Gambling.com Group Limited

Greetings and welcome to the Gambling.com Group fourth quarter 2025 earnings call. At this time, all participants are in a listen-only mode. A question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. I would now like to turn the call over to your host, Peter McGough, Senior VP of Investor Relations and Capital Markets. Please go ahead.

Hello, everyone, and welcome to Gambling.com Group's fourth quarter 2025 results call. I am Peter McGough, Senior VP of Investor Relations and Capital Markets, and I'm joined by Charles Gillespie, Gambling.com Group's Co-Founder and Chief Executive Officer, Kevin McChrystal, Co-Founder and Chief Operating Officer, and Elias Mark, Chief Financial Officer. This call is being webcast live through the investor relations section of our website at gambling.com forward slash corporate forward slash investors. And the downloadable version of the presentation is available there as well. A webcast replay will be available on the website after the conclusion of this call. You may also contact investor relations support by emailing investors at gdcgroup.com. I would like to remind you that the information contained in this conference call, including any financial and related guidance to be provided, consists of forward-looking statements as defined by securities laws. These statements are based on information currently available to us and involve risks and uncertainties that could cause actual future results, performance, and business prospects and opportunities to differ materially from those expressed in or implied by these statements. Some important factors that could cause such differences are discussed in the risk factor section of the Gambling.com Group's filings with the Securities and Exchange Commission. Forward-looking statements speak only as of the date the statements are made, and the company assumes no obligation to update forward-looking statements to reflect actual results, changes in assumptions, or changes in other factors affecting forward-looking information, except to the extent required by applicable securities laws. During the call, there will also be a discussion of non-IFRS financial measures. A description of these non-IFRS financial measures is included in the press release issued earlier this morning, and reconciliations of these non-IFRS financial measures to their most directly comparable IFRS measures are included in the appendix to the presentation and press release, both of which are available in the Investors tab of our website. I'll now turn the call over to Charles.

