B90 Holdings (LSE:B90) — Final Results for year ended 31 December 2025

0:00 Good afternoon, ladies and gentlemen. Welcome to the B90 Holdings PLC Final Results Investor Presentation. Throughout today's recorded presentation, investors will be in listen only mode. Questions are encouraged. They can be submitted at any time. Please just simply use the Q and A tab on the right hand corner of your screen, type your question and press send. Before we begin, we'd like to submit the following poll. I'm sure the company will be most grateful for your participation. I'd now like to hand over to the management team from B90 Holdings. Ronnie, Marcel, good afternoon. Good afternoon. Thank you, Mark. Before we start, let's just, welcome you all to this presentation, a year where B90 Holdings PLC returned to profitability. So what are the highlights, from an investment perspective from last year? I mean, those that have followed us for some time will know that we've talked a lot about building a scalable platform that we can use in our marketing services, And and that we have continued to do in an infrastructure rollout that has been quite successful.

0:59 We've been able to do that in a way that allowed us to have growth, and not only that, but also profitable growth. So we believe that the numbers you saw this morning stem from our capital light way of doing business, all led by a very tech savvy software development, which is again AI driven. We believe that this now gives the market a chance to take a deep look at what we are and how we are operating and potentially give us a rerating opportunity. And in order to understand that, we need to look a little bit about of how we have been operating in the past and how we are today. So, basically, we started out as a b two c gambling operator.

1:48 We the company had a colorful history. Everybody can read up on that if they so wish, but we have obviously now for four sets of results over two years been able to show that our transition into a b two b marketing company has been successful. We talked a lot again about building this AI driven platform that allows us to do revenue scaling. And, again, the numbers that you saw this morning show that we are now back to profitability, and we're generating good cash. So this all comes through the what I mentioned, the the AI tech platform that we operate on, which is obviously a software, and that it is something that can be used to scale further. And it doesn't only allow us to operate in our current environment, which is the online iGaming sector, but it is also possible for us to do an expansion into other verticals horizontally and vertically.

2:46 Just very high level on the numbers, and we'll go into a bit more detail later. As you have seen, the revenue has more than doubled to $127,000,000. EBITDA increasing almost 70% from from 600 60 to 1.1, and also resulting in a profit after tax, after amortization and other noncatch items still showing a profit, which obviously we're very happy with. And that EBITDA basically drives the drives the cash balance, which has improved as well from 300 and a bit to to about a million at at year end. So a little bit back to the operations. So just so you understand, again, we talked a lot about building a a platform for scale.

3:35 That platform has allowed us to scale, and it has turned us into a martech company. We are that because we are now able to gather a lot of data through our technology led execution, which again allows us to look at various well, millions of data points that we gather from interaction through content that end users have or the way that they engage with odds from b to c operators or or any other channel where an end user is, and we can gather a data point. There we are and that we do. We then use our AI machine learning skills and software and technology to analyze all this data. And we then obviously use that in order to to optimize the results of the campaigns that we plan, that we create, and that we execute, and we report on.

4:30 And at the same time, we use this also in our own own media. As you will now see, bet90.com, one of the legacy sites of B90 Holdings PLC has been revamped and is now a fully functional football data website with further plans for rollout. We have grown our number of brands that we work with to over 300. We have also strengthened our governance this year, something that we think was key to show the markets that we are now in a point of our journey where it made a lot of sense to focus on more strict governments, better compliance, and all and make sure that the city and all and investors in general have the the governance that they expect from a listed entity. So I was very pleased when Andy MacGyver pre approved and accepted becoming our nonexecutive chair, which has been duly communicated to the market in a previous RNS.

5:31 So why do we want to change being a gambling affiliate and becoming a martech platform? Well, obviously, it allows us horizontal and vertical scaling of the of the of the platform into different sectors or different niches. That doesn't necessarily mean we're going to move away from online gaming because, obviously, with our history and our background, that that is an important place for us to be. And, again, there's an enormous amount of data that can be used to learn about customer behavior, and customer behavior in gambling isn't all that different from customer behavior in other sectors. It all can be broken down into geography, sex, and age, for instance, just as an example. But being just an affiliate for the online gambling industry also comes with risks of the market perceiving us to have volatile revenues, that operations are manual, that we're a single vertical and very often connected to organic SEO, which isn't really the case. I mean, obviously, we work in many, many different channels.

