Half-year Results

Winvia Entertainment (AIM: WVIA), a technology-led entertainment business focused on prize draw competitions and online gaming, today announces its half year results for the six months ended 30 June 2026.

Summary

Strong first half performance in line with expectations.

Significant increased investment in Prize Draw Competitions in H1 as previously announced:

resulting in the segment achieving healthy profitability and strong momentum in Q3 following reduced near-term profitability in H1; and

Prize Draw Competitions Adjusted EBITDA is expected to be trending close to £2 million per month in Q4.

Online Gaming delivered significant growth in H1.

Given the strength of current trading, full year Adjusted EBITDA is now expected to be ahead of current market expectations (this is underlying trading and no contribution from the acquisition announced today is included).

Financial highlights1

Net revenue increased to £109.7 million (HY25: £76.9 million).

Adjusted EBITDA2 increased to £17.2 million (HY25: £16.0 million) notwithstanding the planned increase in investment in Prize Draw Competitions.

Statutory profit from operations increased by 142% to £12.6 million (HY25: £5.2 million).

Net cash3 at 30 June 2026 was £31.8 million (31 December 2025: £29.9 million).

Interim dividend of 5 pence per share approved by the Directors, payable on 23 October 2026, with an ex div date of 8 October 2026 and a record date of 9 October 2026.

Mihai Manoila, Chief Executive Officer, commented:

“Winvia delivered a strong first half, maintaining the positive trajectory with which we entered the year. The investments made in Prize Draw Competitions, alongside the continued strength and cash generation of Online Gaming, have positioned the Group well for the second half and beyond. We are confident that current momentum will continue and accordingly we are pleased to be upgrading full year expectations.

“Prize Draw Competitions is expected to make a significant contribution in the second half, supported by its growing recurring revenue base, a focus on higher-value, longer-term customers, and the continued delivery of our strategy through targeted M&A and the development of B2B partnerships in the Prize Draw Competitions segment.

“Since the period end, the completion of the Rev Comps acquisition, our partnership with Aston Villa Football Club and the recently announced acquisition of The Giveaway Guys and Win Life Competitions have further strengthened our platform for growth. With the benefits of our investment beginning to emerge and further M&A and B2B opportunities under discussion we are well placed to deliver further growth.”

Operational highlights

Prize Draw Competitions – high quality revenues underpinning strong post period EBITDA run rate4

− Gross revenue increased by over 15% to more than £41 million, with record monthly paying user numbers and record conversion levels achieved.

− Completion of the integration of Click Competitions onto the Group’s technology platform, delivering immediate improvement in gross margin and LTV:CAC ratio.

− BOTB Pass continued to perform ahead of management expectations, with recurring subscription revenues now representing in excess of 35% of monthly BOTB revenues, and over 17% of segment revenues, at 30 June 2026, delivering higher value recurring customers.

− Significant investment in the period in marketing and prizes, of over £15m compared to HY25, to accelerate the transition of BOTB towards a recurring revenue model with BOTB Pass, creating a more predictable business model with significantly improved customer retention.

− Based on BOTB Pass customers acquired more than 12 months ago, average 1YLTV/CAC ratio is currently trending at around 8:1, significantly higher than non-subscription customers.

− As expected, new user registrations and first-time players were slightly lower year on year reflecting the deliberate focus on acquiring and converting higher-value, longer-term customers as described above.

− Further investment in the technology platform to support the new B2B/B2B2C business model as a service.

Online Gaming - strong profitable growth and cash generation underpinned by continued B2B performance5

− Online Gaming delivered a positive performance across all KPIs, underpinning healthy revenue growth of 54%.

− Customer deposits by value have increased by over 100% in the respective six-month periods, driven by growth in the established own brand and white label operations.

− B2B continued to grow, with deposits now exceeding white label, demonstrating the Group’s ability to monetise its proprietary technology platform through value enhancing partnerships.

Post-period highlights

Acquisition of Rev Comps completed and successfully migrated onto the Group’s proprietary technology platform; with positive early signs of margin improvement post migration

Villa Win launched with Aston Villa Football Club, marking the Group’s first B2B Prize Draw partnership and already attracting more than 9,000 registered users since going live in September.

Bank facilities refinanced through a new £33 million three-year term loan with Barclays Bank, alongside a £5 million revolving acquisition facility and an uncommitted accordion option of up to £15 million.

