Gambling.com Group Reports Fourth Quarter and Full-Year 2025 Results

CHARLOTTE, N.C.--(BUSINESS WIRE)--Gambling.com Group Limited (Nasdaq: GAMB) (“Gambling.com Group” or the “Company”), a fast-growing technology company providing marketing and sports data services for the gambling industry, today reported record financial results for the fourth quarter and full-year ended December 31, 2025. The Company also introduced initial 2026 revenue and Adjusted EBITDA guidance. Charles Gillespie, Chief Executive Officer and Co-Founder of Gambling.com Group, commented, “We generated record fourth quarter revenue and Adjusted EBITDA with revenue rising 31% year-over-year to $46.2 million and Adjusted EBITDA increasing 5% to $15.5 million. Our operating results continue to benefit from significant growth in our sports data services business, which grew 29% quarter-on-quarter and represented 26% of total revenue in the fourth quarter, the highest percentage yet. This growth was complemented by improved performance in our marketing business, as revenue increased slightly year-over-year and rose 15% on a sequential basis. For the first time in our history, revenue not dependent on SEO exceeded revenue from SEO thanks to our successful channel diversification initiatives." Gillespie added, “We expect full year top line growth to be led by OpticOdds, our enterprise sports data services business. The focus for 2026 will be on increasing our coverage of different sports and leagues to better address the needs of operators outside the U.S while also developing innovative new features for our anchor customers here in the U.S. Over the last several years we have significantly diversified our sources of revenue and the number of markets we address. This has positioned Gambling.com Group with a sports data services business which is fast growing, high-margin, high-visibility and powered by recurring subscription revenue — on top of a marketing business that, thanks to channel diversification and CRM, remains resilient and will continue to deliver significant free cash flow for many years to come.” Elias Mark, Chief Financial Officer of Gambling.com Group, added, “For the 2025 full-year period, revenue and Adjusted EBITDA increased 30% and 19%, respectively, compared to the same period in 2024, and we generated $36.3 million in adjusted free cash flow. Our strong cash flow generation allows us to delever while also providing flexibility for investments into new products and continued diversification.” Financial Highlights Three Months December 31, 2025 vs. Three Months Ended December 31, 2024 (USD in thousands, except per share data, unaudited) Three Months Ended December 31, Change 2025 2024 % Revenue 46,236 35,308 31 % Net (loss) income for the period attributable to shareholders (26,889 ) 7,933 (439 )% Net (loss) income per share attributable to shareholders, diluted (0.77 ) 0.23 (435 )% Net (loss) income margin (58 )% 22 % Adjusted net income for the period attributable to shareholders (1) 12,178 12,172 — % Adjusted net income per share attributable to shareholders, diluted (1) 0.30 0.35 (14 )% Adjusted EBITDA (1) 15,458 14,736 5 % Adjusted EBITDA Margin (1) 33 % 42 % Cash flows (used in) generated by operating activities (9,947 ) 13,698 (173 )% Adjusted Free Cash Flow (1) 7,495 13,162 (43 )% __________ (1) Represents a non-IFRS measure. See “Supplemental Information - Non-IFRS Financial Measures” and the tables at the end of this release for reconciliations to the comparable IFRS numbers. Fourth Quarter 2025 and Recent Business Highlights Delivered 98,000 new depositing customers (“NDCs”) Repurchased 109,776 shares at an average price of $8.17 Amended Odds Holdings merger agreement Won EGR Affiliate of the Year and Sports Affiliate of the Year awards Successfully launched operations in Missouri on December 1, 2025 Three Months Ended December 31, 2025 Results Compared to Three Months Ended December 31, 2024 Revenue rose 31% year-over-year to a record $46.2 million. Revenue from sports data services grew 440% year-over-year and 29% quarter-over-quarter to $11.8 million, primarily due to the contribution from OpticOdds and OddsJam. Revenue from marketing services of $34.4 million increased 4% year-over-year and rose 15% on a quarterly sequential basis with more than 50% of marketing services revenue derived from sources not dependent on organic search referrals for the first time. Gross profit increased 19% year-over-year to $39.3 million. Cost of sales of $6.9 million compares to cost of sales of $2.2 million in the year-ago period reflecting costs associated with the strategy to diversify traffic sources in the marketing business. Total operating expenses exclusive of non-cash fair value movements related to the outperformance of Odds Holdings of $18.5 million, non-cash