Here are 1-3 brief analogies for Inspired Entertainment (INSE):

1. A global provider of gaming technology and content, including virtual sports and digital slot machines, akin to a more specialized IGT (International Game Technology) or Light & Wonder (LNW).
2. The 'engine room' behind virtual sports betting and digital gaming machines, much like IGT (International Game Technology) or Light & Wonder (LNW) are for traditional casinos.

• Virtual Sports: Provides computer-generated sporting events for betting across various channels, including online, mobile, and retail.
• Server Based Gaming (SBG) and Video Lottery Terminal (VLT) Systems: Supplies gaming machines, terminals, and the underlying software and content for land-based gaming venues such as casinos, pubs, and arcades.
• Interactive / Mobile Games: Develops and distributes a portfolio of online casino games, including slot titles and table games, for web and mobile platforms.

Inspired Entertainment (INSE) primarily sells its products and services to other businesses (B2B) within the regulated global gaming industry. Its major customers are not individual consumers but rather the companies that operate gaming venues and platforms.

While INSE's annual reports indicate that no single customer accounted for more than 10% of its total revenue for the years ended December 31, 2023, and 2022, its customer base broadly falls into the following categories of companies:

• Land-based Gaming Operators: These include companies that operate retail betting shops, casinos, bingo halls, adult gaming centers, and other venues requiring gaming machines (e.g., VLTs - Video Lottery Terminals, server-based gaming machines) and virtual sports content. These operators are prevalent in markets like the UK, Italy, Greece, and other regulated jurisdictions globally.

• Online Gaming & Betting Operators (iGaming): These are companies that manage online casinos, sportsbooks, and other interactive gaming platforms. INSE supplies them with a wide portfolio of interactive slot games, table games, virtual sports, and other digital content for their websites and mobile applications.

• Lottery Operators: This category encompasses state-run or private organizations responsible for operating lotteries. INSE provides them with its Virtual Sports products and other interactive digital content, often integrated into their retail or online lottery offerings in various jurisdictions, including North America and Europe.

A. Lorne Weil, Executive Chairman

Mr. Weil has served as Executive Chairman of Inspired Entertainment since the consummation of the business combination that created the current company in December 2016. He was the co-sponsor and founder of Inspired's predecessor, Hydra Industries Acquisition Corp., and served as its Chairman and Chief Executive Officer since its formation in 2014. Mr. Weil has been a principal of Hydra Management, an investment vehicle he formed, since September 2014. Prior to Inspired, he was Chairman of the Board of Scientific Games Corporation (and its predecessor, Autotote Corporation) from October 1991 to November 2013. He also served as Executive Chairman of Leisure Acquisition Corp., a blank check company, from September 2017 until its business combination in June 2021.

Brooks Pierce, President and Chief Executive Officer

Mr. Pierce serves as President and Chief Executive Officer of Inspired, having joined the business in April 2018. He was formerly the CEO of BHP Consulting Group, LLC. Prior to leading his consulting business, Mr. Pierce was the Managing Director of the Americas at Aristocrat Technologies from 2015-2017. He also served as Chief Revenue Officer for the gaming division of Scientific Games from 2012 to 2015 and President and Chief Business Development Officer for Sportech PLC from 2010 to 2012. From 1991 to 2010, Mr. Pierce held various roles within Scientific Games Corporation, including Senior Vice President of Marketing and President of Scientific Games Racing. He worked with A. Lorne Weil for 24 years at Scientific Games.

James Richardson, Chief Financial Officer

Mr. Richardson joined Inspired Entertainment as Chief Financial Officer, effective January 1, 2025. He brings nearly 30 years of financial leadership experience in regulated industries, including gaming & gambling, financial services, and payments. Before joining Inspired, he served as Finance Director at Manchester Airports Group (MAG) for five years. His previous experience in the gaming industry includes serving as CFO of Online at William Hill in Gibraltar.

Simona Camilleri, General Counsel

Dr. Camilleri serves as General Counsel for Inspired, having joined the business in 2024. She possesses an extensive background in the legal and compliance field, with leadership roles at companies such as Sportingtech, Casumo, Payhound, Booming Games, and Betclic Everest Group. She has also served on the Board of Gaming Malta and as an Executive Committee Member (Chairperson) for the Remote Gaming Business Section at the Malta Chamber of Commerce. Her experience includes roles as UK Counsel for Scientific Games, Global Draw, and Games Media.