Acquisition of The Online Giveaway Guys and Win Life Competitions, trading as The Giveaway Guys and Win Life respectively, as announced on 28 September 2026.

Current trading and outlook

BOTB Pass subscription growth has continued and now exceeds the total cost of prizes in BOTB. Prize Draw Competitions delivered its best ever monthly Adjusted EBITDA in August.

Prize Draw Competition Adjusted EBITDA is expected to be trending close to £2 million per month in Q4.

Discussions with additional potential B2B partners are advancing and engagement with potential acquisition targets continues, building a further pipeline of M&A opportunities within the highly fragmented UK Prize Draw market.

Given the strength of current trading, full year Adjusted EBITDA is now expected to be ahead of current market expectations (this is underlying trading and no contribution from the acquisition announced today is included)

Notes:

Prior half-year only includes three months of Click Competitions Limited (“Click”) in the Prize Draw Competitions segment given its acquisition by the Group on 3 April 2025.

Adjusted EBITDA is defined as operating profit adjusted for foreign currency gains and losses, depreciation and amortisation, and adjusting items.

Net cash is defined as cash balances available to the Group, excluding restricted balances, net of third-party debt provided to the Group.

Figures for HY25 include both Best of the Best (“BOTB”) for the full period, and Click only for three months, given its acquisition by the Group on 3 April 2025.

Above figures represent own brand and white label activity, or B2C activity only.

Active customers are defined as any customer who purchases a ticket in a prize draw competition or places a stake in any game operated in the online gaming segment.

New user registrations are defined as any new customer registering onto any website operated by the Group across both business verticals during the year.

First time players/depositors are defined as any player who purchases their first ticket in a prize draw competition or makes their first deposit into their online gaming account during the year.

All figures, including percentage movements, are subject to rounding

​

CEO Statement

Winvia delivered a strong performance in the first half of 2026, maintaining the momentum with which we entered the year and also making significant progress against the strategy set out at IPO. Adjusted EBITDA increased to £17.2 million, compared with £16.0 million in the prior-year period

The composition of these results is important. Our established Online Gaming operations continued to perform strongly and generate cash, while in Prize Draw Competitions we deliberately stepped-up investment in marketing, prizes, subscriptions and platform development. This investment was designed to accelerate customer acquisition, expand market share and build a larger base of predictable recurring revenue. While reducing the segment’s profit contribution in the first half, as planned, it has materially strengthened the foundations for growth and operating leverage in the second half and beyond, delivering record profit contribution months for the Prize Draw segment in recent months.

During the period, we made further progress against the strategy set out at IPO: growing our consumer brands and recurring revenues, applying our proprietary technology across acquired businesses and developing new opportunities through M&A and B2B partnerships. Together, these activities support our ambition to build the leading online prize draw business in the UK.

Prize Draw Competitions: investing to accelerate growth

Gross revenue in Prize Draw Competitions increased by over 15% to more than £41 million. This growth was achieved alongside a deliberate and significant increase in investment in marketing and prizes as we accelerated the acquisition of customers and subscriptions.

The underlying operating performance remained strong. The Group achieved record monthly paying user numbers and record conversion levels, with active customers increasing by 11% compared with the prior-year period.

Following the strong investment in the first half of the year, the subscription model of BOTB has continued to perform materially ahead of our original expectations. By 30 June 2026, recurring subscription revenue represented more than 35% of monthly BOTB revenue and was sufficient to cover all prize costs, a milestone reached well ahead of schedule. This represents a significant shift in the economics and visibility of the BOTB business, providing a larger base of predictable revenue from customers with a materially higher lifetime value.

We also completed the migration of Click Competitions onto Winvia’s proprietary technology platform during the period, delivering an immediate improvement in gross margin and new user KPIs. Investment undertaken ahead of the completion of the Rev Comps acquisition enabled that business to begin trading on the same platform immediately following completion in July, with improved KPIs, demonstrating our ability to integrate acquired brands quickly and improve their economics in an extremely short period of time.

Online Gaming: continued strong performance

Online Gaming delivered another strong performance. Customer deposits by value increased significantly, supported by growth across our own-brand and white-label operations and the continued development of the B2B channel. Active customers increased by 37%, while first-time depositors rose by 19%.

B2B customer deposits now exceed those generated through white-label operations and represented more than 27% of total deposits processed through the platform during the period. This growing revenue stream is being delivered with limited incremental operating cost, demonstrating the attractive operating leverage of our technology platform.

