Good morning, everybody, and thank you for joining us. I'm Richard Carter, the CEO of GiG Software, and I'm joined today by our CFO, Phil Richards.

Together, we'll take you through our second-quarter 2026 results, covering the financial performance of the quarter, our cost discipline program, and the proposed upcoming acquisition of 888Africa, which we believe marks a real turning point for this business. Just briefly on the running order, I'll start with the key highlights from the quarter, and Phil will then take you through the financial review in detail.

I'll then come back to close out with our strategic progress and outlook, including a deeper look at the 888Africa transaction, the African market opportunity. With that, let's move to our key highlights.

First and most significantly, we've agreed to acquire an 80% stake in 888Africa for €16.4 million. 888Africa is an increasingly profitable, cash-generative, leading B2C operator in the African market.

We believe this transaction has multiple positive connotations for GiG's near-term and also longer-term profit and cash flow metrics, as well as strategically positioning GiG towards one of the most attractive iGaming markets with unparalleled long-term growth opportunities. Now, let's look at Q2.

On an underlying basis, we delivered €8.8 million of revenue and €0.8 million of adjusted EBITDA for the quarter, and Phil will unpack the details behind these numbers shortly. We continued to build commercial momentum, signing seven commercial agreements in the quarter, four contract renewals, and three new operators for the newly regulated Alberta market.

We also delivered nine successful brand launches in the quarter. That takes us to 13 for the year-to-date, which is already ahead of the pace against our full-year guidance range of 12 to 14.

On the platform side, we achieved CoreX certification for the Spanish market, which will allow us to migrate customers off our legacy Ellira platform and unlock further savings and efficiencies. Finally, on cost discipline, we've now implemented more than €10 million of annualized cost savings, with the impact flowing through from Q2 2026 onwards.

I'll now hand over to Phil, who will take you through the numbers in detail. Phil.

Thanks, Richard. Good morning, everyone.

I'm going to walk you through the financial performance for the quarter and for the first half, starting with the headline summary, then the revenue bridge, our cost discipline program, EBITDA development, and finally, the cash flow position. Starting with the headline numbers.

Revenue for the quarter was €8.8 million against €9.3 million in Q2 2025. Adjusted EBITDA was €0.8 million compared to the €1 million a year ago at a 9% margin versus 11% last year.

I want to be up front about what's driving that year-on-year movement because it's important context. This was a solid quarter with no one-off revenue items, but our reported revenue was impacted by the insolvency of a significant customer, Richmond Atlantic, and that had a meaningful effect both on our top, and as I'll come to, our bad debt provisions for this quarter.

Excluding that impact and lower setup fees, our underlying revenue growth was actually 14% up year-on-year. The underlying trajectory of the recurring business remains positive.

We also launched nine new brands in the quarter, and our cost base decreased year-on-year, which I'll expand on over the next few slides. Looking at the chart on the right, you can see the quarterly progression of revenue and adjusted EBITDA from Q2 2025 through to Q2 2026.

This slide bridges Q2 2025 revenue to Q2 2026 revenue, you can see exactly what's moving. Customer growth added €1 million, that's the underlying business doing what it should do.

Working the other way, a change in setup fees took €0.7 million out, and other non-recurring items took a further €0.8 million out, bringing us to no- €8.8 million of revenue in Q2 2026. On the right-hand side, three supporting metrics: total revenue on a trailing 12-months basis to Q2 2026 was up 7% versus the prior 12- trailing 12 months, underlying recurring revenue growth year-on-year was up 14%, and sports betting revenue was up 6% year-on-year.

Even though the reported quarterly number is down, the underlying growth engines of the business, recurring revenue and sports betting, are both moving in the right direction. Turning now to costs.

Our total operating expenditure for 12 months to Q2 2026 fell to €31.4 million, down from €32.5 million in the 12 months to Q2 2025, a 3% reduction, with personnel and marketing delivering the bulk of that saving. If we break that down, marketing costs came down €0.2 million, a 14% reduction.

Personnel costs came down €0.9 million, a 4% reduction, and the largest absolute saving reflecting reflecting completed restructuring. Other admin costs were broadly flat.

The headline figures on the right summarize this: minus 3% on total operating expenditure, 12 trailing 12 months; minus 4% on personnel costs, which is the largest absolute saving at €0.9 million for trailing 12 months, reflecting, as I said before, the completed restructuring. Looking at this on a gross cash basis now, excluding salaries that are capitalized.

