Slide 1: Year-end report 2025
Year-end report 2025 17 February 2026 1
Slide 2: Today's presenters
TODAY’S PRESENTERS CHRISTOFFER KÄLLBERG MIKAEL RAHM GROUP CEO GROUP CFO 2
Slide 3: Year-end 2025 – Highlights
YEAR-END 2025 – HIGHLIGHTS A YEAR OF STRONG GROWTH AND MAINTAINED HIGH MARGIN, and IPO on Nasdaq Operational highlights 2025 Financial highlights 2025 ▪ Closed over 260 new deals with new and existing clients ▪ Revenue of EUR 197m, 44% YoY growth, 48% FX adjusted ▪ 45 new in-house developed games re
Slide 4: Operational update
OPERATIONAL UPDATE 4
Slide 5: In-house developed game releases
IN-HOUSE DEVELOPED GAME RELEASES January February March April May June July August September October November December 5
Slide 6: 3rd party studios active on OpenRGS platform – eight studios onboarded
3RD PARTY STUDIOS ACTIVE ON OPENRGS PLATFORM – EIGHT STUDIOS ONBOARDED 76 games released since 2023 2023 2024 2025 6
Slide 7: Strong commercial performance during the year
STRONG COMMERCIAL PERFORMANCE DURING THE YEAR Selected deals during 2025 Michigan New Jersey Brazil Michigan Portugal Romania Italy Ontario and Spain Pennsylvania UK Czech Republic Brazil Denmark Brazil and Croatia Finland Brazil Colorado and Peru Ontario Spain and Brazil UK and Italy Switzerland Pe
Slide 8: Key operational performance indicators
KEY OPERATIONAL PERFORMANCE INDICATORS Game releases (# of games) Average daily number of rounds played (Indexed) Revenue (EURm) Third-party developed games In-house developed games 55 302 52 27 15 25 275 262 44 45 45 22 12 236 11 221 37 18 17 16 9 184 15 8 30 6 5 153 26 12 13 4 12 122 11 10 10 9 9
Slide 9: Diversification of revenue
DIVERSIFICATION OF REVENUE GGR by geography 2025 GGR by customer 2025 GGR by game title 2025 13% 13% 22% 36% 19% 58% 30% 56% 21% 12% 21% Customer 1 Customer 2-5 Game 1 Game 2-5 EMEA Americas Asia Pacific Customer 6-10 Other Game 6-10 Other 9
Slide 10: Lean organisation structure enables scalability
LEAN ORGANISATION STRUCTURE ENABLES SCALABILITY 31 December 2024 31 december 2025 14% 15% 19% 139 16% 251 FTEs FTEs 68% 69% Development Commercial Other Development Commercial Other 10
Slide 11: Financial update
FINANCIAL UPDATE 11
Slide 12: Revenue drivers
REVENUE DRIVERS Revenue model 1 BET value = # of rounds x Avg. bet size (€) 2 GGR = Bet value x (1-RTP) (CASINO REVENUE) 3 HACKSAW REVENUE = GGR x Hacksaw take-rate % 12
Slide 13: Financial highlights
FINANCIAL HIGHLIGHTS Revenue (EURm) ▪ Revenue of EUR 197m (44% YoY growth, 48% on a constant currency basis) – Q4 revenue of EUR 55m (26% YoY growth, 31% on 55 a constant currency basis) 52 44 45 45 37 30 26 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Adjusted* Operating profit (EBIT) (EURm) and
Slide 14: Revenue growth mainly driven by rounds
REVENUE GROWTH MAINLY DRIVEN BY ROUNDS Revenue bridge 2025 (EURm) ▪ On a constant currency basis for our top 5 non-euro currencies, the underlying revenue growth for 2025 is YoY 48% and for Q4 it is 31% 48% 44% growth ▪ Rounds is the main driver to revenue growth in 2025 -11 4 ▪ Minor impact from ot
Slide 15: Cash flow & capex
CASH FLOW & CAPEX cash flow from operating activities (EURm) ▪ Cash flow from operating activities of EUR 152m (51% YoY growth) – Q4 comparison was impacted by a VAT refund of 152 EUR 10.8m in Q4 2024 ▪ Free cash flow* of EUR 145m (50% YoY growth) 101 ▪ Free cash flow conversion rate** of 89% LTM 50
Slide 16: Financial position
FINANCIAL POSITION Cash and cash equivalents (EURM) ▪ Healthy financial position with cash and cash equivalents of EUR 133m ▪ No interest-bearing debt 133 ▪ Total asset base of EUR 179m (33% YoY increase) ▪ Total equity of EUR 153m (34% YoY increase) 94 88 57 53 44 30 26 Q1 24 Q2 24 Q3 24 Q4 24 Q1 2
Slide 17: Summary
SUMMARY 17
Slide 18: Long-term financial targets
LONG-TERM FINANCIAL TARGETS Revenue target ADJUSTED EBIT margin Annual growth above Maintain margin above 30% 80% 18
Slide 19: Capital return
CAPITAL RETURN Capital allocation policy Board Proposal Return at least Dividend of 75% EUR 0.40 of net profit to shareholders per share through dividends and/or share buy-backs 19
Slide 20: 2025 highlights
2025 HIGHLIGHTS ▪ Revenue of EUR 197m (44% growth, 48% growth adjusted for FX movements) ▪ EBIT of EUR 161m (82% margin) and Free Cash Flow Conversion at 89% ▪ Earnings per share of EUR 0.496 and dividend per share of EUR 0.40 ▪ 45 in-house developed games, 46 third-party games ▪ Numerous new client
Slide 21: Q&A
Q&A 21