Good morning, and thank you for joining our fourth quarter 2025 conference call. We generated record fourth quarter revenue of $46.2 million, up 31% year-over-year, and adjusted EBITDA rose 5% year-over-year to $15.5 million. Our sports data services business grew 29% sequentially and 440% year-on-year in the fourth quarter to $11.8 million and accounted for 26% of total revenue, the highest percentage yet. through 15% sequentially from the third quarter and 4% year over year. While the previously discussed challenges with search rankings persisted in the fourth quarter, this was offset by growth in revenue not dependent on organic search referrals, which exceeded revenue from SEO-related sources for the first time. We have scaled non-SEO marketing revenue quickly in the second half of 2025, and continue to expect increasing revenue from these channels going forward. This strategy has made marketing revenue more diversified and less volatile at the price of somewhat lower margins. For the full year, revenue and adjusted EBITDA were up 30% and 19% respectively, and we produced $36.3 million in adjusted pre-cash flow. Looking ahead to 2026, we expect revenue to be in the range of 170 to 180 million and adjusted EBITDA to be in a range of 50 to 80 million. Sorry, 50 to 58 million. This represents modest top-line growth but a year-on-year decrease in adjusted EBITDA. Behind these headline numbers are two different businesses. We have a thriving, high-growth sports data services business, which will grow revenue in the high teams and see margin expansion. We also have our marketing business, where it is no secret that revenue from SEO has been under pressure. Given the dramatic changes to the media and digital landscape, As a result of the rise of artificial intelligence, we are actively reinventing our marketing business to build a more intimate relationship with our end users. This will involve scaling our CRM platform, offering more interactive and gamified content, and expanding our engaged social media audience. Even while we are reinventing the marketing business, this year it will continue to generate significant cash flow. Despite recent challenges and perceptions, this is still a very valuable, very profitable business, and even considering margin compression from our traffic diversification strategy. We are encouraged by the return to year-over-year growth in the fourth quarter, despite the pressures that continue to impact SEO revenue. The market expectations for the future of this business are plainly not accurate. Non-SEO revenue continues to scale ahead of expectations as evidenced by our cost of sales growth for the fourth quarter. Q4 is the first quarter where more than half of our revenue came from sources not dependent on SEO. As we continue to diversify, our increased focus on email, social media, paid, and partnership channels will contribute more revenue as we move through 2026. We also continue to make progress in scaling our CRM activities to engage and cross-sell our customer base. The final and perhaps most interesting piece of our transformation strategy for the marketing business is the new product we expect to launch this spring. While I would love to share more details about this project today, we are not going to share any further information for competitive reasons until the launch. Our annual themes for the past several years have all been AI-related, and our team is early adopters and fully embracing the power of these new tools available to them, including 24-7 agentic workflows. While the advances in artificial intelligence over the last several years have been incredible, the acceleration in tools like Cloud Code since January has been breathtaking. We continue to prioritize leveraging AI tools to increase our execution velocity across all teams and functions within the group. Turning to our exciting source data services business, enterprise data solutions will continue to be the fastest growing part as we further grow our customer base, rapidly expand our product offering, and ramp up the offering in new geographies around the world. As a rising challenger in the sports data services space, we are highly valued by our diversified group of customers, growing quickly, and our team is executing at a higher velocity than our peers in terms of product creation, innovation, and delivery. Given our pace of execution, I expect us to continue to take meaningful market share. With the rapid evolution of prediction markets, the potential customer base for our sports and odds data services is expanding quickly. We have established ourselves as early as one of the most interesting sources of data on prediction market exchanges and have already made great inroads to selling our odds data to both retail and institutional clients who are trading on these exchanges, as well as helping service the exchanges themselves with both data and marketing. There has been some concern that regulated sportsbooks are losing market share to prediction markets, and that has resulted in a negative sentiment which seems to have been applied more broadly. To be clear, GAMLI.com Group is a net beneficiary of the emergence of this new category as it is expanding our TAM both on data and marketing. While marketing revenue from prediction markets is still small, we have an obvious opportunity to scale up in this category and help consumers navigate all of their new options. We see a great opportunity to expand our data and trading solutions business by servicing more exchanges, liquidity providers, financial institutions, and funds of all styles as prediction markets continue to evolve beyond sports and more and more players look to be involved. Optic Odds is our brand for enterprise data solutions, and it already has great penetration with U.S. operators. We remain less well-known outside the U.S., but are working rapidly to adapt our services to the needs of operators across the many attractive markets, particularly in Europe, where we operate. In order to better service global operators, we are expanding our coverage deeper and wider to 25 sports and 5000 leagues and tournaments. The two main levers for growth we are focusing on for 2026 are servicing operators in Europe with better coverage within existing products and selling additional new and innovative products to our US clients. such as AI-driven pricing and real-time settlement. Beyond Europe and the U.S., there is no shortage of additional growth opportunities to target in due time. Our solutions are not inhibited by legacy architecture, as we already have what we consider to be the state-of-the-art technology for odds data, odds-related risk management, and bet settlement, among other current offerings. We will introduce exciting new platform and product enhancements this year for enterprise customers that will further position OpticOdds as the leading end-to-end data solution for global sportsbook operators. On the consumer side of our sports data business, OddsJam, we will be adding functionality for our subscribers in both prediction markets and sportsbooks. Over the course of the year, we will introduce product enhancements for consumers active on prediction markets, including real-time recommendations from pro traders, and arbitrage solutions that offer risk-free bets to help bettors find value across our industry-leading breadth of markets. For consumers active on sportsbooks, new enhancements will include a simplified sharp money tool and a low-cost introductory plan that helps educate the player and then allows us to upsell them into a higher-cost plan. I think this gives you a good sense of the focus we are placing on our source data services business to be the key driver of our growth and increasingly the driver of shareholder value for a gam going forward. As reported in December, we have fixed the contingent consideration from the acquisition, which enabled us to restructure our internal team to be better focused on source data services. With the earn out payment, amounts fixed, we are now able to better align our teams to leverage the strengths of the talented team at Oddjam and Opticodds to better support rotowire, the third pillar of our sports data services business, which continues to have substantial growth opportunities with the right product and marketing optimizations. With that, let me turn the call over to Elias for his review of the fourth quarter and full year financial details and more details on our guidance for 2026.