Gross operating expenses decreased 6% year-on-year and by €1.2 million from Q4 2025. You can see the quarterly trend on the chart: €11.1 million in Q2 2025, rising to a peak of €11.7 million in Q3 2025, then €11.6 million in Q4, €11.3 million in Q1 '26, and we're now at €10.4 million in Q2 '26.

That's an 11% reduction from Q3 2025 peak. There are two things driving this.

Firstly, we've reduced our FTE base by over 25% since the 1st of January, streamlining our operations whilst using AI and operational efficiencies to mitigate any impact on delivery. Secondly, we're removing unprofitable operations entirely, exiting the US, the Philippines, and our white-label business, which lets us focus on our core customers whilst cutting significant costs from the business.

This bridge shows how we got from €1 million of adjusted EBITDA in Q2 2025 to €0.8 million in Q2 2026, a modest decline with a lot of positive detail underneath it. Revenue effects took the number down, and COGS had a small negative impact, too.

You can see that people costs added back €0.9 million, that's the year-on-year reduction in people costs excluding capitalized amounts flowing through positively. Marketing was broadly neutral, other admin costs took a bit off.

Net-net, we landed at €0.8 million of adjusted EBITDA for Q2 '26. It's worth being clear on the adjustments here.

This is EBITDA excluding share-based compensation, bad debt provisions, and ex gratia payments of €0.1 million, €3 million, and €0.1 million, respectively, this year against €0.1 million and €0.1 million in the comparative period. A significant part of the €3 million of bad debt provisions relates to the Richmond Atlantic insolvency, as I mentioned earlier, and it's the reason our statutory EBITDA and EBIT numbers look materially different to the adjusted figures.

The key message here is our annualized cost savings of more than €10 million are now enacted from the end of Q2, so that we'll the full benefit of that work is still to come through in the second half of 2026. Finally, on my section, cash flow.

We continue to focus on reducing cash outflow, and I'm pleased to report a €0.5 million quarter-on-quarter improvement in operational cash flow. If we walk through the waterfall, we started the quarter at €5.4 million of cash at 31st of March.

The loss from operations took €7 million out, depreciation and amortization added back €5.1 million, change in working capital added €2.4 million, and CapEx on PPE and development took €3 million out. If we add €5 million and adding financing activities added €0.5 million.

This brings us to the closing cash position of €3.5 million. Looking ahead, we expect additional cash flow in the second half as the cash-generative 888 acquisition contributes, and we've strengthened our cash position with additional funding secured for that transaction.

Now, that's it from me on the numbers, and I'll now hand you back to Richard to take you through our strategic progress and the 888Africa opportunity in more detail.

Thank you, Phil. I na- I want to now spend the rest of our time today on two things: firstly, the strategic reset we've been driving through the business this year, and secondly, the 888Africa acquisition, which I think fundamentally changes the growth profile of GiG.

Our strategy during Q2 has been built around four pillars: first, concentrating our investment and commercial attention on key customers who are already growing well on our platform; second, exiting unprofitable business and winding down business lines that don't meet clear and acceptable returns, which then frees up both resources and capital; third, withdraw from unprofitable markets—we are exiting markets that we don't that don't offer a credible path to profitability, specifically the US, the Philippines, and our white-label businesses; and fourth, rightsizing our headcount and operating costs to match a leaner, more focused business. At the beginning of the year, we announced an annualized cost saving program of €4.5 million.

That program has now been delivered. In June, we enacted an additional cost reduction program targeting a further €6 million in annualized savings.

The impact of this second program will begin to flow through the P&L from July onwards, with the full impact realized from October. This provides a meaningful offset to the revenue reduction in the final quarter and positions the group well into next year.

The cost reductions we have enacted are largely do- largely due to the strategic closure of our white-label business, specifically with SkyCity. While this move carries no revenue impact for the current year, it will result in significant resource reductions.

Additionally, we are exiting both the Philippines and US markets, and as part of our strategy to focus on key profitable markets from Q3 onwards. As a result of these combined actions, we expect the impact of lower revenues on EBITDA to be substantially mitigated.

The group on a stand-alone basis, excluding 888Africa, also remains on track to be cash-generative by the end of the financial year, which is testament to the speed and discipline of our response. Now, looking further ahead.