Technology, B2B and M&A

Our proprietary technology platform remains central to the Group’s strategy. During the first half, we enhanced the platform to support the migration of Click Competitions and the rapid onboarding of Rev Comps, while continuing to develop AI-enabled capabilities across data analytics, marketing, customer relationship management and product development.

The completion of the Rev Comps acquisition in July added a third established brand to our Prize Draw Competitions portfolio. We continue to engage with a number of potential acquisition targets and prospective B2B partners as we pursue complementary routes to expand our reach and apply our platform across a broader portfolio.

In August, we announced a partnership with Aston Villa Football Club to develop and operate Villa Win, the Club’s official prize draw competition. This is our first major B2B deployment in Prize Draw Competitions and demonstrates how Winvia can enable trusted brands with large, engaged audiences to launch their own prize draw products. We see significant potential for this partner-led model across sport, entertainment and other sectors.

Outlook

The first half has positioned Winvia well for the remainder of the year. The investment made in Prize Draw Competitions is delivering clear benefits through a larger recurring revenue base, improved customer quality and significant post-period profitability while Online Gaming continues to perform strongly. Accordingly, given this strong current trading, we now expect to deliver full year Adjusted EBITDA ahead of current market expectations.

BOTB Pass subscription growth has continued into the second half and now exceeds the total cost of BOTB prizes, representing an important milestone in the transition towards a more predictable recurring revenue model. This progress has been accompanied by stronger profitability in Prize Draw Competitions, with the segment delivering its best-ever monthly Adjusted EBITDA in August as we have observed strong positive momentum that we expect will continue into Q4.

The Group expects to continue to further accelerate BOTB’s transition towards recurring revenues and higher-value, longer-term customers. Alongside this, our recent announcement of the acquisition of The Online Giveaway Guys and Win Life, coming after the completion of the Rev Comps acquisition in July 2026, and continuing discussions with additional potential B2B partners and further potential acquisition targets, supports continued opportunities in the highly fragmented UK Prize Draw market.

With a proven and cash-generative Online Gaming business, a strengthened technology platform and encouraging evidence of operating leverage within Prize Draw Competitions, the Board remains confident in Winvia’s prospects.

Mihai Manoila

Chief Executive Officer

Financial Review

Overview

The Group has delivered a strong first half performance in 2026, in line with management expectations. The Board monitors the Group’s financial performance based on the following key performance indicators:

* Comparative balance sheet items are presented for the most recent published accounts at 31 December 2025

Group revenue increased to £109.7m (HY25: £76.9m) with growth delivered across both operating segments, as we continue to deliver new and interesting competitions and gaming content to our customers and new ways for our customers to engage with our brands.

Adjusted EBITDA rose to £17.2m (HY25: £16.0m) in line with management’s expectations, despite the increased investment in marketing, prizes, subscriptions and platform migration in the Prize Draw Competitions segment. Adjusting items in the period reduced considerably and primarily arise from strategic decisions relating to market changes and the related contractual costs, acquisition costs relating to the acquisition of Rev Comps and share based payment charges.

Profit from operations rose to £12.6m (HY25: £5.2m) supported by improved operating margins as the Group continues to scale.

Prize Draw Competitions

Revenue in Prize Draw Competitions increased by 7.7% to £21.0m (HY25: £19.5m), inclusive of a £3.9m increase in competition prizes in the period under review. This performance reflects the benefit of significant investment in marketing, subscriptions and platform migration during the period.

The Group increased investment in marketing to £14.0m (HY25: £2.6m) in the period, as part of its strategy to accelerate customer acquisition, expand market share and build a larger base of predictable recurring revenue, supporting the continued strong performance of BOTB Pass, with recurring subscription revenue representing more than 35% of monthly BOTB revenue , and over 17% of segment revenue, by June 2026.

As planned, the increased investment reduced near-term profitability in the period, with the segment reporting a small Adjusted EBITDA loss of £1.0m (HY25: profit of £6.2m). However, the benefits of this investment are already evident, with Prize Draw Competitions delivering all-time high positive Adjusted EBITDA in August as we have observed strong positive momentum that we expect to continue into Q4.

Online Gaming

Revenue in the Online Gaming segment continued its strong performance from 2025, increasing to £88.7m (HY25: £57.3m) in the period off the back of an increase in active customers, as the Group continues to deliver new gaming content and ways for customers to engage with our brands, with improvement observed in all three channels; Own Brand, White Label and B2B.

