Good morning, and welcome to our 2025 quarter three results presentation. Once again, it's been a period of solid delivery, with results in line with our guidance, and we're looking forward to updating you this morning on the positive progress we are making across our business verticals.

We've reconfirmed both our 2025 guidance and our mid-term outlook, and we remain focused on sustainable, long-term, profitable growth. Like our other previous results presentations, I will begin by running through our key highlights before handing it over to Phil Richards, our CFO, who will take you through the financials.

I will then come back and update you on our strategic progress and our near-term outlook. Now let's turn to our key highlights.

I'm pleased to report another strong quarter for the company, with revenue increasing 31% year-on-year to €9.7 million, and adjusted EBITDA expanding by €2.3 million to reach €1.2 million, with a margin of 13%. Q3 as also saw another quarter of positive pipeline conversion, with five new commercial agreements signed.

These included a major contract targeting Brazil, and our first contract with a European lottery. This diversification not only further validates the flexibility of our technology stack, but also gives us potential new avenues of growth over the medium term.

We completed three successful launches during the quarter, in line with our revised guidance, bringing the year-to-date number to 10. Following the end of the quarter, I'm delighted that we've launched an additional two more brands, and we remain confident in hitting our target of 15 launches for the full year.

I'm also pleased to report that during October, we received the funds from our recent equity raise, giving a cash position of €12.9 million as at the end of October, and Phil will expand on this shortly. Given our balance sheet strength, we now have formed an executive committee to consider investment and acquisition opportunities.

With this, I'll now hand over to our CFO, Phil Richards, who will take you through the numbers for the quarter and year-to-date.

Thanks, Richard. We can see from this slide that as well as strong year-on-year growth, with a 31% increase in revenue and a €2.3 million improvement in adjusted EBITDA sequentially, this was also another strong quarter, with revenue and adjusted EBITDA continuing the improving trend of the last few quarters.

From a year-on-year perspective, it's very pleasing to highlight that the €2.3 million additional revenue all dropped straight through to adjusted EBITDA. This resulting in us achieving the rule of 40 for the first time.

A combination of revenue generation and focus on cost optimization allowing us to realize the scalability of our business model. I now wanted to highlight several factors contributing to our €2.3 million euro revenue growth year-on-year.

Specifically, I'm delighted with the contribution from new customer launches since last year, with these contributing to €0.8 million additional revenue in the quarter. This, combined with significant growth from our existing customers, both in turnover, GGR, and underlying revenue for GiG, added to our revenue growth in Q3.

Within the other revenue bracket, we include one-off items such as set-up fees, which make up the remainder of our 31% year-on-year revenue growth. It should be noted that this revenue growth was achieved despite a significant decline in the Argentinian peso, which, on a constant currency basis, amounted to a €0.3 million headwind for the quarter, given our significant market share in this market.

I anticipate this will continue to have an impact going forwards. Turning now to our cost base.

Tight cost control remains a key feature of GiG's DNA, as exemplified by a €0.2 million year-on-year reduction in operating expenses, with a small increase in personnel costs offset by lower marketing and other admin costs. On a quarterly basis, total operating expenses of €8 million were broadly unchanged from the previous quarter.

We remain laser-focused on cost control as we exit 2025 and into 2026 to ensure we can continue to increase our EBITDA margins and deliver the scalable business model that our cost base supports, and continue to implement cost-saving initiatives accordingly. Now turning to the quarter three EBITDA bridge, which breaks down the key year-on-year drivers from minus €1.1 million in Q3 2024 to a positive €1.2 million in Q3 this year.

The biggest EBITDA impact came from the €2.3 million increase in revenue, as discussed on the previous slide, which dropped straight through to adjusted EBITDA, highlighting the very high inherent operational gearing that platform businesses possesses. While cost of sales did increase by €0.2 million, reflecting the increase in revenue-generating activity, this was fully offset by previously referenced reduction in operational costs, resulting in that quarterly adjusted EBITDA result of €1.2 million.

Our cash burn continues to improve, with underlying cash outflows decreasing month-on-month, reflecting the improving revenue generation and cost control within the business. We invested €4.1 million in PPE and software development during the period and had a working capital outflow of €0.7 million, with loan and lease payments totaling another €0.7 million.

