Gaming Realms (LSE:GMR) reported a resilient performance for the first half of 2026, with core content licensing revenue rising by approximately 9% and adjusted EBITDA increasing around 16% on a comparable basis. The improvement came despite weaker contributions from its non-core brand licensing business. The group expects first-half revenue of approximately £15.5 million and adjusted EBITDA of £6.6 million. Strong cash generation continued throughout the period, leaving the company with net cash of £13.5 million following the completion of a £6 million share buyback programme. Management remains confident that full-year results will meet current market expectations.
The company also returned to growth in its domestic market, with UK revenue increasing 3% and gross gaming revenue exceeding levels seen before the introduction of betting stake limits, despite the increase in Remote Gaming Duty from 21% to 40%. Internationally, Gaming Realms expanded into additional regulated markets, including Africa and Peru, launched 11 new titles featuring games developed by its Lucky Lunar studio, and entered Alberta’s newly regulated iGaming market. These developments extend the company’s presence to 33 regulated jurisdictions, further strengthening its position as an international supplier of gaming content.
The company’s outlook is supported by strong operating margins, a low-debt balance sheet and a favourable earnings growth profile driven by multiple expansion opportunities. However, softer net margins and free cash flow recorded during 2025 continue to weigh on the overall picture. Technical indicators remain less supportive, with the shares trading below longer-term moving averages, while valuation appears broadly balanced based on the current price-to-earnings multiple.
About Gaming Realms
Gaming Realms is a UK-based developer and licensor of mobile-first gaming content, serving regulated markets across the UK, the United States, Canada and Malta. The company develops and licenses proprietary gaming brands, including its well-known Slingo portfolio alongside bingo and slot games, combining entertainment, media and data-driven technology to deliver innovative content to operators worldwide.
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