Lee Gregory, Chief Commercial Officer – Gaming

Mr. Gregory serves as Chief Commercial Officer, Gaming, for Inspired, having joined the business in 1984. He previously held positions as Senior Vice President for the UK market from 2012 to 2015 and as Managing Director for Bingo and Casino from September 2008 to September 2012. Mr. Gregory has over thirty years of experience in the European retail gaming sector, with more than twenty years in Game and Product Delivery.

Inspired Entertainment (INSE) operates in several key markets, providing content, technology, hardware, and services to regulated gaming, betting, lottery, and leisure operators globally. The addressable market sizes for its main products and services are as follows:

• Virtual Sports: The global virtual sports market was valued at approximately USD 0.97 billion in 2024. This market is projected to grow from USD 1.05 billion in 2025 to USD 1.96 billion by 2033, demonstrating a compound annual growth rate (CAGR) of 8.1% during this period. Europe is a dominant region in this market, holding approximately 41% of the global share.
• Interactive (iGaming): The global online gambling and betting industry, which includes iGaming, was estimated at USD 61.5 billion in 2021 and is expected to reach USD 114.4 billion by 2028, growing at a CAGR of approximately 9.27%. While Europe represents the largest addressable market, North America is noted as the fastest-growing region for online gambling and casino activities.
• Gaming (Server-Based Gaming Systems and Terminals): null
• Lottery: null

Inspired Entertainment (INSE) is expected to drive future revenue growth over the next two to three years through several key strategies:

1. Continued Growth and Expansion of the Interactive (iGaming) Segment: The Interactive segment has been a primary growth driver for Inspired Entertainment, consistently achieving over 40% year-over-year adjusted EBITDA growth for nine consecutive quarters. The company is focused on expanding its footprint in North American iGaming markets and increasing its wallet share in key regions. This growth is fueled by an expanded game portfolio, investments in studio expansions, and a deeper base of account management talent. Inspired Entertainment anticipates its digital mix to reach 60% by 2027, highlighting the strategic importance of this segment.
2. Rollout and Innovation of New Products, particularly the Hybrid Dealer: The successful launch and robust pipeline of the Hybrid Dealer product are significant drivers. This includes successful launches with BetMGM in Michigan and commitments from Loto-Québec in Canada for the Hybrid Dealer Roulette game. The company also plans to add new games, such as the Roulette 4 Ball Extra Bet, to the Hybrid Dealer portfolio. Product innovations are also expected in the Virtual Sports segment, targeting markets like Brazil, Greece, and the UK.
3. Expansion into New iGaming Jurisdictions: Inspired Entertainment views expansion into new iGaming states and markets as a key growth driver. This geographical expansion, particularly in North America and continental Europe, directly contributes to increased revenue and market share for its Interactive offerings.
4. Strategic Shift Towards a Digital-Led, Higher-Margin Business Model: The company is actively transitioning to a more agile, capital-light operating model, which includes the divestiture of non-core businesses like the UK holiday parks. This strategic re-engineering and focus on higher-margin digital segments (Interactive and Virtual Sports, both operating at over 60% EBITDA margins) are expected to enhance overall company EBITDA margins and free cash flow, thereby supporting revenue growth and profitability. The company projects its adjusted EBITDA margin to grow by 10 percentage points, from 35% to 45%, by 2027.

Share Repurchases

• Inspired Entertainment's Board of Directors reauthorized a $25 million share buyback plan on November 1, 2025, which is set to expire on November 30, 2028.
• A previous $25 million share repurchase program was approved on May 10, 2022.
• As of September 30, 2025, the company had repurchased an aggregate of 1,193,118 shares at a total cost of $12.0 million under a prior plan that had since lapsed.

Outbound Investments

• Inspired Entertainment completed the sale of its UK holiday parks business and certain associated leisure assets to GENDA Inc. on November 7, 2025.
• The total consideration for this sale was approximately £18.6 million in cash, which was equivalent to about $25.1 million at the time of the announcement.
• The net proceeds from this sale are primarily intended to be used to reduce the company's debt.

Capital Expenditures

• Capital expenditures for the fiscal years were approximately $29.9 million in 2020, $25.4 million in 2021, $39.8 million in 2022, $47.8 million in 2023, and an estimated $29.7 million in 2024.
• Expected capital expenditures are projected to be around $44.55 million for 2025 and in the range of $30 million to $35 million for 2026.
• The company anticipates a reduction in annual cash capital expenditures to between $30 million and $35 million in 2026, driven by the sale of the holiday parks business and a restructuring of the Pubs business model towards lower CapEx operations.