The receipt of the directed share issue announced in June meant that we closed the period with €4.7 million of cash. Subsequent to the period end, we've also received a further €11 million of directed share issue proceeds, and this leaves us with a gross cash position of €12.9 million and just 1— €0.1 million of debt.

The board is satisfied with the strength of the company's balance sheet, and in the interest of all shareholders, do not currently envisage the need for additional funding at this point in time. We turn then to the year-to-date performance.

We're extremely pleased with how the nine months have unfolded, with a 22% or €5 million increase in revenue to €28 million revenue, of which €1.5 million have come from new custom launches this year. It's worth noting that on a constant currency basis, the Argentinian peso-euro decline throughout the year has had a €0.5 million adverse impact on our revenues year-to-date.

Operational costs have been reduced by €0.6 million year-to-date, which means that adjusted EBITDA has increased by €5.7 million to a positive €2.6 million for the nine months to the 30th of September. Or put another way, revenue has dropped through to adjusted EBITDA at 114%.

It's with this context, I wanted to reiterate our guidance, both for the end of this year and 2026, being revenue of at least €39 million and an EBITDA of at least €5 million, with the 2026 figures being at least €56 million in revenue and an EBITDA of at least €15 million. Within this, a key metric underpinning 2026 remains that of cash generation by the end of H1 2026, which we're fully focused on to deliver through a combination of continued cost control and revenue generation dropping through to the bottom line.

I'll now hand you over to Richard, who will run through the latest updates on the progress made during the quarter against our strategic growth pillars.

Thanks for that, Phil. In this next part of the presentation, I'm going to take you through how we are executing against our key strategic growth pillars and how our investment is benefiting our partners and positioning GiG for sustainable, long-term, profitable growth and underlying cash generation.

As a reminder, we started the year with four key strategic growth pillars: enhancing our technology and product offering; improving operational execution and efficiencies; entering new markets and launching new clients; new business growth, which is all about adding new partners into our ecosystem; and in light of our recent balance sheet strengthening, we've added a fifth strategic growth driver: partnerships and M&A. Now let's take each one of those in turn, starting with enhancing our technology and product, which, as I reported previously, is now starting to gain real traction group-wide by helping to drive additional underlying growth for our existing operators, as well as aiding the team in winning new partners.

To help accelerate this momentum, we formally launched our in-house AI ecosystem, which is designed to consistently evolve our product to the benefit of our partners, and I'll talk more about this on the next slide. Now during this quarter, we also rolled out multiple product enhancements around currency, languages, payments, and an improved Bet Builder product for SportX, as we've continued to develop our market-leading products to ensure that both our existing and new partners can take advantage of the latest in platform and sportsbook technology to enable them to compete more favorably.

Turning to our AI ecosystem, and I'm particularly excited about the transformative role this will play for both our business and our partners. We believe this will be truly revolutionary, empowering our customers to grow more efficiently and effectively, while enabling GiG to scale operations, enhance efficiencies, and drive long-term shareholder value.

Our journey in AI began back in 2024 when we established a dedicated AI team to help drive AI adoption throughout GiG. I've recently challenged the team to ensure that by the end of 2026, at least 15% of all written code will be AI-generated.

I'm pleased to say, already the recently created mobile team is outperforming this target, with 25% of all code written generated by AI matching. AI is also deeply embedded across other areas of our business, driving innovation and efficiency.

A strong example of this is Excite, our AI-powered front-end builder, which enables instant creation and seamless deployment of our new brands, dramatically reducing time to market. In addition, our AI-driven game recommendation engine is already delivering an additional half a playing day a month and improving our operators' churn prevention by 33%.

Our fraud and risk management models have been particularly successful since launch, reducing false positives by over 30% and improving detection efficiency by 40%. Our ambition here is clear: to position GiG as a leader of applied artificial intelligence in iGaming.

By embedding AI in the heart of everything we do, we are building an AI-first ecosystem designed to scale efficiently, deliver tangible benefits to our partners, and ensure mutual success across the value chain. Now moving on to our second key priority: improving operational execution and efficiencies.