6:34 We use AI across all of them to drive better traffic, to improve optimization of the campaigns, and to make sure that we deliver as good a product as possible for the partners that we have, but also for the end users. So it's a bit like of a matchmaking process between the end user and the b two c, if you like. And, obviously, having a platform of the caliber that we have, it is interesting for us to use the operating leverage that comes with it and the expanding margins that come with this So if we don't need to go out and build an a massive overhang of overheads or or OpEx in general to use this to analyze the data of various sectors, verticals, etcetera, and let the AI that we're working with lead the way into these as well. So from our perspective, we have already built that platform. It's not a vision. It's not a dream. It's not a a plan.

7:31 We are actually operating on that today. And how does this work? At the end of the day, currently, we are in a position where we are generating leads or traffic to a partner. They're basically coming to us, asking for us to send them traffic or sales or a combination of both. And so we go to work. We basically run things through our platform, ensuring that we generate websites in an instant, many websites in an instant if we want to, all through our AI. And we then obviously use this AI to improve on all the campaigns that we're planning, all the execution of the campaigns, and the reporting of the campaigns. All of this in real time, all of this twenty four seven.

8:20 And the whole point of this is to drive the best possible conversion for the partners so that they are obviously happy with the results that we get we're giving them. And at the same time, also ensure that the end user has a good experience so that they may return to our sites. The result of that is a recurring monetization. So, basically, it's a flywheel of which we please the end user, and we make sure that the profitability is there for the for the partner. And why does this scale? I mean, it is pretty straightforward. I mean, like, we have access to an enormous amount of data. This data we process using AI, not humans, and we have possibility to to drive that across all sorts of reference points, which again gives us an operational leverage because there isn't any costs involved, you know, from the operational overhang. The data power is minuscule in cost compared to operating with with a human.

9:17 And it gives us simply smarter models because we can run multiple AI models in aggregation style to to drive and improve on any single decision that is being made. So if for us, that is a smart model. That's how we do it. And that in turn in in turn turns into higher return on investment or better return on marketing spend, if you like, for our partners and for ourselves. A little bit on the total market. I mean, we said many times in in online gaming that we have only scratched the surface of the surface, and that's still the case when you look at the number that's on the screen right now. I mean, $107,000,000,000 is a large number. We believe that 30 to 40% of this number is generated through the marketing channels that we are representing, like, as a marketing company for the online gaming sector, excluding b to c direct operations.

10:15 And we are obviously a first mover in the AI wave that is currently ongoing globally, especially in this sector. I mean, compared to our peers, I would say that we have now talked about this for two years already, while many of our peers are now talking about rightsizing and cutting costs and ensuring that they move more into this what we are exactly doing. We've been doing that for years already. So a bit on the numbers. This slide shows the, well, the the the three key line items. I guess revenue being being the first one. Looking at sort of '23 to '25 last three years. So 2023 had a a mix of business still. We still had a b to c business.

11:00 If you separate the the b to b business that we currently are out of that 3,000,000, that was about 1.8. So if you offset that against sort of the the growth in '24, that's that means a doubling and, obviously, another doubling in in in '25. So then look at EBITDA development from minus three to plus one. That's a that's a 4,400,000 swing over over those years. And, obviously, we're very happy to to show a a bottom line profit as well of 400,000, whereas we, yeah, we had a a negative one in the in the past. If you look at the the details, EBITDA growth, revenue growth, hopefully, there is more active spend.

11:46 So what we do is we reinvest the revenues in marketing, and that basically grows the marketing. If you look at sort of the twenty four to twenty five comparison, twenty four has benefited from the from the acquisition that we did in late twenty three of the PPC business. So there's a lot of revenue share in that that doesn't come with a marketing spend. So 2025 basically shows, I think, the the margin as we as we think it should be, being about 45 to 50% of of market expense versus revenue. In the other ad admin just one slide back. The other admin slightly increased that that part is actually connected to the to to the revenue, which is basically the the tech as Ronnie just just described, tech developments developing as the cost, etcetera. We don't capitalize that.

12:42 So that's all coming straight into the p and l. If you then look at sort of the trends, all go up, which is obviously good and makes us very happy. As I mentioned before, the EBITDA margin slightly slightly once that went down, and that's just due to to a difference in in revenue sharing and and CPA revenue. If you look at the balance sheet, that's actually quite straightforward. A couple of intentions that had that had to do have to do with the the acquisitions we we did in the past and do generate the current revenues. Trade and other receivables is basically, yeah, the revenue we've invoiced and we are collecting. So, I mean, if you look at the balance sheet, it's there is no debt financing. It's all through equity, and and, basically, the operations are self funding.

13:36 Obviously, one of the good things that we wanna point out is that middle box on the top where we historically were facing a negative working capital, and that actually has now moved into almost a million of of positive working equity, which obviously makes us quite happy. So what does the future hold in terms of the expansion opportunities? Obviously, as I touched on previously, the data points that we gather are many and very valuable to us. We operate very well within the online iGaming industry at at the moment in time, but there's nothing that stops us from expanding the business. Like, the the platform is the platform, and data is data.