The planned closure of the Spanish Ellira platform during 2027 will deliver further annualized cost savings of €1 million. In addition to the cost benefits, the migration away from Ellira represents an opportunity to consolidate our technology offering and create incremental revenue upside as customers transition to our next-generation platform.

The impact of these developments can be clearly seen in the chart on this slide, which depicts an indicative trend analysis from Q1 through to Q4 2026. It shows stable revenue and cash opex declining sharply from around €12.5 million in Q1 to converge with revenue by Q4.

Most importantly, underlying cash flow moving to break even by Q4 2026. This is the clearest illustration of why we believe we're on track to be cash-generative by the end of the financial year.

Now, let's turn to our proposed acquisition of 888Africa and why we believe this is such a compelling opportunity for GiG. Firstly, let's address why Africa.

Quite simply, Africa's online gaming sector offers unparalleled long-term growth opportunities, driven by demographic, mobile, and regulatory tailwinds that few other regions can match. In terms of demographics, Africa has the youngest population in the world, with growth running at more than double the global average.

Africa is a mobile-first market, where connectivity is accelerating fast, with substantial upside still ahead given the continent is only at 28% mobile connectivity today. This compares to 95 to 97% for the UK and North America, providing a big runway for growth.

Regulatory-wise, the landscape is fast-maturing, with markets shifting from an informal play towards long-term, compliant, licensed frameworks, which we believe will help skew the market success further towards compliant operators such as 888Africa. Additionally, mobile money adoption is running above 70% and provides access to millions of new players across the continent.

Given these powerful structural tailwinds, it's no surprise that the African region represents one of the most attractive growth opportunities in global iGaming, with the market expected to rise from $11.6 billion today to $22 billion by 2030. This is exactly why we've moved to secure a position in this market.

Let me now talk specifically about the rationale for the proposed 888Africa transaction and what it brings to GiG. Firstly, it gives us geographical revenue and profit diversification as well as entry into one of the fastest-growing iGaming regions globally.

Two, we get immediate top-line scale, adding over $50 million of annualized revenue to the combined group from completion. Three, it helps trans- it helps strengthen our product leadership and bolster our capability across the enlarged group.

Fourthly, we've agreed a phased consideration over 10 months, funded both by our convertible debt facility and equity issuance. Then lastly, the combined group is immediately expected to be cash-flow positive on a quarterly basis with a strengthened balance sheet.

Now, looking at the recent 888Africa quarterly financial performance. Total revenue has grown 32% from the $11.3 million in Q4 2025 to $14.8 million in Q2 2026.

Gross profit has grown 7- 77% from USD 3.5 million to 6.2 million over the same period, while adjusted EBITDA has grown from a $2.2 million loss to a $1.9 million profit. EBIT, which equates to cash, has moved from a $3.2 million loss to a $1.1 million profit.

This is a business that we believe is now well positioned to build on this recent positive progress, and we're really looking forward to helping contribute to future growth. We especially see some upside from both the gross the gross margin line, as well as from the opex lines of the P&L, and we'll update in more detail on this at our Q3 results in late October.

Now, turning to the 2026 guidance. Following the expected completion of the proposed 888Africa acquisition by the end of September, we now expect the combined group revenue of between €44 million and 40- and €48 million and adjusted EBITDA of between €5 million and €7 million.

The remainder of the year will be characterized by continued cost discipline, integration of the 888Africa, and delivery against our committed launch schedule. In summary, this has been a quarter of genuine operational progress.

Alongside delivering more than €10 million of annualized cost savings, with the impact now flowing through from Q2 onwards, we've achieved 13 brand launches year-to-date, already ahead of our full-year guidance, and we remain firmly focused on underlying cash flow generation. Looking forward, the proposed 888Africa acquisition will significantly accelerate our revenue, EBITDA, and cash flow growth.

Post-integration, we expect the combined group of GiG and 888Africa to be cash-flow positive on a quarterly basis. We are, in short, a sharper, fitter, and more focused business, and we have ongoing confidence in GiG's future growth prospects.

Thank you for listening, and Phil and I are now happy to take any questions you have.

Thank you, Mark. We've had a number already submitted, I think we should dive straight in.

There's two initial questions for Phil here. First one, revenue is down 5% year-on-year in Q2 and 3% in H1.

How concerned should investors be about the underlying trajectory of the business? A follow-up, why did adjusted EBITDA fall to €0.8 million from €1 million, and why did margin compress from 11% to 9%?

