Q4 Profitability Improvement
Adjusted EBITA (acq) for Q4 grew 16%; Q4 adjusted EBITA increased from EUR 6.3m to EUR 7.4m and quarter cash flow was EUR 6.0m.
Full-Year Financial Position and Cash
Full-year revenue EUR 162.0m; year-end cash EUR 32.9m in bank (management noted receipts after year-end take this to north of EUR 40m); full-year cash flow EUR 21.2m; company finished the year debt-free and executed EUR 25.8m of buybacks using excess cash.
Operator Trading Margin Expansion
Operator trading margin was 11.2% in Q4 and 10.8% for the full year (up from 10.0% in 2024, a +0.8 percentage point improvement); company raised forward guidance for operator trading margin to c.11%.
Upgraded 2026 Profit Guidance
Guidance for 2026 adjusted EBITA (acq) set at EUR 20m–EUR 25m (up from EUR 17.6m in 2025); company expects to be toward the upper end of the range assuming no new Colombia sports betting tax.
AI Adoption and Product Quality
49% of bets were fully AI traded in 2025 and management reported surpassing the 50% tipping point in January; AI pricing/trading cited as delivering sharper prices, higher acceptance rates and faster trading.
New Business Wins and Major Launch (OLG)
Multiple signings and launches: 15 partners added since start of Q4, recent turnkey launches include Ontario Lottery & Gaming (OLG) online and across 10,000 retail locations (contract through 2032) — OLG is a major contributor and over half of the '2026 launches' revenue column.
Odds Feed+ and Modular Revenue Growth
Odds Feed+ traction with new Tier-1 customers (e.g., ComeOn, FDJ UNITED) and management expects modular products (Odds Feed and others) to be north of 10% of 2026 revenue (guidance ~10–15%).
Operational Efficiency Initiatives
Cost reduction programs produced lower costs in 2025; management targets ~EUR 9m annual cash impact from ongoing efficiency programs in 2026 to offset inflationary pressures.
World Cup 2026 Opportunity
Management estimates World Cup '26 to represent roughly EUR 5m of incremental revenue (about a 3% top-line uplift) and expects the event to be fully AI-traded across the network, creating a material revenue and engagement opportunity.