Adjusted EBITDA growth has also improved as a result of increased focus on margin and costs as the Group continued to mitigate the increase in gaming duty implemented in August 2025.

Corporate

Corporate costs for the period were £2.2m (HY25: £0.7m) reflecting the Group’s transition to an AIM quoted business during the second half of 2025.

Cash Flow and Balance Sheet

* Comparative balance sheet items are presented for the most recent published accounts at 31 December 2025

The Group’s performance in the first half of 2026 is best demonstrated through the net cash generated from operating activities of £11.7m (HY25: £2.4m) which is an operating cash conversion of 92.7% in the period (HY25: 45.0%).

The Group also recognised a final dividend of 5.9 pence per ordinary share in respect of the last financial year ended 31 December 2025, amounting to £6.2m, which was approved by shareholders at the Annual General Meeting on 26 June 2026.

As a result the Group’s net asset position has improved to £40.5m from £35.3m at the most recent published accounts at 31 December 2025.

Interim dividend

The Board has approved an interim dividend of 5.0 pence per share based on the performance of the Group for the six-months to 30 June 2026. The interim dividend was approved by the Board on 25 September 2026 and will be paid on 23 October 2026 to shareholders on the register at 9 October 2026.

Financial covenants

The Group has met all relevant financial covenants on its existing debt facilities at 30 June 2026.

As previously announced, after the period end the Group has refinanced its debt facilities with Barclays Bank plc.

Statement of director’s responsibilities

The Directors confirm that, to the best of their knowledge, this condensed set of interim financial statements has been prepared in accordance with AIM Rules for Companies and in accordance with UK-adopted International Accounting Standard 34, Interim Financial Reporting.

The Directors are responsible for keeping proper accounting records and for safeguarding the assets of the company, and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The interim report was approved by the Board of Directors on 25 September 2026 and signed on its behalf by:

C A N Butler S Hay

Director Director

Unaudited consolidated statement of comprehensive income

For the period ended 30 June 2026

Unaudited consolidated statement of other comprehensive income continued

For the period ended 30 June 2026

Items that will or may be reclassified to profit and loss:

Earnings per share attributable to the ordinary equity holders of the parent

All the activities of the Group are from continuing operations.

Unaudited consolidated statement of financial position

As at 30 June 2026

The above statement of financial position should be read in conjunction with the accompanying notes.

The financial statements were approved and authorised for issue by the Board on 25 September 2026 and signed on its behalf by:

C A N Butler ​S Hay

Director Director

Unaudited condensed consolidated statement of changes in equity

For the period ended 30 June 2026

Notes to the interim financial information

Company information

Winvia Entertainment plc (the “Company”) is a public limited company incorporated and domiciled in England and Wales. The Company’s registration number is 03755182 and the registered office is located at Unit 3 Imperial Studios, 3-6 Imperial Road, London SW6 2AG.

Summary of significant accounting policies

Basis of preparation

The condensed consolidated interim financial information comprises the results of the Company and its subsidiaries (the "Group") for the six months ended 30 June 2026. The interim financial information has been prepared in accordance with UK-adopted International Accounting Standard 34, Interim Financial Reporting. The interim financial information does not constitute statutory accounts within the meaning of section 434 of the Companies Act 2006.

The condensed consolidated interim financial information has been prepared on the going concern basis under the historical cost convention, is presented in pounds sterling ("GBP"), and all values are rounded to the nearest thousand (£'000) unless otherwise stated.

The condensed consolidated interim financial information for the six months ended 30 June 2026 is unaudited and has not been reviewed by the Company's auditor in accordance with International Standard on Review Engagements (UK) 2410, Review of Interim Financial Information Performed by the Independent Auditor of the Entity.

The accounting policies adopted in preparing the condensed consolidated interim financial information are consistent with those applied in the preparation of the Group's annual financial statements for the year ended 31 December 2025, which were prepared in accordance with UK-adopted International Accounting Standards, except for any new standards, amendments or interpretations effective from 1 January 2026, none of which had a material impact on the Group's financial statements.

The interim financial information does not include all the information and disclosures required in annual financial statements and should be read in conjunction with the Group's latest annual report and financial statements, available at www.winvia.co.uk.

Revenue

Geographical reporting

The Group’s performance can be reviewed by considering the geographical markets and geographical locations within which the Group operates. This information is outlined below:

The comparative denominator has been restated to reflect the share division in 2025.