Yeah. I think, thanks, Jeremy.

I think we we touched on this in the presentation, but for me, what we really need to look at is the underlying growth from non-recurring revenue. It's up 14% year-on-year, the sportsbook is growing nicely.

From my perspective, business has never in been never been in better health. While the top-line number, for sure, is come down a little bit, I'm looking at the quality of the revenue coming through and that growth trajectory.

We've had some headwinds. We talked about Richmond Atlantic, for example, but we've done everything we can to mitigate the impact of this.

You can that see that mitigation with the second part of your question in terms of how the EBIT moved. EBIT EBITDA hasn't moved by much, despite the revenue decline, because of the cost impact that we've had, like, and the cost savings we've introduced, which we'll see further in Q3 and Q4.

For me, the underlying business is extremely healthy, and moving in the right direction. The cash outflows are reducing, our costs are reducing, underlying revenue is growing.

Whilst, the top headline numbers might look like there's a little decline, for me, it's the healthy part of the business that's growing, that's the important, and the ability that we have had to mitigate the impact of any headwinds through looking at our cost base, as well. I see this as a a really a positive development.

Okay. Thank you.

Uh Richard, just one on liquidity before we dive into a few on the proposed acquisition. Uh cash fell from €9.9 million in the full-year '25 to €3.5 million at the half-year.

Is liquidity a concern? Um so

I think I'd address that by like pointing to what we spoke about in the presentation. Firstly, um the underlying GiG business now is moving towards generating positive cash.

Uh we proposed the acquisition of 888Africa, which will add significantly uh to obviously our revenue, EBITDA, but I think most importantly, to generating cash flow immediately. Um and also today, we've announced that we've raised €8.5 million, um and of that, uh 2.5 million will support working capital uh uh on on the balance sheet.

I think the combination of now the business not losing cash and then going to generate cash, adding 888Africa, which is very cash-generative business, and then some of the working capital from today's um convertible and equity raise, I think puts the balance sheet in a in a in a very, very strong and robust position. No, um no concerns there.

Okay. I think let's dive into the the acquisition now.

We've got a a quite a few questions, let's take two initially. Um why 888Africa and why now?

How, how financially healthy is is that business, and can can you substantiate the growth claims that you've talked through today? Um so,

why Africa, why now? I think uh um I personally have been looking at Africa for six or seven years, it's uh it's a it's anyone that's in the online gaming industry has always had an eye on Africa given the growth rates.

Um, but it's not an It's not an easy continent to to get into for for many reasons, regulatory-wise, product-wise, operational-wise. Um, we've been looking at this, or I've personally been looking at this for a long time.

GiG have been looking at this for for the last sort of 12 months um to enter the market on a purely uh B2B front. Um, and it's just timing.

This opportunity came along. We studied it.

We thought, actually, this is for us. We want to enter this geography.

Um, and this is a, we think, an attractive uh business to buy. Gives us the knowledge, gives us the entry into the market.

It's obviously highly profitable, um highly cash-generative, ticks all the boxes. Um, and we get real local expertise, which will then, we believe, will help shape our product roadmap, our technology, um, and then we will then um probably, within 12 months, look to launch a B2B business in Africa uh which be obviously incremental to, the current sort of GiG numbers.

Um, I think that's really the main reasons. It's a very attractive market, um we're buying a business that we think has a great sort of runway ahead of growth, is currently very cash-generative, um so it ticks all the boxes for us.

Just a quick follow-up on that. Can you give everyone on the call a a little brief summary of of the markets that 888Africa operate in and what's its competitive position, in each of those markets?

Sure. Um so today 888Africa operates in three markets: uh Mozambique, where it's market leader; Angola, where it's just in the process of of growing its business; and then Tanzania, again, just in the early stages of growing its business.

It's mainly Mozambique, but with significant growth opportunities in Angola, which is a very attractive market, and Tanzania, which is also a very, very attractive growth market.

Okay. Um, two more on that, then.

Um are evoke due any further contingent payments for future performance over and above the deferred payments you've outlined this morning? Are you obliged to use the 888 brand in Africa go- Um so uh

no is the the answer to the first question, and are we obliged to use the 888 brand? No, is the answer to the second question.

Fine. Um and then just moving back to the core business, um why exit the US and the Philippines and the white-label business specifically?

