Equity research Angler Gaming, Q4 2025: Another quarter with margins expansion

Today, Angler Gaming plc published its interim report for Q4 2025. Below are our first impressions of the outcome, including deviations from our estimates.

Revenues declined 16.5% year on year to approximately EUR 7.8m, missing our EUR 8.1m estimate by around 4% and extending the top-line contraction observed throughout 2025. The shortfall reflects the re-negotiated agreements with B2B-partners.

Angler Gaming delivered a quarter where profitability comfortably exceeded our expectations despite somewhat lower revenues. EBIT grew 58% YoY to EUR ~1.9m, above our EUR ~1.8m estimate, with the EBIT margin expanding to roughly 24%, ahead of our 22% forecast and up by a solid 11.3 percentage points from Q4 2024. The full-year figures reinforce the picture, with EBIT up 21.2% despite revenues falling 23.8%.

EPS reached approximately EUR 0.022 (0.002), ahead of our EUR 0.019 estimate.

• Net sales declined by 16.5% YoY to approximately EUR 7.8m, compared to Carlsquare estimate of EUR 8.1m.
• EBIT grew by 58.4% YoY to approximately €1.9m, representing a margin of approximately 24%, compared with the Carlsquare estimate of €1.8m and a margin of 22%.
• EPS grew by approximately 1,019% YoY to approximately €0.022, compared with the Carlsquare estimate of €0.019.

In summary, Angler Gaming continues to deliver impressive margin expansion, with both EBIT and earnings surpassing our forecasts despite a revenue miss. However, the persistent top-line decline remains a key risk, and revenue stabilisation will be critical to sustaining earnings growth.

We believe the improvement in profitability supports the investment case, as the quality of revenue is clearly strengthening even as the top line contracts. Notably, average daily net gaming revenue in the first quarter of 2026, up to and including 16 February, was 7.5% higher than the equivalent figure for the full first quarter of 2025.

Also, the BoD does not recommend a dividend for fiscal year 2025, despite cash generation remains healthy. Priority is set on increase sales, invest in ongoing innovative projects, and build additional cash reserves.

We intend to provide a research update on Angler Gaming shortly. Read the last research update report here.

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