Gaming Realms (GMR) H2 2025 earnings summary

Executive summary

• Achieved record annual results for 2025 with 10% revenue growth to £31.4m and 15% increase in Adjusted EBITDA to £15.0m year-over-year.

• Expanded into new regulated markets, launched 12 new proprietary games, and added 40 new operator partners globally.

• North America accounted for 63% of content licensing revenue, with significant growth in the U.S. and launches in Brazil, South Africa, and Canada.

• Maintained a debt-free balance sheet, ending the year with £17.8m in cash and executing a £6.0m share buyback programme.

Financial highlights

• Revenue rose 10% to £31.4m (2024: £28.5m); licensing revenue up 13% to £27.6m.

• Adjusted EBITDA increased 15% to £15.0m (2024: £13.1m), with margin improving to 48% (2024: 46%).

• Profit before tax grew 5% to £8.8m (2024: £8.3m).

• Operating cash inflow of £14.7m (2024: £11.6m); cash balance increased by £4.3m to £17.8m.

• Brand licensing revenue surged 349% to £3.0m due to major brand deals.

Outlook and guidance

• Plans further international expansion in 2026, including launches in Peru, Maine (USA), and Alberta (Canada).

• Continued investment in proprietary content, platform development, and third-party distribution.

• Board remains confident in strategy and expects continued growth and innovation.