Gaming Realms PLC (LSE:GMR, OTCQX:PSDMF, FRA:RNE1), the developer and licensor of mobile gaming content, has said it is well-positioned for continued growth after delivering a record year in 2025, with early trading in 2026 running 8% ahead of the same period last year.
Core content licensing revenue in the first two months of 2026 was 10% ahead on a constant currency basis, buoyed by expansion into new regulated markets including Peru, Nigeria, Ghana and Kenya, and the granting of a conditional iGaming services provider licence in Alberta, Canada.
The board has also extended its share buyback programme by a further £5 million after completing the remaining £3.2 million of its existing £6 million programme.
The positive start to 2026 follows a record set of annual results for the year ended 31 December, in which revenue rose 10% to £31.4 million and underlying earnings (EBITDA) climbed 15% to £15.0 million, lifting the adjusted EBITDA margin to 48% from 46% a year earlier.
Profit before tax increased 5% to £8.8 million, while year-end cash grew to £17.8 million from £13.5 million, with the group remaining debt-free.
The results were driven by a 13% increase in licensing revenue to £27.6 million, with North America accounting for 63% of total content licensing revenue.
The group added 40 new operator partners during 2025, including Hard Rock in Michigan, BetMGM and Bet365 in Brazil, and Hollywoodbets in South Africa, while launching content in Delaware, its sixth US state.
Unique players in the content licensing business grew 22% over the year.
Gaming Realms also expanded its proprietary Slingo portfolio with 12 new games and established Lucky Lunar Studio, a second internal development studio focused on traditional slot games, which launched its first two titles in early 2026.
Chief executive Mark Segal said the results reflected the strength of the group's licensing-led strategy and the continued global popularity of its Slingo portfolio.