As Phil discussed during his financial slides, tight cost control is constantly being embedded into GiG's DNA, and improving operational execution is a key company-wide focus that I'm pleased to say we are executing strongly against, as evidenced by the year-on-year decline in costs. For example, in Q3, we reduced headcount in our managed services operations by 9%.

With no detriment to our partners, as highlighted in the previous slides, the expansion of AI will allow us to go further in this respect with the introduction of AI chatbots. Alongside the headcount efficiencies already realized within our managed services, we've also concluded a significant re-architecture project, allowing us to move away from VMware virtualization stack, with an annualized saving of €0.4 million.

We've also mitigated the cost of additional capacity requirements through the initiation of our compute savings plan, allowing for efficiency gains and a lower cost base for future launches. During Q4, we've implemented additional initiatives to ensure our cost base is optimized for future growth, allowing us to deliver value to our partners and shareholders.

Now turning to new market expansion, which is one of GiG's most important growth drivers, as it not only expands our addressable market, but allows for the addition of new partners into our ecosystem. We expect our Brazilian market launch to occur in the latter part now of Q1 2026, with our market entry readiness complete by the end of 2025.

We remain alive to additional new market opportunities, with the team currently exploring new markets in both Asia and LatAm. In terms of launches during the quarter, three clients were successfully launched, and this momentum has continued into Q4 with an additional two launches.

Now turning to the fourth growth pillar: new business growth. I'm pleased to report we continue to successfully focus on winning new business, with five commercial agreements signed during the quarter, including the previously flagged technology supply agreement for a European lottery and the aforementioned tier-one partner targeting Brazil.

Our near-term pipeline remains very healthy, with strong engagement in Europe and LatAm for both our sports and casino offering. We once again expect to close around five additional new agreements during this quarter.

Our final growth driver: partnerships and M&A. The board have recently created an executive committee to actively assess and review investment and acquisition opportunities.

We will be very disciplined with any such capital deployment, with a focus on sustainable, long-term, profitable growth and shareholder value creation. In conclusion, Q3 has been another solid quarter of delivery for GiG, with both significant revenue and adjusted EBITDA growth.

We launched three new clients, and we've completed two additional launches so far in this quarter, underpinning future growth. Our commercial engagement remains strong, with five new agreements signed in quarter three, and we would expect a similar number to be signed during this quarter.

Operationally, we continue to improve our products and are going further and faster with AI, with a clear aim to be a leader of applied artificial intelligence in iGaming. Finally, we've reconfirmed our FY 2025 guidance and our mid-term outlook for 2026, including cash flow generation by the end of H1 2026.

We are confident in GiG's future growth prospects and are looking forward to delivering these alongside exploring additional strategic options. Many thanks for listening, and we're very happy to take any questions.

Year-on-year, we had €0.8 million revenue in Q3 from new customers that have been launched, and for the full year, that number was €1.5 million. They're already significantly adding to the top line.

As we mentioned, we've launched three customers during the quarter, towards the end of the quarter, with an additional two more already launched in this quarter. Those will start driving revenue in Q4 and beyond as well.

The impact has been quite significant already, but the impact of these additional launches will start being seen in Q4 through into next year as well.

Absolutely. The market's currently sort of anywhere between around $4 billion.

It's growing, expected to grow around a compound growth rate of anywhere between sort of 13 and 15%. I believe it's estimated to be growing and be worth around $8 billion by 2030.

There's a strong propensity to gamble in Brazil, we think it's a very exciting market. It's a newly regulated market, so that's going to create a lot of opportunities specifically for our product offering, which is very focused on regulated markets.

There's no doubt that it's also a very competitive market. We believe that the partner that we're launching, they have very, very ambitious growth plans.

They want to spend a lot of money on marketing, and so we're just very excited to be launching to Brazil. We think once we're live, there'll be other opportunities as that market goes through the transition from unregulated to regulated.

Great. This next question is more targeted at the operations of the business, and in particular, I think the question highlighted the focus on AI in your presentation as a significant driver of margins and product improvements.

