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Interim Report for 3rd Quarter 2023

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Q3 2023: Revenues increased 21.55%, EBIT increased 47.64%. First 9 months 2023: Revenue increased 25.47%, EBIT increased 547.76%

Key Facts for the 3rd Quarter 2023 (1st July 2023 – 30th September 2023)

Revenues increased 21.55% and EBIT increased 47.64% in the 3rd quarter

All figures are compared to the same quarter of last year if not explicitly stated otherwise

  • Revenues increased by 21.55% to €10,326,599 (€8,495,464).
  • EBIT increased by 47.64% to €1,093,543 (€740,675).
  • EBIT margin of 10.59 % (8.72%).
  • Customer deposits increased by 10.94% to €18,515,913 (€16,690,028).
  • 55,204 new registered customers (50,684), increase of 8.92%.
  • 16,840 new depositing customers (13,562), increase of 24.17%.
  • Net profit increased by 84.48% to €521,297 (€282,573).
  • Earnings per share of €0.0070 (€0.0038).
  • Premiergaming Ltd, the Group’s subsidiary focusing on Northern Europe, represented 7.1% of the Group’s revenues in Q3 2023.

Trading update Q4 2023

The trading update is an indication how the fourth quarter has started, it is not a revenue forecast for the quarter.

The average daily net gaming revenue in the fourth quarter 2023 up until and including 14th of November was 36% higher than the average daily net gaming revenue of the full fourth quarter 2022.

Events during Q3

  • During Q3 2023 the Group continued to invest its existing resources into state-of-the-art functions and features, resulting in a continued competitive, cost effective and user-focused fully owned proprietary I-Gaming platform with a high end-user entertainment value.
  • The increased focus on cost control continued in all areas. The increase of Cost of Sales in the quarter is a result of the growth-dependent variable royalty fees to suppliers and a higher investment in new depositing customers in the quarter (16,840 new depositing customers in the quarter compared to 13,562 new depositing customers in Q3 2022).
  • The Group relatively new Sportsbook Business Area showed a small profit in Q3, although the revenues are still immaterial.

Events after the quarter

  • The repayment of the short-term unsecured borrowing of €1,000,000 obtained last year had started in the quarter, with €150,000 in repayments having been made during and after the quarter. The remainder of the loan is expected to be repaid in Q4 2023 and H1 2024.
  • The new B-to-B partnership, announced earlier, has been soft launched and started to contribute to the Group’s revenues.
  • One of the Group’s subsidiaries surrendered its Isle of Man B-to-B license due to changed priorities from a B-to-B client resulting in the project not going live.
  • The Group’s venture in the field of affiliate marketing for South American markets, where the Group owns 80% and the local party owns 20%, shows continued growth in important KPIs, although still immaterial.

Key Facts for 1st January 2023 – 30th September 2023

Revenues increased 25.47% and EBIT increased 547.76% in the first 9 months in 2023

All figures are compared to the same period of last year if not explicitly stated otherwise

  • Revenues increased by 25.47% to €29,213,460 (€23,283,328).
  • EBIT increased by 547.76% to €3,271,958 (€505,121).
  • EBIT margin of 11.20% (2.17%).
  • Customer deposits increased by 9.51% to €53,804,131 (€49,129,711).
  • 139,568 new registered customers (216,577), decrease of 35.56%
  • 37,985 new depositing customers (41,091), decrease of 7.56%.
  • Net profit increased by 306.38% to €1,888,332 (-€914,970).
  • Earnings per share of €0,0251 (-€0.0122).

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