# Inspired Entertainment, Inc. (INSE)

Informational only - not investment advice.

CIK: 0001615063
SIC: 7372 Services-Prepackaged Software
SIC breadcrumb: [Services](/division/I/) > [Business Services](/major-group/73/) > [SIC 7372 Services-Prepackaged Software](/industry/7372/)
Latest 10-K filed: 2026-03-10
SEC page: https://www.sec.gov/edgar/browse/?CIK=1615063
Filing source: https://www.sec.gov/Archives/edgar/data/1615063/000149315226009479/form10-k.htm

## At a glance

FY2025 · period end 2025-12-31 · filed 2026-05-22 · accession 0001493152-26-025028 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001615063.json

| Metric | Value | FY | Provenance |
| --- | ---: | ---: | --- |
| Revenue | 304,100,000 USD | 2025 | verified |
| Net income | -17,000,000 USD | 2025 | verified |
| Assets | 439,900,000 USD | 2025 | verified |
| Free cash flow | 16,300,000 USD | 2025 | computed |
| Net margin | -5.59% | 2025 | computed |
| Operating margin | 10.03% | 2025 | computed |
| Revenue YoY | +2.36% | 2025 | computed |

Stockholders' equity was not positive at FY2025 year-end (-16,200,000 USD, as filed); ROE and liabilities / equity are omitted rather than computed.

Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Operating margin = operating income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only).

No market price, no rating, no forecast on this site. Not investment advice.

### Peer percentile fingerprint

| Ratio | INSE | Peer median | Percentile | N |
| --- | ---: | ---: | ---: | ---: |
| Net margin | -5.6% | 1.5% | 32 | 122 |
| Operating margin | 10.0% | 1.3% | 68 | 121 |
| Revenue growth | 2.4% | 13.5% | 20 | 124 |
| FCF margin | 5.4% | 19.3% | 17 | 120 |
| ROA | -3.9% | 0.9% | 28 | 124 |
| Current ratio | 2.23 | 1.57 | 75 | 124 |

Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC industry 7372 Services-Prepackaged Software, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking.

## Selected Fundamentals
| Metric | Value | Unit | FY | Filed |
| --- | ---: | --- | ---: | --- |
| Revenue | 304100000 | USD | 2025 | 2026-05-22 |
| Net income | -17000000 | USD | 2025 | 2026-05-22 |
| Assets | 439900000 | USD | 2025 | 2026-05-22 |

## Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-05-22. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001615063.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.

| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue |  |  | 141,400,000 | 153,400,000 | 198,300,000 | 205,800,000 | 284,500,000 | 322,900,000 | 297,100,000 | 304,100,000 |
| Net income | -59,877,000 | -49,114,000 | 13,300,000 | -41,100,000 | -56,800,000 | -40,600,000 | 21,200,000 | 6,900,000 | 64,800,000 | -17,000,000 |
| Operating income | -1,283,000 | -11,897,000 | -7,300,000 | -13,000,000 | -18,000,000 | -4,500,000 | 46,500,000 | 38,900,000 | 30,700,000 | 30,500,000 |
| Diluted EPS |  |  | 0.59 | -1.88 | -2.39 | -1.66 | 0.73 | 0.24 | 2.22 | -0.58 |
| Operating cash flow | 18,647,000 | 18,251,000 | 34,200,000 | 30,700,000 | 47,800,000 | 2,400,000 | 29,600,000 | 54,700,000 | 31,700,000 | 52,000,000 |
| Capital expenditures | 9,479,000 | 15,117,000 | 24,800,000 | 10,500,000 | 15,300,000 | 11,300,000 | 20,600,000 | 32,000,000 | 17,000,000 | 35,700,000 |
| Share buybacks |  |  |  |  |  |  | 10,400,000 | 1,600,000 |  | 400,000 |
| Assets | 189,870,000 | 219,023,000 | 186,700,000 | 327,400,000 | 324,100,000 | 308,700,000 | 290,000,000 | 343,000,000 | 438,400,000 | 439,900,000 |
| Liabilities | 485,941,000 | 221,352,000 | 232,400,000 | 386,700,000 | 425,800,000 | 417,400,000 | 372,800,000 | 418,900,000 | 441,700,000 | 456,100,000 |
| Stockholders' equity | -296,071,000 | -48,200,000 | -24,100,000 | -61,700,000 | -128,800,000 | -106,500,000 | -82,800,000 | -75,900,000 | -3,300,000 | -16,200,000 |
| Free cash flow | 9,168,000 | 3,134,000 | 9,400,000 | 20,200,000 | 32,500,000 | -8,900,000 | 9,000,000 | 22,700,000 | 14,700,000 | 16,300,000 |

