Record Full-Year Revenue and Strong Top-Line Growth
Full-year 2025 revenue of $1.3 billion, up $183 million or 17% year-over-year, driven by uptake from existing partners, U.S. market growth (U.S. revenue +23% year-over-year; U.S. now 25% of total revenue) and contributions from IMG.
Record Adjusted EBITDA and Margin Expansion
Full-year Adjusted EBITDA of $297 million, up $74 million or 33% year-over-year. Adjusted EBITDA margin expanded over 290 basis points to 23% for the year. Q4 Adjusted EBITDA $89 million, up 48% year-over-year, with Q4 margin expanding ~450 basis points to 24.2%.
Strong Free Cash Flow and Balance Sheet Strength
Full-year free cash flow of $167 million with free cash flow conversion of 56% (vs. $118 million and 53% in 2024). Cash and cash equivalents at quarter-end $365 million and no debt outstanding.
Successful IMG Acquisition and Early Synergy Realization
IMG acquisition closed in November 2025 and was immediately integrated into products and distribution. Majority of tier-one clients signed onto IMG data/AV products; company targets ~25% revenue synergies for IMG in 2026 (previously referenced ~$140 million figure) and reports early revenue and cost synergy realization; transaction described as margin-accretive.
Robust Guidance for 2026 with Acceleration Expected
2026 guidance: total company revenue growth of 23%-25% on a constant currency basis (implying revenue $1.56B-$1.58B after FX headwinds). Forecast Adjusted EBITDA growth of 34%-37% on a constant currency basis (implying Adjusted EBITDA $390M-$400M) and expected margin expansion of ~200-225 basis points in 2026.
Managed Trading Services and Turnover Growth
Managed Trading Services 2025 turnover $52 billion, up 26% year-over-year, positioning the company as a top bookmaker globally. MTS delivered nearly 11% margin for clients in 2025.
Betting Technology & Streaming Momentum
Q4 betting technology and solutions revenue $305 million, up 24% year-over-year; betting and gaming content grew 29% year-over-year. Streaming expanded to over 525,000 matches in 2025 (100,000 more than two years prior) and company expects to stream over 700,000 matches in 2026.
Marketing & Media Growth and DSP Momentum
Marketing and media services growth contributed to sports content segment; DSP volume grew 35% year-over-year in 2025, delivering record ad volumes and demonstrating scalability and increased demand for data-driven advertising solutions.
Share Repurchase Program Increased and Active Buybacks
Board increased share repurchase authorization from $300 million to $1 billion. Over $170 million of stock purchased to date (including $91 million in 2025 and $25 million in Q4); opportunistic repurchases continuing given perceived valuation disconnect.