Meridian Holdings Inc. · NASDAQ:MRDN
Meridian — Q4 2025 Earnings Presentation
37 slides from Meridian's earnings presentation, 2026
Slide 1: Fourth Quarter and Full Year 2025 Investor Presentation
Fourth Quarter and Full Year 2025 INVESTOR PRESENTATION 1
Slide 2: Forward Looking Statements
Forward Looking Statements Certain statements made in this presentation contain forward-looking information within the meaning of applicable securities laws, including within the meaning of the Private Securities Litigation Reform Act of 1995 (“forward-looking statements”). Words such as “strategy,”
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 — revenue growth (from $151M in FY 2024) Global Revenue six brands, zero brand o
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 Gross GAAP Adjusted GAAP Revenue Gross Gross GAAP Adjusted GAAP Profit Margin Net Loss EBITDA EPS Profit Margin Net Loss
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. Good
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 $182.9M $151.1M $160 FY Revenue Growth +21% $120 $80 $45.9M $42.7M $43.3M $47.3M $49.6M YOY $40 $0 Q4’24 Q1’25 Q2’25 Q3’25 Q4’25 FY 2024 FY 2025 Q4 2025 vs Q4 2024 FY 2025 vs FY 2024 Q4 Re
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 57% Gross Margin 57% 56% 56% 57% $103.5M 57% FY 2025 $24.2M $24.4M $26.4M $28.5M Gross Profit Gross Margin Q1’25 Q2’25 Q3’25 Q4’25 FY 2025 Q4 2025 — Peak
Slide 10: Debt Cut in Half. Leverage Under Control.
FINANCIAL STRENGTH & CAPITAL STRUCTURE Debt Cut in Half. Leverage Under Control. From $71.0M to $34.7M in total debt — fiscal year 2025 CASH ON NET NET DEBT HAND DEBT LEVERAGE AEBITDA $18.1M $16.6M 0.86x $19.4M DEC 31, 2025 DOWN 59% YOY ADJ. EBITDA BASIS FY2025 · NON-GAAP Cash position supports Net
Slide 11: Q1 2026 Preliminary Outlook
FINANCIAL OUTLOOK Q1 2026 Preliminary Outlook Preliminary Q1 2026 revenue guidance ~$50M (+17% YoY) · Adjusted EBITDA ~$6.1M (+9% QoQ) 9% 17% QoQ Revenue QoQ Adj. AEBITDA $50M $6.1M $49.6M $4.6M $47.3M $5.7M $42.7M $43.3M $5.6M $3.5M 1Q25A 2Q25A 3Q25A 4Q25A 1Q26F 1Q25A 2Q25A 3Q25A 4Q25A 1Q26F Q1 202
Slide 12: The Businesses Behind the Numbers
The Businesses Behind the Numbers
Slide 13: Meridianbet Performance
PORTFOLIO PERFORMANCE — MERIDIANBET GROUP Meridianbet Performance 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 1st Depositors FY Depositors FY Active Users FY +
Slide 14: Expanse Studios: Another Record-Breaking Quarter
OPERATIONAL PERFORMANCE Expanse Studios: Another Record-Breaking Quarter Results are included in the Meridianbet segment Strategic Milestones 1,344 operator sites FY25 At a Glance Scaled from 184 in FY24 · +630% YoY · 644 new Game titles 71 sites in Q4 alone New in FY25 11 Operator partners 1,344 Ne
Slide 15: RKings: Engagement Scaling, Strategic Repositioning
OPERATIONAL PERFORMANCE RKings: Engagement Scaling, Strategic Repositioning Ticket volumes and player values surging 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 cust
Slide 16: Classics for a Cause: High-Margin Asset Under Portfolio Review
OPERATIONAL PERFORMANCE Classics for a Cause: High-Margin Asset Under Portfolio Review Strong gross margins preserved as the business undergoes strategic rationalization Performance Summary • Revenue $2.1M Q4 / $8.7M FY • Gross margin 57% Q4 / 65% FY • Avg first time order value +$32.76 Q4 (+6% YoY)
Slide 17: GMAG: A Growing Provider Network
OPERATIONAL PERFORMANCE GMAG: A Growing Provider Network Platform attracting more content partners 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 YoY (1,7
Slide 18: Mexplay: Strong User Growth
OPERATIONAL PERFORMANCE Mexplay: Strong User Growth Included in the GMAG Segment 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 registrati
Slide 19: The Long-Term Thesis
The Long-Term Thesis
Slide 20: Six Brands. Zero Overlap. One Platform.