The question is really, what changes in operations or technology has allowed GiG Software to implement AI, and what further benefits do you anticipate as the technology evolves? We could be here for a long time [laughter] talking to that question.

I think the most important actually driver is empowering my team to start to be able to use it. It comes from me down to my team, and what we've tried to do is encourage everyone to start educating themselves.

We've got a team internally that is empowering all of the employees to learn. We're not forcing it on people, but we're encouraging it.

We've got a dedicated internal team that's onboarding people onto all the different platforms we're using. That's really what's driven this.

As I said, when I joined the company, we actually had a dedicated AI team anyway, we've been at this for a very long time. I think the real transformation sort of began at the end of last year and through this year is just encouraging our team and really helping them sort of get to grips with this.

I think that's the sort of been the key driver of why we're sort of starting to see a big acceleration in this. Then, in terms of the opportunity, I think we've already laid out some sort of critical sort of targets.

I think I've challenged the team to be generating at least 15% of all of our code by the end of next year through AI, and also, as I highlighted in the presentation, our recently created sort of mobile apps team are already at 25%. I think there's a lot of other opportunities throughout our business.

When we go through 2026, we'll sort of update you on those opportunities. That's great.

It's definitely something a lot of investors are looking for in terms of seeing companies actually benefit from a lot of the AI rollouts out there. We've got another couple of questions that I think are targeted to you, Richard.

This one is more on competition. It says here, "GiG Software is delivering significantly higher growth than peers.

How are competitors responding to you, and what strategies do you have to stay ahead of competition?" The strategy to stay ahead of competition is really to be focused on product and technology.

Everything we've gone through in this presentation, we're always constantly trying to double down on product improvements, we're trying to obviously improve our technology, the investment we're making in AI. I think if we continue to do that, that will at least allow us to compete more effectively.

In terms of the question versus our competition, I think we've also got to be very mindful that we're coming from quite a low base. When we're adding new partners into our system, it's having a much more material impact on our revenue growth.

I think it's testament to the team that we've put in place at GiG. I think we're clearly outperforming, and we are continuing investing in the team, and we're aiming to continue to maintain that outperformance.

Great to see. One more for you, Richard, before we move over to Phil.

This question is more on sort of the diversification of markets that GiG Software is experiencing, and in particular, the focus on lottery. How many other lottery companies do you have in your pipeline, in addition to the major one you've signed, and how will the successful rollout of this initial customer affect conversion rates in that pipeline?

It's a very good question, and in my previous businesses, I was very fortunate to win quite a few lottery clients, and it was very, very difficult, though, for us to get the first one. Once you get the first one, that then enables you to then hopefully be able to upsell into other lottery partners.

It's that you can't join any of the lottery associations without having your first partner. I think this first one, when we launch it midway through next year, I think will be a significant catalyst.

In terms of our pipeline today, it's very, very early days from a lottery perspective. We still haven't launched this new lottery partner.

I'm very optimistic that once we go live with this new lottery partner, then hopefully that will be open the gates for us, and we'll start to see a lot of traction and engagement. We're planning next year to really double down on the engagement with lottery.

We're very excited about the opportunity there. Lotteries control a huge amount of worldwide gaming.

I would just caution, we're still at the starting line. There's obviously a massive opportunity for us.

The sales cycles on lotteries are much longer than a normal contract. They tend to be signing sort of five- to 10-year contracts.

This year there's been several opportunities with lotteries, and I expect that to continue next year. I think we're optimistic, but I wouldn't be thinking that we would be onboarding new lotteries in 2026, but we'll definitely be focusing to try and win clients for sort of a 2027 timeline.

Sounds like an exciting new vertical. We've got a few now for Phil.

This first one is focused on the cost base. The company's been able to maintain a relatively stable cost base over the last little while.

Some competitors have a much larger cost base than GiG Software does. How is GiG Software able to keep its cost base lower than competitors, and what would cause a step change in your expense base, and when would you expect this to occur?

Thanks, Bob. Look, we started off with quite a mature cost base.

We're really growing the top line to ensure that cost base can be supported. For us, it's really we had all the elements in place to make sure we could have a significantly bigger business than we did at the time.

