0.2 +350% 2024 2025 -0.5 -0.6 Nine months ended November 30 Nine months ended November 30 1 Represents a Non-IFRS financial measure. See “Non-IFRS Financial Measures” above for more information. T
Slide 12: Marketing Expense as a % Revenue
MARKETING EXPENSE AS A % REVENUE1 Nine Months Third Quarter C$ Millions C$ Millions -8% -21% 10.2 2.9 2.3 9.4 2024 2025 2024 2025 Three months ended November 30 Nine months ended November 30 Percent of 42.9% 37.6% 40.8% 32.6% 34.9% 51.0% 40.4% Revenue 1. Represents a Non-IFRS financial measure, see
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: 2025 Achievements
2025 ACHIEVEMENTS Raised C$43.4M in long-term debt funding from Beach Point Capital Management LP Gross Margin expansion compared to prior year Customer Acquisition: Launched The Boost, a website that showcases NorthStar’s premium product and targets a wider audience to accelerate customer acquisiti
Slide 15: The Keys to Our Success
NorRTHSTAR* GAMING THE KEYS TO OUR SUCCESS
Slide 16: Opportunity to Accelerate Consideration
OPPORTUNITY TO ACCELERATE CONSIDERATION Given market pressures, driving first choice consideration through differentiation is more important than ever to acquisition AND retention success. Political and economic conditions present an opportunity to develop pillars of differentiation that are relevan
Slide 17: Key Areas of Focus in 2025-2026
KEY AREAS OF FOCUS IN 2025-2026 2025-2026 Focus Operational Enhanced Excellence Profitability Strategic Product Partnerships Marketing Innovation TSXV: BET OTCQB:NSBBF 17
Slide 18: Capitalization
CAPITALIZATION ($ millions, except per share amounts) C$ Bitove & Torstar Entities.5 17.4% Spot Share Price $0.030 Other Shareholders Basic Shares Outstanding 206.8 206.8 million 47.7% shares Options 1 12.9 outstanding Warrants 2 86.8 25.7% Playtech RSU3 6.0 9.2% Fully Diluted Shares Outstanding 312
NorthStar Gaming Holdings — Q3 2025 Earnings Presentation on 6ix