### Ratios

ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported.

| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Net margin |  |  | 9.41% | -26.79% | -28.64% | -19.73% | 7.45% | 2.14% | 21.81% | -5.59% |
| Operating margin |  |  | -5.16% | -8.47% | -9.08% | -2.19% | 16.34% | 12.05% | 10.33% | 10.03% |
| Return on assets | -31.54% | -22.42% | 7.12% | -12.55% | -17.53% | -13.15% | 7.31% | 2.01% | 14.78% | -3.86% |
| Current ratio | 0.76 | 1.03 | 0.91 | 1.08 | 1.15 | 1.52 | 1.72 | 1.55 | 1.54 | 2.23 |

## As-reported value updates

29 tracked differences above grepcent's stated thresholds were found between the earliest XBRL-filed value and the value currently on file for the same fiscal period.

Ledger: /company/INSE/revisions/


## Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-08-05. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001615063.json.

Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived.

| Quarter | End date | Revenue | Net income | Diluted EPS | Method |
| --- | --- | ---: | ---: | ---: | --- |
| 2022-Q3 | 2022-09-30 |  |  | 0.35 | reported discrete quarter |
| 2023-Q1 | 2023-03-31 |  |  | -0.01 | reported discrete quarter |
| 2023-Q2 | 2023-06-30 |  | 4,100,000 | 0.14 | reported discrete quarter |
| 2023-Q3 | 2023-09-30 | 97,500,000 | 3,400,000 | 0.12 | reported discrete quarter |
| 2023-Q4 | 2023-12-31 | 81,200,000 | 0.00 |  | derived Q4 = FY annual - nine-month YTD |
| 2024-Q1 | 2024-03-31 | 63,100,000 |  | -0.20 | reported discrete quarter |
| 2024-Q2 | 2024-06-30 | 75,600,000 | 2,000,000 | 0.07 | reported discrete quarter |
| 2024-Q3 | 2024-09-30 | 78,000,000 | 3,400,000 | 0.12 | reported discrete quarter |
| 2024-Q4 | 2024-12-31 | 80,400,000 |  |  | derived Q4 = FY annual - nine-month YTD |
| 2025-Q1 | 2025-03-31 | 60,400,000 |  | 0.00 | reported discrete quarter |
| 2025-Q2 | 2025-06-30 | 80,300,000 |  | -0.27 | reported discrete quarter |
| 2025-Q3 | 2025-09-30 | 86,200,000 |  | -0.07 | reported discrete quarter |
| 2025-Q4 | 2025-12-31 | 77,200,000 |  |  | derived Q4 = FY annual - nine-month YTD |
| 2026-Q1 | 2026-03-31 | 57,200,000 |  | -0.02 | reported discrete quarter |
| 2026-Q2 | 2026-06-30 | 60,800,000 | 200,000 | 0.01 | reported discrete quarter |

## Filed narrative (10-K & 10-Q)

## Latest quarter (10-Q)

Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/1615063/000149315226036164/form10-q.htm

Extracted from Part I Item 2 to the first post-MD&A boundary after HTML sanitization.
Confidence: high
Filing date: 2026-08-05
Report date: 2026-06-30

ITEM
2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The
following discussion and analysis of our financial condition and results of operations should be read in conjunction with the financial
statements and related notes thereto included elsewhere in this report. This discussion contains forward-looking statements that involve
risks and uncertainties. Our actual future results could differ materially from the historical results discussed below. Factors that
could cause or contribute to such differences include, but are not limited to, those identified below and those discussed in the section
titled “Risk Factors” included elsewhere in this report.

Forward-Looking
Statements

We
make forward-looking statements in this Management’s Discussion and Analysis of Financial Condition and Results of Operations.
For definitions of the term Forward-Looking Statements, see the definitions provided in the “Cautionary Note Regarding Forward-Looking
Statements” at the front part of this report.

Revenue

We
generate revenue in four principal ways: i) on a participation basis, ii) on a fixed rental fee basis, iii) through product sales and
iv) through software license fees. Participation revenue generally includes a right to receive a share of our customers’ gaming
revenue, typically as a share of net win but sometimes as a share of the handle or “coin in” which represents the total amount
wagered.