Segmental reporting

The Chief Operating Decision Maker (“CODM”) has been identified as the Board of Directors of the Company. The CODM reviews the Group’s internal reporting in order to assess performance and allocate resources. The CODM has determined that there are two operating segments being Prize Draw Competitions and Online Gaming.

The Group incurred acquisition costs comprising professional fees and other costs, directly associated with the acquisition of Rev Comps, see note 9 for further information.

Share-based payment charges are treated as adjusting items as they are non-cash in nature and do not impact the Group’s short-term liquidity or cash-generating ability.

Separately disclosed items in the period ended 30 June 2025, primarily related to costs incurred from advisors prior to the IPO of the Company, along with a bonus amount paid to employees and key management personnel for their efforts in the IPO process. The Group incurred corporate restructuring costs, primarily arising from strategic decisions relating to market changes and the related contractual costs.

Dividends

A final dividend of 5.9 pence per ordinary share in respect of the year ended 31 December 2025, amounting to £6,203,000, was approved by shareholders at the Annual General Meeting on 26 June 2026.

Contingent liabilities

The Group is aware of the increasing interest in the applicability of UK sales tax (‘VAT’) to the sale of tickets for prize draw competitions in the United Kingdom. The Group also identified a recent response to a Parliamentary Question in February 2026 which stated that VAT should be applied to prize competition businesses at the standard rate. As a member of the Prize Competition Council, the Group will continue to monitor developments and engage with His Majesty’s Revenue and Customs (“HMRC”) on this matter. The Group understands the current industry practice is for prize draw competitions to be exempt from VAT and also that HMRC is engaging with other operators across the sector specifically in respect of this.

At this time, any definitive outcome, including the determination of the applicability of VAT, the period to apply, and the calculation basis thereof, is uncertain. Based on professional advice taken to date, the Directors believe it is appropriate to treat the prize draws as exempt from VAT, however, recognise that there is increased risk and the overall conclusion may be subject to further assessment by HMRC. Accordingly, the Directors have determined that the risk around historic VAT liabilities constitutes a contingent liability and have therefore not recorded a provision.

The contingent liability relates to both the Best of the Best and Click Competitions businesses. Should a liability arise in relation to Click Competitions, the Directors would consider enforcing any warranties and indemnities available to them. The Directors, based on professional advice taken, are not currently able to reliably estimate within an acceptable range, if any, the potential outflow, should it be concluded that VAT should be applied and therefore have not disclosed an estimate of any potential outflow of economic benefit. The Directors have not been able to reliably estimate this due to the range of possible outcomes owing to uncertainty as to the period of assessment, the tax base used and any penalties or interest that may apply.

Whilst the Group expects progress on the matter throughout 2026 and 2027, the timing as to the ultimate determination of the applicability of any taxes, and how this is achieved, is currently uncertain.

Events after the reporting period

On 3 July 2026, the Group completed the acquisition of the trade, business and certain assets (excluding any liabilities, cash and trade receivables) of Rev Corp Limited, trading as Rev Comps. As part of the completion processes, Rev Comps has now been fully migrated onto Winvia's core technology platform.

On 18 August 2026 the Group entered into a new financing arrangement with Barclays Bank plc to replace its existing banking facilities. The new facilities comprise a £33 million three-year term loan and a £5 million revolving acquisition facility, with an option to increase it by a further £15 million. The refinancing provides the Group with increased financial flexibility to support its strategic growth initiatives. Following completion of the refinancing and repayment of the existing facilities on 15 September 2026, all associated related party guarantees were released.

On 25 September 2026, the Group entered into an asset purchase agreement to acquire the trade, business and certain assets (excluding any liabilities, cash and trade receivables) of The Online Giveaway Guys Limited, trading as The Giveaway Guys, and Win Life Competitions Limited, trading as Win Life, for consideration of £19.1 million, consisting of an initial payment of £15.47 million at completion and £3.63m deferred and payable after 12 months. There is also a potential earnout payment based on achieved adjusted EBITDA of The Giveaway Guys and Win Life for the 12-month period ending on the 2nd anniversary of Completion. The calculation for this is 2.1 times the achieved adjusted EBITDA less the deferred consideration described above. The Group anticipates completion of the transaction by the end of October 2026.

On 25 September 2026, the Company approved an interim dividend of £5,256,230 (5p pence per ordinary share). The dividend will be paid on 23 October 2026 to shareholders on the register at 9 October 2026.