14:22 That it's as simple as that. We feed the data into into our AI setup, and we're able to crunch this data into meaningful material for us to make decisions in other sectors as well. So for us, it is all about driving potentially new pricing strategies through our software driven revenue. So it's we're obviously looking at lots of different pricing models that will fit very well when we scale this platform out to other sectors as well. And we do see that this is an opportunity that that is open to us. We are very keen on on getting that going as soon as possible. And this gets us to to the slide why this may be a a rerating moment. Because at the end of the day, we have now gone through a successful turnaround.

15:14 I dare to say that that that is mission completed, and I hope that is underlined because we have now been been showing twenty twenty four numbers and and today twenty twenty five numbers that are pretty good in terms of what has been delivered. We are now back to profitability at profit after tax level. We have talked about building a platform now for for two years. It's not like we are sitting here discussing a vision or a plan for building one. We have one. It's there, and it's generating results as we speak, and we just show you the numbers on which it has been effective. So all of overall, this basically leads us to quality revenue that we can provide to our partners and quality content that we can provide to end users, And that gives us the potential for scaling both horizontally and vertically as as said before.

16:10 A little bit on the team. Most of you on this presentation probably know a bit about us. Obviously, me and Marcel are presenting for the company here today. Other notables would include our nonexecutive chairman, mister Andy MacGyver, former CEO in SportingBets, most recently a nonexecutive chairman of SKS three sixty five, which was sold to Lotomatica. We would also like to highlight mister Mark Blanford, who is our strategic adviser and founder of sportingbet.com back in the nineties, holder of over a 140 different fintech investments, and a a notable board member in multiple companies.

16:59 Very happy to have these people backing us and being part of of of the team. So, obviously, what are our priorities? I'm sure that's interesting for people looking to invest into into the company, obviously, not only looking at what we have achieved. So the the short answer is that we are continuing our rollout of infrastructure, AI infrastructure on a tech platform. We are obviously looking to scale what we currently have built and what has been generating the results presented today. And, obviously, this in a commercial way, a way that allows us to continue growing but profitable. For us, that is important, and we just want to show the world that we are able to to grow our business while remaining profitable and all of that in the light of expansion.

17:56 So why should you then invest in B90 now? I mean, obviously, that is something that is entirely up to you and your risk profile. But we think that we present a very good solution for you because we are now a a tech led, highly automated company operating in a data heavy sector. We have proven that we can scale and that our business model is very capital light. We've shown strong results in '24, stronger results in '25, increased our cash position, and just basically gone out there and done what we said we were going to do now for for force rate reports.

18:42 So in our opinion, this is a potential rerating opportunity. Obviously, that's down to you, investors, and the market to decide if if our thoughts are justified, and we will obviously look forward to your verdict. But for now, I think we have done what we can on our end to ensure that things look good. And that basically concludes the presentation of full year 2025 for B90 Holdings PLC. We are very happy that you joined, and we will now enter the the questions phase of the presentation. That's great. Ronnie, Marcel, thank you very much indeed for your presentation. Ladies and gentlemen, do continue to submit your questions just using the q and a tab on the right hand corner of your screen. Before we go into the Q and A session, just to remind you, a recording of this presentation along with a copy of the slides will be available via the Investor Meet company dashboard.

19:31 Ronnie, Marcel, you've received a number of questions from investors. So firstly, thank you to all of those on the call for your engagement this afternoon. Perhaps I could kick off with the first question is what caused EBITDA margins to fall, and where do you expect these to go in the next few years? Well, I think I've I've mentioned and addressed that sort of already. PLC business is generating most of the revenue. Today, if we look at the acquisition date, that was back in '23 towards the end of the year. And we benefited in '24 quite a bit of the sort of the the the what we purchased revenue, which is basically the revenue share from from traffic that that's the our our the seller of the business actually already drove. So we didn't invest a lot in half year one. If you look at the half year numbers in in '24 and '25, then you will see that first half year of '24, we didn't do a lot of marketing, and that actually picked up in second half.

20:31 But over the for the full year report, that that shows a higher margin. We believe that the margin shown in the '25 numbers is more realistic and and is is sort of the the target that we go for. As I said in the presentation earlier, 45% to 50% market spend to revenue is sort of our target. That's great. Thanks, Marcel. Question here around, I guess, the roles and the split of roles. Why did you decide to separate the chairman and the CEO role? Well, at this point in time, on the journey that we're on, having grown quite significantly from '23, '24 to '25, we just thought it was time for us to give the market assurances also in terms of governance and compliance and red tape that we are able to to show that we're a grown up company, really, that, yes, it made just all the sense in the world. So I obviously now am CEO, and Andy MacGyver has taken the the nonexecutive chair role. And that that's just a natural involvement of of the business.