OUR MOAT Six Brands. Zero Overlap. Sports Betting & iGaming B2B+B2C | 18 Markets One Platform. Built like a portfolio. Prize Competitions Raffles & Loyalty Runs like a platform. B2C | UK & Ireland B2C | Australia • Over 25 regulated markets • B2B and B2C — sports, casino, raffle, lottery • Proprieta
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 Markets 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 $182.9M $200 $151.1M $160 $120 $93.00M $25.98M $31.47M $38.81M $45.18M $40.68M $60.37M $74.93M $80 $40 $0 2016A 2017A 2018A 2019A 2020A 2021A 2022A 2023A 2024A 2025A Q
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 A NEW IDENTITY FOUNDATIONS EVENT EXPANSION DEBUT PIVOT FOR A NEW ERA GMAG acquisition (Asia) Meridianbet Started in Mexico RKings acquisition
Slide 24: Revenue Diversification: Our Geographic Moat
LONG-TERM VALUE Revenue Diversification: Our Geographic Moat Geographic 19% 7% Revenue Composition Revenue 5% by Segment 56% 8% 8% 19% 7% 5% MeridianBet Group 5% 68% · $124.6M 8% 56% 24% RKings & CFAC 5% 24% · $43.8M GMAG Europe exc. UK 8% · $14.5M 68% 56% Q4 2025 and FY 2025 INVESTOR PRESENTATION 2
Slide 25: Non-GAAP Financial Measures and Reconciliations
APPENDIX 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
Slide 26: Appendix 1 – Key Financial Metrics (Unaudited)
APPENDIX 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 $45.9 +$3.7 Gross profit $28.5 $26.8 +$1.7 Gross Margin 57% 58% -94 bps Net Income (loss) $(88.4) $(2.1) $(86.3) EPS $(7.09) $(0.20) $(6.89
Slide 27: Appendix 2 – Key Financial Metrics (Unaudited)
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 $151.1 +$31.8 Gross profit $103.5 $88.6 +$14.9 Gross Margin 57% 59% -204 bps Net Income (loss) $(92) $(1.4) $(90.6) EPS $(7.76) $(0.16) $(7.
Slide 28: Appendix 3 – Reconciliation of GAAP to Organic Revenue
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 define
Slide 29: Appendix 4 - Reconciliation of GAAP to Organic Revenue
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 $151,116 +17.7% Organic Reve
Slide 30: Appendix 5 - Net Debt Leverage Reconciliation
APPENDIX Appendix 5 - Net Debt Leverage Reconciliation Reconciliation of Net Debt and Leverage Calculation (Unaudited) — December 31, 2025 Net debt leverage Net debt Net debt & leverage calculation 0.86x $16.6M Total debt $34,689,140 Dec 31, 2025 Dec 31, 2025 Less: cash and cash $(18,078,300) equiva
Slide 31: Appendix 6 - 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 $49,578,644 $45,857,374 Cost of goods sold $(21,081,327) $(19,065,888) Gross Profit
Slide 32: Appendix 6 - 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 Less: Net income (loss) attributable to noncontrolling interest $(1,757,919) $51,476 Net in
Slide 33: Appendix 7 - 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 $182,863,373 $151,115,532 Cost of goods sold $(79,406,653) $(62,543,407) Gross Profit $103,456,720 $88,5
Slide 34: Appendix 7 - 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 Less: Net income (loss) attributable to noncontrolling interest $(2,084,286) $70,400 Net income (loss) attributab
Slide 35: Appendix 8 - Reconciliation of EBITDA and Adjusted EBITDA to Net Loss
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) $(2,078,868) + Interest expense $1,115,179 $2,694,240 − Interest income $(117,867) $(55,122) + Taxes $(5,
Slide 36: Appendix 9 - Reconciliation of EBITDA and Adjusted EBITDA to Net Loss
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) $(1,409,849) + Interest expense $4,578,844 $3,521,288 − Interest income $(240,723) $(218,145) + Taxes $(
Slide 37: www.meridian-holdings.com
3651 Lindell Road, Suite D131, Las Vegas, Nevada, 89103, United States +1 702 318-7548 www.meridian-holdings.com 37