Gaming Realms H1 2026: Core Adjusted EBITDA Rises 16% as UK Returns to Growth

Gaming Realms PLC has reported continued growth from its core content licensing operation during the first half of 2026, supported by resilient UK trading and further international expansion.

The headline Group figures initially look less impressive. Revenue is expected to fall from £16.0 million to approximately £15.5 million, while Adjusted EBITDA is set to decline from £7.5 million to approximately £6.6 million.

However, these comparisons are distorted by a significant multi-year brand licensing renewal recognised in the prior period. Excluding brand licensing, revenue grew by approximately 9% and Adjusted EBITDA increased by approximately 16%.

That underlying performance is the main point for investors to take from the original company announcement.

Gaming Realms' key H1 2026 figures

Metric	H1 2026 expected	H1 2025	Movement or context
Group revenue	Approximately £15.5 million	£16.0 million	Lower due to reduced brand licensing revenue
Adjusted EBITDA	Approximately £6.6 million	£7.5 million	Lower on the reported comparison
Brand licensing revenue	£0.7 million	£2.4 million	Prior period included a significant renewal
Core revenue growth	Approximately 9%	Not disclosed	Excludes brand licensing
Core Adjusted EBITDA growth	Approximately 16%	Not disclosed	Excludes brand licensing
UK revenue growth	3%	Not disclosed	Achieved despite higher Remote Gaming Duty
Net cash	£13.5 million	Not disclosed	After £6.0 million of share buybacks
New games released	11	Not disclosed	Includes three from Lucky Lunar

Adjusted EBITDA means earnings before interest, tax, depreciation and amortisation, adjusted in this case to exclude share-based payments. It is a commonly used measure of underlying operating performance, although it is not the same as statutory profit or cash flow.

Core licensing growth is the important signal

Brand licensing revenue dropped to £0.7 million from £2.4 million because H1 2025 benefited from the recognition of a significant multi-year renewal.

That makes the Group-level decline less alarming than it first appears. Excluding this non-core activity, Gaming Realms generated approximately £1.2 million of additional revenue and around £0.8 million of additional Adjusted EBITDA year on year.

The fact that core Adjusted EBITDA grew faster than core revenue is encouraging. Management describes this as operating leverage, where revenue growth produces a proportionally larger increase in earnings because parts of the cost base do not rise at the same rate.

For a content licensing company, that is an attractive feature. Once games and the supporting technology have been developed, distributing that content more widely can potentially add revenue without requiring an equivalent increase in costs.

Investors should still remember that this update does not provide statutory profit, free cash flow or detailed segment margins. Those figures were not disclosed and will require attention when the full interim results arrive.

UK revenue withstands the duty increase

The UK performance is another clear positive.

Remote Gaming Duty increased from 21% to 40% on 1 April 2026, creating an additional cost for the gambling sector. Despite that headwind, Gaming Realms' UK revenue grew by 3% compared with the previous year.

The company also said UK gross gaming revenue is now above the level recorded before the staking limit changes introduced in 2025. Gross gaming revenue is the amount retained by gaming operators after player winnings, before operating costs and taxes.

Management credited the resilience of the UK business and recent Slingo product innovations. This suggests the company's content has continued to attract players even as its operator partners deal with a tougher tax environment.

The risk has not disappeared. A higher duty burden could place pressure on operators' marketing budgets, content spending or commercial terms. Gaming Realms has performed well through the initial change, but the longer-term effect on the wider market remains something to monitor.

International footprint reaches 33 regulated markets

Gaming Realms launched content in Nigeria, Ghana, Kenya and Peru during the period. It also expanded further in Spain through William Hill.

These additions took the business to 32 regulated markets by the end of June. After the period closed, Gaming Realms launched in Alberta on the first day of the Canadian province's newly regulated iGaming market, increasing the total to 33.

Management believes Alberta represents a significant opportunity because of its population and Gaming Realms' existing relationships with North American partners. However, the company did not disclose expected Alberta revenue, launch costs or financial targets.

The broader expansion should reduce reliance on any individual territory and creates more potential distribution channels for existing content. The trade-off is execution risk, as successful market entry depends on regulation, partner integrations and player demand.

Eleven new games support the content pipeline

Gaming Realms released 11 games during the half, including three from its newly established Lucky Lunar studio.

A steady release schedule matters because new games can support engagement with existing operator partners while giving the company more content to take into newly regulated markets. The new studio also broadens the Group's development capacity and content portfolio.

No revenue contribution from the Lucky Lunar titles was disclosed, so investors cannot yet judge their individual commercial impact. For now, the releases provide evidence of pipeline activity rather than proof of financial success.

Net cash remains strong after £6 million buyback

Gaming Realms ended the period with net cash of £13.5 million, despite returning £6.0 million to shareholders through its ongoing share buyback programme.

That combination points to continued cash generation and financial flexibility. A net cash position can help fund game development and market launches while providing some protection against unexpected trading pressure.

Buybacks can also benefit remaining shareholders by reducing the number of shares in circulation, provided the company purchases them at an attractive valuation and does not compromise investment in future growth.

The announcement does not disclose H1 operating cash flow, capital expenditure or the average price paid for repurchased shares. Those details will be useful when assessing the full impact of the programme.

What investors should watch next

The Board remains confident about the second half and says Gaming Realms is on track to meet full-year market expectations. The actual expectations and forecast figures were not disclosed in the announcement.

The central investment question is whether core licensing can maintain its current momentum. The reported Group comparison is being dragged down by lower non-core brand licensing revenue, but the underlying operation is expanding and showing signs of operating leverage.

Key areas to watch include:

• whether core revenue and Adjusted EBITDA continue growing at similar rates;
• the sustained effect of the UK's 40% Remote Gaming Duty rate;
• revenue generated from Alberta and other recently entered markets;
• the commercial performance of Lucky Lunar and the wider games pipeline;
• cash generation after development spending and further buybacks; and
• progress against full-year market expectations.

This is a broadly encouraging update beneath a softer set of headline numbers. The strongest evidence comes from the 9% core revenue growth, 16% core Adjusted EBITDA growth and resilient UK trading. The main caveat is that investors still need the full interim accounts to assess statutory profitability and cash conversion in detail.