21:41 That's great. Thanks, Heather, so much indeed. Question around some some regulation. The the the gambling sector is increasingly under pressure of regulation. What is your exposure to that, and and how does it really impact you? It doesn't really impact us a lot. I mean, we are a b to b marketing company, so we are much more regulatory light in comparison to b to c gambling operations. This is typically where most of the regulations land, and they are heaviest. This usually means more infrastructure investment, lower margins, etcetera. I mean, we are simply providing the the traffic and the leads and the the marketing side of it, which has a much, much, much lighter regulation touch, if you like. That's great. Thank you.

22:28 You've talked about going into adjacent sectors. Where do you envisage the company in five years' time? And do you expect to have a bigger market share in gaming or similar market share in gaming as well as other sectors? Maybe a bit of color on that, if you could. Well, obviously, time will tell, but the vision is to operate in multiple markets, in multiple channels, in multiple sectors and businesses. We have the platform. That said, that doesn't mean we're gonna go out and try to do everything at once. I mean, we do want to grow profitably, as I said. We want to take one step at a time to prove ourselves and to just keep on building good, healthy, solid business. Thank you.

23:14 Let's just turn to to the next question. You're scaling revenue and increasing market spend. Do you need to increase your fixed cost base? No. Not not really. If you look at also the the twenty four to twenty five comparison, you will see that salary expense has marginally increased, especially if you take out sort of the the share based payment element. I think there's, like, a 7% increase, which basically is, in reality, one headcount and and a bit of inflation. On your other operating expenses, most are fixed. That's probably about 30%, I would say, is related to the to the revenue line, but we don't expect the the salary line or the operating expense line to grow as fast as the revenue. I mean, it it will always increase a bit, of course, but definitely not in the same same percentages as, I think, 25 shares compared to 24.

24:12 Great. And maybe just expanding on that. There's another question here related to, I guess, increased overhead is how scalable is the current b to b partner acquisition model without really materially increasing that overhead? Well, the possibility for scale is is definitely there. Like we talked about, you know, we're really just scratching the surface of the surface of the potential in the iGaming industry, looking at that $107,000,000,000 total market, of which three, thirty to 40% comes through marketing companies like ourselves. So the possibilities are are huge. Just just looking at this the next question that's coming, thank you, for for Philip, who asks, will you grow through equity leg led acquisitions going forward?

25:06 We Well, then I can tell you. Yeah. So we don't have anything like that on the radar. I mean, we are obviously looking at acquisition possibilities like everybody else, as we should as part of of the day to day job. But we are focusing on on organic growth on taking one step at a time, keep on growing profitably, and just trying to become the best possible company with what we have that we can. But if I may add to that, I think these questions typically go into, will you have a fundraise coming up? No. If you look on organic just organic growth, we won't need equity raises or any any other type of funding. I mean, the the business is self funding as you can see in the in the cash increase and the EBITDA development.

25:54 In case of an acquisition, there might be, but that's as already said, there's nothing there in the current pipeline. Thanks, Marcel. And that actually addressed the next question, which is actually around funding. So thanks for doing that. Well, look, let's just turn to this final question. If any more do come in, I'll I'll continue the theme. But given the recent progress, do you think the B90 is now an inflection point in terms of perception in the market? It's a very good question, and I sincerely hope so. I think it is. I mean, at the end of the day, it's all about being out there and trying to explain what we're actually doing. Yes. That's good. But I do also think that people are are able to add two plus two together and see what we're doing because the results do speak for themselves, I do think.

26:44 That's great. Ronnie, Marcel, thank you very much, and thank you to everybody for your engagement this afternoon. That's all the questions that we have. Ronnie, Marcel, I know investor feedback will be particularly important to you both. I'll shortly redirect those on the call to give you their thoughts and expectations. But perhaps before doing so, Ronnie, I could just come back to you just for a couple of closing comments, and then I'll send investors to give you their feedback. Of course. Thank you, Mark. Well, thanks to everyone for participating. Thanks for very good questions, and I hope I see you all on the share register soon. That's great. Ronnie, Marcel, thanks once again for updating investors. If I could please ask investors not to close this session as we'll now automatically redirect you for the opportunity to provide your feedback in order the company can better understand your views and expectations. On behalf of the management team of B90 Holdings, thank you for your time this afternoon, and we look forward to speaking to you again.