impairment loss on intangible assets of $14.0 million, non-cash amortization of acquired intangible assets of $2.6 million, acquisition related costs of $0.3 million and acquisition related bonuses of $2.6 million, grew 32% to $26.9 million primarily associated with higher headcount related to the acquisitions of Odds Holdings and Spotlight.Vegas, and higher marketing costs associated with traffic source diversification in the marketing business. Inclusive of the above-mentioned expenses, total operating expenses were $64.9 million compared to $23.3 million in the year-ago period. Net loss attributable to shareholders of $26.9 million, or $0.77 per share, was primarily due to the fair value movement in contingent consideration and impairment loss on intangible assets and compared to net income attributable to shareholders of $7.9 million, or $0.23 per share, in the year-ago-period. Adjusted net income remained stable at $12.2 million, or $0.30 per share, despite increased interest expenses related to the Company’s credit facility. Adjusted EBITDA increased 5% to a fourth quarter record $15.5 million, reflecting an Adjusted EBITDA margin of 33% as compared to Adjusted EBITDA of $14.7 million and an Adjusted EBITDA margin of 42% in the prior-year period. The Adjusted EBITDA margin for the 2025 fourth quarter reflects the impact of the higher cost of sales and marketing expenses associated with traffic diversification initiatives for the marketing business. Cash flow from operations was negative $9.9 million compared to cash of $13.7 million in the year-ago period and included deferred consideration payments of $18.6 million in relation to the Odds Holdings earnout termination. Adjusted free cash flow was $7.5 million compared to $13.2 million in the year-ago period reflecting adverse working capital movements from timing differences. As of December 31, 2025, the Company had total cash of $15.8 million and had borrowings of $123.6 million under the Wells Fargo Credit Facility. During the fourth quarter, the Company drew down $38.0 million from the credit facility and settled deferred consideration of $33.6 million, in relation to the Odds Holdings Acquisition. The Company repaid $2.8 million on its outstanding term loan during the fourth quarter. In the fourth quarter, the Company repurchased 109,776 shares for total consideration of $0.9 million, and in 2025 has repurchased 671,998 shares for total consideration of $5.6 million. The Company has $14.4 million remaining on the current share buyback authorization. 2026 Outlook Gambling.com Group expects 2026 full-year revenue of $170 million to $180 million and Adjusted EBITDA of $50 million to $58 million. The guidance assumes: Year-over-year revenue growth driven by data services with enterprise sports data services continuing to see the fastest growth. Revenue and Adjusted EBITDA negatively impacted by continued poor search dynamics and regulatory headwinds in the UK, where a higher-than-expected increase in gaming duty will impact player values and volume, as well as in Europe, where new regulations in Finland will curtail performance marketing. The Adjusted EBITDA margin of approximately 30% for the full year is expected to be lower in the first half of the year and higher in the second half of the year and reflects continued investments to diversify the marketing business, investments in sports data services new product enhancements and investments for the development and rollout of a new product the Company plans to launch later this year for which only marginal revenue contributions are expected this year. An average Euro to USD exchange rate of 1.17 for the year. Financial Highlights Year Ended December 31, 2025 vs. Year Ended December 31, 2024 (USD in thousands, except per share data, unaudited) Year Ended December 31, Change 2025 2024 % Revenue 165,447 127,182 30 % Net (loss) income for the year attributable to shareholders (32,930 ) 30,679 (207 )% Net (loss) income per share attributable to shareholders, diluted (0.93 ) 0.84 (211 )% Net (loss) income margin (20 )% 24 % Adjusted net income for the year attributable to shareholders (1) 51,790 42,120 23 % Adjusted net income per share attributable to shareholders, diluted (1) 1.26 1.16 9 % Adjusted EBITDA (1) 58,010 48,691 19 % Adjusted EBITDA Margin (1) 35 % 38 % Cash flows generated by operating activities 19,104 37,638 (49 )% Adjusted Free Cash Flow (1) 36,261 41,582 (13 )% __________ (1) Represents a non-IFRS measure. See “Supplemental Information - Non-IFRS Financial Measures” and the tables at the end of this release for reconciliations to the comparable IFRS numbers. 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Gambling.com Group Reports Fourth Quarter and Full-Year 2025 Results

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