GAMB - Q1 Review: Q1 miss and lower guide

Research evidence excerpt

GAMB - Q1 Review: Q1 miss and lower guide

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Market Cap ($M) $146 sports data services continuing to see the fastest growth. Impact from continued poor search

ADTV 487,369 dynamics, regulatory headwinds in the UK and new regulations in Finland. Mgmt continues

Shares Out (M) 35 to expect 1H26 margins to be lower and 2H26 to be higher from the announced cost

Short Interest Ratio/% Of Float 8.7% savings as well as revenue growth. GAMB also continues to assume an average EUR/USD

exchange rate of 1.17 for the year. Enterprise Value ($M) $244

Cash & Equivalents ($M) $8 EU headwinds but light at the end of the tunnel. Mgmt noted that the changes in the UK

Total Debt ($M) $106 and Finland regulations had a modestly worse impact than expected in Q1. On the bright

side, mgmt noted that there remains a high demand for traffic and in Q2TD is seeing some

greenshoots on SEO traffic for GAMB specifically. That said, mgmt did not put in any of these 7 Page Document developments into guidance given the unpredictable nature of the SEO environment.

New strategic restructuring. Mgmt announced a proposed strategic restructuring to reduce

Reasons for this report its workforce by 25% driven by further AI adoption throughout the organization. Mgmt

expects the restructuring to deliver $13M in annualized savings with half realized in 2H26

✓ Updating Estimates and restructuring costs of ~$2.5M. Mgmt believes that further AI adoption will enable the

company to move faster and deliver more product efficiently. Mgmt highlighted that already

80% of new codes are being generated by AI today.

The PM party. PMs remain a meaningful opportunity for GAMB servicing across the

ecosystem of traders and market makers, though mgmt is seeing lower CPAs than seen

in OSB.