We're really growing into that, hence why we're not really needing to grow the cost base. We're also looking at a lot of more efficiencies.

Richard's been talking about AI as one example of where we can get more out of our current cost base, where we can scale effectively, and we've launched a lot of cost-saving initiatives where, again, we're just looking to get more out of what we're currently using, whether it's right-sizing our infrastructure, using economies of scale, etc., to make sure that the same cost base is delivering a lot more for us. Of course, some costs will grow with regards to when additional clients onboard, there needs to be new environments set up.

Cost of sales, for sure, will continue to grow, because that grows in direct proportion with our operators as they onboard. However, our underlying cost base, I expect to remain relatively stable.

We're just trying to get more for the same, make sure that we're getting the best people there, that they are operating efficiently, that we're empowering people to make changes, and therefore, we can actually ensure that we can scale effectively, because that's what it's all about. There are really good margins to be had in the business, and you can see that our margins are improving, and we think they can improve even further on our current cost base as well.

Great. Phil, here's another question that's focused on the cost base.

It's focused on the transition of customers from Ellira to CoreX, and just wanting to get an update on how far you guys are along on that and when we might be able to see some benefits from that. I'm really actually really pleased with how that project's running, it's running to the timeline we had.

Obviously, we've got some quite significant customers on Ellira, it will take time to migrate. However, all the steps that we're taking to make sure that migration is going to be as smooth as possible are in line and on target as it stands.

I'm expecting to see those transitions happen throughout 2026, and therefore, by the end of 2026, we should really be seeing Ellira ramping down significantly and these cost savings being realized. I would anticipate the cost savings really to be recognized through 2027 and beyond.

There may be some in 2026, but I think you're going to see a much bigger impact once we've managed those migrations across during the year. Right.

This next question, Phil, is more focused on revenues, and really short-term revenues. The question is that Q4 revenue guidance seems to represent a significant increase from Q3.

The investor just wants to understand what are the key drivers behind Q4 that will get the company there. It is quite a step up.

I think it should be pointed out that Q3 maybe isn't the best comparative of a quarter. We've got July and August typically, not great months in terms of signing new deals, set-up fees, etc.

You've also got a lack of activity on the sportsbook side in July and August, it's not a World Cup year. Typically, so that turnover is slightly depressed, which would also have an impact as well.

Then on top of that, we've got the addition of these new customers, the new launches that we talked about. You've got your three launches that we did during the course of Q3 happened towards the end of Q3, you've got full quarter impact of that.

You've got the two new launches we talked about, you've got nearly a full quarter impact of that. It's a mixture of all of these different elements, whether it's additional set-up fees, it's the performance in new launches, it's the uptick in turnover expected from a seasonality in Q4.

Those components put together really mean that your Q4 should be accelerating quite significantly from Q3. Right.

Related to that is our next question, which is focused on ARR, and it seems to imply that there's been some volatility in the ARR from quarter to quarter, and just wanted you to explain what was driving the volatilities up and down on ARR. ARR is not always a straight line.

If you look at year-on-year, the growth is extremely significant, double-digit ARR growth year-on-year, very, very high. Quarter to quarter, there may be, we talked about in the previous quarter, for example, some customers that didn't want to launch in sweepstakes, maybe that then, you look at that and say, "Okay, fine.

We're going to take that out of ARR because there's uncertain timing about launching into that." We spoke about that in Q2.

There's always going to be a couple of ins and outs in every quarter on our ARR, depending on the customers yet to launch and when they will launch and what markets they're going in. If you look at the long-term trend, the year-on-year trend, our ARR is up from sort of sub-€30 million to over €37 million on a year-on-year basis, which is a huge increase.

I'm really pleased with how ARR is generating. I just wouldn't focus too much on Q1 to Q2 to Q3 to Q4.

I'd look at the longer-term trend of how that's looking. That makes a lot of sense.

Now we're going to give you a break, Phil, and then turn back to Richard. This question is focused on the launches you've had so far, in particular, you've seen two brand launches so far in Q4 with three remaining to meet the target of 15 for the full year.

Can you say anything about the revenue potential or the size of the customers from those that are launched and those that remain as well? We've talked about this previously.