Um

I think when look the the the key for us is is we have to get GiG to generating cash and being break-even. Given the issue we had with Rich- Richmond Atlantic, we re-looked at the P&L, and we have decided to remove all businesses that don't really give us the right return on investment and also are loss-making.

Um there were those opportunities, it gives us access to unlocking significant cost savings, we thought that that's the right decision. The focus is we need a cash-generative, underlying GiG business, what's the quickest way of getting there?

We need to remove obviously, um loss-making parts of our business, and so it was a it was a pretty simple decision.

Okay. Now, one for Phil, can't leave you out.

Um can you talk us through the cost-saving program, and more specifically, how much, where, and when does it land?

The cost-saving program that we talked about is has really been in two parts. We we talked about initial 4.5 million in January, um and then, and and that was what we explained earlier on was, through utilization of AI, optimizing, it's it's, some of the engineering parts of the business, some of the operational parts of the business.

It's pretty it's pretty broad, but mostly headcount-related. Um the additional 6 million, we touched on it before, that's about exiting the markets, it's about removing the white-label part of the business, um and the associated resources with that.

Again, you'll see the majority of that will come from personnel costs, like that naturally, cuz that's our it's most significant cost base by far, but there are other costs associated with being in these markets, there's licensing, there's lawyer fees, there's corporate fees, there's all the other incremental costs. Um and, we're really leaving no stone unturned, we're looking at all all parts of the business um to implement this program.

It's staggered over the next quarter. A lot of what we've done has already been enacted in July, August, and another tranche in September, so that from Q4, you'll see all of this second tranche will have been enacted, and that will flow through.

It's staggering over the next few months, so that, it's basically by by the end of the year, we'll have a very clean, lean cost base. It's it's it's quite broadly across quite a few different categories.

Um,

and one for Richard. Is the business still investing in growth, or is it purely a cost-cutting story now?

No, [laughs] no, we're significantly investing in growth. As we demonstrated this morning, we are continuing to launch clients.

Uh we launched um some very good clients in the UK, in Canada. Um we're investing significantly each month, obviously in our in our underlying uh opex, uh which is people.

Um so no, we're we're still investing very significantly in future growth. We've got a lot of new onboardings coming um in Q4 with some very big clients, um and we've got a good um runway into obviously uh 2027, and we've obviously got GiG Africa as well.

Or GiG or 888Africa. Um so no, I think the opposite actually.

I think what we've done is we've just moved to right-size the business costs versus revenue to start generating cash, but no, we're we're still significantly investing in in technology and product.

A slight follow-up on that. Um what is the financial outlook for the core GiG business excluding 888Africa, and can you bridge from the implied Q4 revenue and EBITDA into 2027?

Um

yeah, so, we'll we'll we'll come back in um in um in our October Q3 results and give a bit more color on that. I think, effectively, if you take what we've presented in the slide today, um 8.5 million of of revenue for Q4, 2.2 million of EBITDA.

If you just run that forward with a little bit of growth, I think you're looking at sort of 36, 37 million of revenue for underlying GiG next year with with, on a on a base line. Um, and then you're looking at sort of 8 to 9 million of EBITDA.

Again, we'd obviously assume quite significant growth on that, but that would be your starting point. Um, and, we bet- we expect the business to be cash uh uh generative, sort of 3 to 4 million.

Um, and then, if you want to then take a conservative look at 888Africa, you take what we presented today, you run forward their Q2 numbers, that will add what? 50 50 million euros of revenue.

Um, that will add, call it, another 8 or 9 million of of EBITDA in in uh in um €8- 8 to 9 million of EBITDA, and then the business is very cash flow-generative, if you just take what we said here, 1.1 million, that's at least 4 million. Obviously, the business will be growing, we think there's opportunities to uh with margin improvements at the gross margin level and at the opex level.

Um, so, four, five, I think, again, combined roughly, conservative, around, 8 to 9 million of cash next year. What's that?

You're looking at 85, 90 million revenue, 18 million to 20 EBITDA, and, what? 8 to 9 million cash.

That's sort of where, it'll be sort of roughly coming out, I think.

Excellent. Um just looking at my pad, I think we've pretty much covered everything this morning that we can.

Um let me just throw it back to you for a a brief summary.

Thank you very much for joining us this morning, um, and we'll look forward to updating you at our Q3 results in late October on the future progress we make. Good morning.