GiG Software PLC

Good morning, ladies and gentlemen. Welcome to the Gig Software PLC Q4 Results Investor Presentation. Throughout this recording meeting, investors will be in listen-only mode. Questions are encouraged. They can be submitted at any time just using the Q&A tab on the right-hand corner of the screen. Simply type in your questions and press send. Before we begin, we'd like to submit the following poll, and I'd now like to hand over to CEO Richard Carter. Richard, good morning.

So, good morning, everyone, and welcome. I'm Richard Carter, the CEO, and with me today is our CFO, Phil Richards. Today we'll walk through Gig Software's Q4 and Fall Year 2025 performance and our outlook for 2026 and beyond. We will start by reviewing our financial results, the drivers behind the numbers, and how our strategy and investment, particularly in AI and our CoreX and SportX platforms, are positioning us for future growth. Like our previous results presentations, I will begin by covering the key highlights from Q4 and Fall Year 2025. Phil will then take you through the financials in more detail, including revenue, EBITDA, cash flow, and the balance sheet. Finally, I'll return to talk to our strategic progress and outlook, including our focus areas for 2026. Roots to market, Sportsbook, Spain, and AI in action. And then we'll open up for questions. So let's turn and look at our key highlights. So let me start with the high level numbers for Q4 and full year 2025. In Q4, revenue grew 8% year on year to 9.5 million euros, taking the full year revenue up 18% to 37.6 million versus 31.8 million in 2024. EBITDA increased by 1.4 million year on year in the quarter to 1.5 million and for the full year improved by 7.3 million to 4.3 million compared to a 3 million loss in 2024. Commercially, we maintain strong momentum with five new commercial agreements signed and six successful launches in the quarter, bringing total launches to 16 for the year. We ended the year with a solid cash position of 9.9 million, and we are on track to deliver 4.5 million of annualized cost savings by the end of Q2 2026. I will now hand over to our CFO, Phil Richards, who will take you through the financials.

Thanks, Richard, and good morning, everyone. Starting with Q4 2025, revenue grew 8% year on year to 9.5 million euros. This was driven primarily by additional customer launches during 2025 and growth from our existing customer base. Adjusted EBITDA came in at €1.5 million, an improvement of €1.4 million versus €0.1 million in Q4 2024, this reflecting both top-line growth and a leaner cost base. Importantly, we reduced our cost base by €0.7 million year-on-year in the quarter, despite the higher revenue, already showing the benefit of our cost reduction actions and operating leverage. Looking at the full year, revenue increased 18% to €37.6 million, up from €31.8 million in 2024, driven by a combination of customer growth and new launches. New customer launches in 2025 contributed €2.1 million of revenue and adjusted EBITDA improved to a positive €4.3 million, which is a €7.3 million swing from the €3.0 million loss in 2024. We achieved this while reducing our cost base by €1.5 million year-on-year to €31.5 million, with underlying customer growth and new launches supporting a 10% year-on-year increase in ARR to €36.7 million at the start of 2026. This bridge shows how we moved from €31.8 million of revenue in 2024 to €37.6 million in 2025. We added 3.9 million from new partners and growth with existing partners, including 2.1 million from 2025 customer launches. Underlying growth was strong with a 24% year-on-year revenue growth for platform customers, 21% for Sportsbook and 22% underlying revenue growth for our top 10 customers. And all of this was achieved despite a 0.7 million constant currency headwind from the depreciation of Argentinian peso. Turning now to ARR. Our ARR increased from 33.4 million at the 1st of January 2025 to 36.7 million at the 1st of January 2026, an underlying ARR growth of 3.3 million year on year. This 3.3 million net ARR addition came from new customer growth and growth in our existing customer base. Crucially, around 90% of our 2026 revenue is underpinned by commercial agreements, giving us good visibility for the year ahead. On the cost side, operating expenses decreased by 1.5 million year-on-year despite the strong revenue growth. The bridge on this slide shows reductions across marketing, personnel and other costs, taking total OPEX from 33 million in 2024 to 31.5 million in 2025. In Q4 specifically, OPEX declined by $0.7 million year-on-year, mainly driven by lower personnel costs, and we will maintain a strong focus on cost control into 2026 as the additional $4.5 million annualized savings come through. This slide summarizes the $4.5 million annualized OPEX reduction that we're delivering through smarter operations. Around 75% of the savings are concentrated in engineering, where we're using AI-enabled productivity and process optimization to do more with leaner teams, whilst maintaining 100% of customer delivery. We've used strategic headcount optimization, AI tools to automate repetitive coding and testing, and streamlined workflows to improve code quality and speed. This is about working smarter, not doing less, and positions the business for scalable growth. This chart shows the bridge from negative 3 million adjusted EBITDA in 2024 to a positive 4.3 million in 2025. The improvement is driven both by revenue growth and a tighter cost base, with revenue adding materially, COGS remaining well controlled, and OPEX coming down. In Q4 alone, we delivered 1.5 million of adjusted EBITDA compared to 0.1 million in Q4 2024, thus demonstrating the operational gearing in the business as volumes scale. Moving now to cash. This slide shows the Q4 2025 cash flow waterfall, where we continue to reduce cash outflows quarter on quarter, And we benefited at the same time from proceeds of 11 million from directed share issues during the period. We saw a 1.2 million year-on-year improvement in operational cash flow, excluding working capital and investments. And we finished the quarter with a healthy cash position of 9.9 million at the 31st of December 2025. For the fall year 2025, operating cash flow continued to improve. Our operating cash flow, excluding working capital and investments, reached $3.3 million in 2025. This includes $1.2 million in Q4, which was our strongest quarter since the IPO. This represents an improvement of around $8 million compared to 2024, reflecting both a stronger profitability and tighter working capital and cost control. Turning now to our guidance, we reiterate our 2026 financial guidance as per our trading update. We expect revenue in the range of 44 to 48 million and EBITDA of 10 to 13 million and we're targeting to be cash generative by the end of H1 2026. The guidance is underpinned by our current ARR base, expected revenue from launches in 2025 and 26, and a steady quarterly revenue ramp through the year, supported by 12 to 14 brand launches in 2026. And with that, I'll hand back to Richard for the strategic update and outlook.