Geographic
Range

Geographically,
the majority of our revenue is derived from, and the majority of our non-current assets are attributable to, our UK operations. The remainder
of our revenue is derived from, and non-current assets attributable to, Greece and the rest of the world (including North America).

For
the three- and six-month periods ended June 30, 2026, we derived approximately 57% and 59% of our revenue from the UK (including
customers headquartered in the UK but whose revenue is generated globally), respectively 10% and 9% from USA respectively; 11% and
11% from Greece, respectively; and the remaining 22% and 21% across the rest of the world. During the three- and six-month periods
ended June 30, 2025, we derived approximately 72% and 69% from the UK, respectively; 5% (in both periods) from USA; 8%
and 9% from Greece respectively; and the remaining 15% and 17% across the rest of the world.

As
of June 30, 2026, our non-current assets (excluding goodwill) were attributable as follows: 71% to the UK, 16% to Greece and 13% across
the rest of the world. As of June 30, 2025, our non-current assets (excluding goodwill) were attributable as follows: 73% to the UK,
13% to Greece and 14% across the rest of the world.

Foreign
Exchange

Our
results are affected by changes in foreign currency exchange rates as a result of the translation of foreign functional currencies into
our reporting currency and the re-measurement of foreign currency transactions and balances. The impact of foreign currency exchange
rate fluctuations represents the difference between current rates and prior-period rates applied to current activity. The geographic
region in which the largest portion of our business is operated is the UK, and the British pound (“GBP”) is our functional
currency. Our reporting currency is the U.S. dollar (“USD”). Our results are translated from our functional currency of GBP
into the reporting currency of USD using average rates for profit and loss transactions and applicable spot rates for period-end balances.
The effect of translating our functional currency into our reporting currency, as well as translating the results of foreign subsidiaries
that have a different functional currency into our functional currency, is reported separately in Accumulated Other Comprehensive Income.

During
the three- and six-month periods ended June 30, 2026, we derived approximately 43% and 41% respectively of our revenue from sales to
customers outside the UK (see discussion above), compared to 28% and 31% respectively during the three- and six-month periods ended
June 30, 2025.

In
the section “Results of Operations” below, currency impacts shown have been calculated as the current-period average GBP:USD
rate less the equivalent average rate in the prior year period, multiplied by the current period amount in our functional currency (GBP).
The remaining difference, referred to as functional currency at constant rate, is calculated as the difference in our functional currency,
multiplied by the prior-period average GBP:USD rate. This is not a U.S. GAAP measure, but one which management believes provides a useful
indication of results. In the tables below, variances in particular line items from period to period exclude currency translation movements,
and currency translation impacts are shown independently.

21

Non-GAAP
Financial Measures

We
use certain financial measures that are not compliant with U.S. GAAP (“Non-GAAP financial measures”), including EBITDA and
Adjusted EBITDA, to analyze our operating performance. In this discussion and analysis, we present certain non-GAAP financial measures,
define and explain these measures and provide reconciliations to the most comparable U.S. GAAP measures. See “Non-GAAP Financial
Measures” below.

Seasonality

Our
results of operations can fluctuate due to seasonal trends and other factors. Sales of our gaming terminals can vary quarter to quarter
due to both supply and demand factors.

Results
of Operations

Our
results are affected by changes in foreign currency exchange rates, primarily between our functional currency (GBP) and our reporting
currency (USD). During the three-month periods ended June 30, 2026 and June 30, 2025, the average GBP:USD rates were 1.34 and 1.34, respectively,
and rates for the six-month periods ended June 30, 2026 and June 30, 2025 were 1.34 and 1.30, respectively.

The
following discussion and analysis of our results of operations has been organized in the following manner:

[[GREPCENT_TABLE]]
[["","\u25cf","a discussion and analysis of the Company\u2019s results of operations for the three- and six-month periods ended June 30, 2026, compared to the same periods in 2025; and"],["","\u25cf","a discussion and analysis of the results of operations for each of the Company\u2019s segments (Retail Solutions, Virtual Sports and Interactive) for the three- and six-month periods ended June 30, 2026, compared to the same periods in 2025, including key performance indicator (\u201cKPI\u201d) analysis."]]
[[/GREPCENT_TABLE]]

In
the discussion and analysis below, certain data may vary from the amounts presented in our consolidated financial statements due to rounding.

