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Ainsworth Chairman cites tariffs as 2025 revenue rises 10%

The supplier recorded a $43.1m non-cash goodwill impairment tied to its North American cash generating unit. It also expanded its Western Alliance Bancorporation loan facility to US$75m in June 2025.

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Key Points
Revenue rose 10% year-on-year to $290.8m while underlying EBITDA was flat year-on-year at $48.0m 
Underlying EBITDA margin declined 1.8 percentage points as gross profit margin fell 4 percentage points and tariffs impacted costs 
Asia Pacific revenue increased 52% while online revenue declined 32% following changes to exclusivity arrangements

Ainsworth Game Technology Limited reported 2025 revenue of $290.8m, up 10% year-on-year from $264.1m, with underlying EBITDA flat year-on-year at $48.0m compared to $48.2m in the prior corresponding period.

The supplier said normalised profit before tax decreased 9% to $21.1m. Underlying EBITDA margin declined 1.8 percentage points to 16.5%, reflecting a 4 percentage point drop in gross profit margin to 57% and the impact of tariffs introduced during the year.

International revenue accounted for 80% of total revenue. Recurring revenues, including Historical Horse Racing connection fees, increased 2% to $97.7m. 

Total machines under gaming operation at 31 December 2025 fell 11% to 6,091 from 6,871, driven by conversion to sales in Mexico and Argentina and changes in HHR regulation in New Hampshire and Louisiana.

North America contributed $151.3m in revenue, up 3%, with its share of total revenue declining 4 percentage points to 52%. Ainsworth said segment profit in the region was affected by lower product sales margin and tariffs.

Latin America and Europe revenue rose 4% to $69.3m. Units under operation in the region decreased 10% to 3,473, while recurring revenue was flat at $21.1m. Average yield remained at $12 per day.

Asia Pacific revenue increased 52% to $65.0m. Unit sales in the region rose 36% to 1,914, with average selling prices up 4%. Segment profit increased to $13.6m.

The online segment reported revenue of $5.2m, down 32%, which Ainsworth linked to changes to exclusivity arrangements with Game Account Network and accelerated revenue in the prior period. 

Ainsworth Chairman, Mr Danny Gladstone, said: "The investments made in core technologies are expected to place us in a position to progressively improve the Group’s financial results in coming periods."

In February 2026, Novomatic AG increased its holding in Ainsworth to 66.84% after its off-market takeover offer closed short of the 75% threshold required for compulsory acquisition, while Kjerulf David Hastings Ainsworth increased voting power to 7.46% via a proportional offer.

Good to know

Borrowings on the established loan facility increased to $23.5m, resulting in a Debt/Equity ratio of 28%, up from 23%

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