I think if you look at the last couple of years, we have been focusing on bigger clients generating higher monthly invoiced revenue. As we go forward, I'd expect the trend of the average monthly invoiced revenue per client to continue to trend upwards.

In terms of the clients we've launched recently, yep, we're very excited, we're very optimistic about the revenue potential, but I just would say that obviously, the first three or four months, it's always a bit tricky in terms of predicting revenue, just because of the nature of clients are testing marketing strategies and things like that, they're having to sign up with affiliates and all this type of stuff. Overall, very excited by the new launches.

One in particular, I think has the potential to probably be one of our biggest customers. All in all, excited about the new launches, and the sort of trending in line with what we've spoken about before, the clients that we will launch going forward will be a lot bigger than what we've done historically.

Great. This one focuses back on margins, and so Phil, you'll probably be best placed to take this one.

It says, "What specific operational or product initiatives will help maintain further expansion of margins over the next 12 to 24 months?" I think it's a lot of what we've talked about before.

We've got the investment in AI, we've got looking at operational efficiencies within our business, and all of these will enable us to scale and therefore improve our margins significantly. It's all about this cost focus that we've had for the last year to two years, which is allowing us to grow the top line whilst maintaining a steady cost base.

All the initiatives we talked about before, whether it's the infrastructure, whether it's productivity, whether it's AI, all of these things together, they will lead to a significant improved in margins that you can already see in Q3. I'd anticipate this only going upwards through Q4 and beyond.

I think I'll just add to that, which is, we've done a very, very good job on cost control. We're super-focused.

As I said in the presentation, it's one of our key company-wide focuses. Really, the sort of margin expansion for the group going forward is all about revenue.

We're trying to hold the cost base as flat as possible, but if you look within our costs, you are going to start to see cost increases. A couple of areas where you will start to see some cost increases is going to be around cost of sales, because as we're launching more clients, and as that revenue grows, especially on the sports side, there'll be a little bit of a drag there, but the margins are very high in sports.

I think it's important to look at that. Also, obviously, the hosting costs tend to scale with revenue.

We've put in place actually during this year, as we talked about in the presentation, a focus on removing costs from our hosting, we've done a really good job there. The team have done a great job.

I think the focus really is about growing revenue, holding costs, and capturing as much of that revenue conversion and cash flow conversion to the bottom line. One more for you, Phil, before we turn to the last two, which look like they're for Richard.

Phil, this is a question more on 2026 revenue guidance. Really, it asks about the shape of revenues in terms of half one, half two balance, and whether that's going to be quite similar to 2025 or not.

I think it will by the nature of the fact that the launch cadence that we've got contributing to the revenue. We've got obviously some quite a few customers that we've launched towards the back half of this year that, as Richard said, typically, we look at three, four months before we can really get a good idea as to where they're growing and how they're scaling.

We've got some significant launches planned for the beginning of next year, we talk about Brazil, we talk about the lottery towards the middle of next year. All of those components will mean that from my perspective, the revenue cadence will be building up through the year as we add more launches, as we add new customers, and as we get the customers growing in the markets they are, let alone our existing customers that'll also, a lot of them are looking for new market opportunities and when we can expand with them as well.

I'd anticipate the cadence of revenue growth to be reasonably similar in terms of the profile to this year. That's great.

That's really helpful. Actually, just one last one that Richard, I think you're probably best suited for is really on the sportsbook, and maybe just an update on the progress of upselling the sportsbook to your existing client base.

We've done a good job there. We've had a few upsells over the last couple of quarters.

One of the agreements we've signed recently is a customer focused on a market in Europe that's taking our sportsbook. I'm reasonably happy with what we're doing in sports.

I think we can do a lot better, and the focus over the next few quarters is to really double down and to deliver more sports betting clients.

Do you mind if I just jump in? Just

as an example in Q3, the great thing about adding sportsbook to our existing customers is how quickly we can add sportsbook. We launched with what, three weeks that we managed to add a sportsbook into one of our existing customers, which was a fantastic story.

It's a very good upsell story for us. It's great for our partners, and we can go very quickly into that space.

That's it for the questions on screen, and we'll leave it there.