Trading Update

Q3 GGR reaches c. US$2m, up 1,284% on Q2

Gana Media Group plc, the owner and operator of Estadio Gana, the licensed online sportsbook and casino built for Mexico, is pleased to provide a trading update for the six months ended 30th September 2026.

Just nine months after Gana Media Group plc acquired Estadio Gana, the business has moved from launch to increased scale. Every core operating metric grew strongly quarter-on-quarter, and September set new records for First-time depositors (FTD) conversion and gross gaming revenue (GGR).

Highlights

• 87,523 registrations reached on the 15th October 2026, a figure that would fill every seat in the iconic Azteca Stadium, which hosted the opening match of this summer's FIFA World Cup. Q3 registrations of 58,770 were up 176% on Q2 (21,296).
• FTD of 9,681 in Q3, more than eleven times the 852 recorded in Q2. FTD conversion of registrations rose from 4.0% in Q2 to 16.5% across Q3 (slightly ahead of industry average), whilst reaching 23.9% in September, with October to date running higher still at 26.6%.
• Aggregate monthly active users of 28,688 in Q3, up more than nine-fold from 3,086 in Q2. September alone delivered 9,038 active players, more than four times June's 2,159.
• Betting turnover of MXN 170.6 million (c. US$9.9 million) in Q3, up 377% on Q2 (MXN 35.8 million).
• Gross gaming revenue ("GGR") of MXN 34.6 million (c. US$2.0 million) in Q3, up 1,284% on Q2 (MXN 2.5 million). GGR margin on turnover improved to 20.3% from 6.9% in Q2.
• September GGR of MXN 19.3 million (c. US$1.1 million), a record month to date and more than half of the Quarter's total. GGR built month on month through the Quarter: MXN 3.4 million in July, MXN 11.9 million in August and MXN 19.3 million in September.

Operating performance

¹ Converted at MXN 17.3 : US$1.

The shape of the Quarter matters as much as its size. In Q2, Estadio Gana was acquiring players faster than it was converting them: one registration in twenty-five went on to deposit. By September, that had become one in four. The step-change reflects the Group's investment in payments, onboarding and CRM throughout the summer, and it means the player base acquired around the World Cup is now monetising at a materially higher rate than the Board had planned for at this stage.

That improvement flows directly into the revenue line. Betting turnover rose nearly five-fold, but GGR rose to nearly fourteen times its Q2 level, as a broader, more engaged player base shifted the product mix toward casino and higher-margin pre-match and in-play markets. September's MXN 19.3 million was delivered two months after the World Cup final, with no tournament tailwind behind it. It is the third consecutive month of record GGR and the business entered October with that momentum intact.

Outlook

Estadio Gana enters Q4 with a registered base that would fill the Azteca stadium, from the start of October-to-date FTD conversion of 26.6%, compared with 4.0% in Q2, and a monthly GGR run-rate above US$1 million. The fourth quarter brings the Liga MX Apertura closing stages, the European club season in full flow and the NFL regular season, all of which index strongly with Mexican bettors.

The Board's priorities for the remainder of the year are to sustain acquisition efficiency, deepen engagement among the September cohort, and continue to lift GGR margin through product and content localisation. Trading in the first weeks of October has been in line with those priorities, and the Board looks forward to updating shareholders further in due course.

Mark Epstein, Chief Executive Officer of Gana Media Group plc, commented:

“When we acquired Estadio Gana in January, the business was at the start of its journey. Today, it has over 87,523 registrations, record monthly revenue and a Q3 conversion rate more than four times that of Q2.

Our ambition was to build a sportsbook around the needs of Mexican players, with local payment methods, relevant content and a strong understanding of the sports they follow. We are now seeing that approach deliver results.

The World Cup helped us attract players, but September’s record performance, two months after the tournament ended, demonstrates the momentum we are building beyond it. With enough registered players to fill the iconic Azteca Stadium, we enter the next phase of growth with confidence.”

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