For
all reported variances, refer to the overall company and segment tables shown below. All variances discussed in the overall company and
segment results are on a functional currency (at constant rate) basis, which excludes the impact of any changes in foreign currency exchange
rates.

Key
Events during the three-month period ended June 30, 2026

On
May 18, 2026, the Company announced that James Richardson had stepped down from his role as Executive Vice President and Chief
Financial Officer. The Company’s Board of Directors promoted Craig Wilson, previously Inspired’s Vice President of
Finance and Accounting, to the role of Executive Vice President and Chief Financial Officer, effective May 14, 2026.

During
the period ended June 30, 2026, the Retail Solutions segment was affected by a customer’s shop closures that resulted
in the removal of a number of Vantage terminals from the field. The Company has agreements in place to redeploy the majority of these
terminals within the retail estate during the remainder of 2026.

During
the period ended June 30, 2026, the company broadened the distribution of its Virtual Sports portfolio through a new Software as a Service
(“SaaS”) distribution agreement with Playtech (LSE: PTEC). Under the agreement, Inspired’s Virtual Sports
portfolio will be integrated into Playtech’s Sportsbook platform and accessible to operators worldwide. The SaaS solution
features a cloud-hosted back-end integration with Playtech, allowing for modular delivery that can be adapted to customer
needs.

During
the period a company subsidiary was approved by the Alberta Gaming, Liquor and Cannabis Commission (AGLC) and obtained
registration as an iGaming Goods or Services Supplier-Critical Gaming Systems (IGCS) allowing it to launch both interactive and
virtual products into the newly regulated market. Content was launched subsequent to quarter end, further strengthening the
Company’s presence across North America.

During the period the company
Interactive segment launched its iGaming portfolio in South Africa, enabled through its ongoing agreement with Light & Wonder and
distributed via the Light & Wonder iGaming content marketplace.

Key
agreements signed during the period include a four-year contract extension as the exclusive provider of gaming terminals and content
to Paddy Power, and a three year contract extension with Mecca Bingo for providing service, maintenance and logistics services to gaming
machines installed at ‘Mecca’ bingo halls and Adult Gaming Centre’s (“AGCs”) in the UK.

22

Overall
Company Results

Three
and Six Months ended June 30, 2026, compared to Three and Six Months ended June 30, 2025

[Excerpt truncated for page length; source filing is linked above.]

## Latest 10-K MD&A (excerpt)

Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/1615063/000149315226009479/form10-k.htm
Complete FY 2025 MD&A: /company/INSE/mda/fy2025/

Extracted from Item 7 to the first post-MD&A boundary after HTML sanitization.
Confidence: high
Filing date: 2026-03-10
Report date: 2025-12-31

ITEM
7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The
following discussion and analysis of our financial condition and results of operations should be read in conjunction with the financial
statements and related notes thereto included elsewhere in this report. This discussion contains forward-looking statements that involve
risks and uncertainties. Our actual future results could differ materially from the historical results discussed below. Factors that
could cause or contribute to such differences include, but are not limited to, those identified below and those discussed in the section
titled “Risk Factors” included elsewhere in this report.

Forward-Looking
Statements

We
make forward-looking statements in this Management’s Discussion and Analysis of Financial Condition and Results of Operations.
For definitions of the term Forward-Looking Statements, see the definitions provided in the Cautionary Note Regarding Forward-Looking
Statements at the start of this Annual Report on Form 10-K for the twelve-month period ended December 31, 2025.

Seasonality

Our
results of operations can fluctuate due to seasonal trends and other factors. Sales of our gaming machines can vary quarter on quarter
due to both supply and demand factors. Player activity for the holiday parks is generally higher in the second and third quarters of
the year, particularly during the summer months and slower during the first and fourth quarters of the year. Following the sale of the holiday parks business this will no longer apply in future years.

Revenue

We
generate revenue in four principal ways: i) on a participation basis, ii) on a fixed rental fee basis, iii) through product sales and
iv) through software license fees. Participation revenue generally includes a right to receive a share of our customers’ gaming
revenue, typically as a share of net win but sometimes as a share of the handle or “coin in” which represents the total amount
wagered.

Geographic
Range

Geographically,
the majority of our revenue is derived from, and the majority of our non-current assets are attributable to, our UK operations. The remainder
of our revenue is derived from, and non-current assets attributable to, Greece and the rest of the world.

For
the twelve-months ended December 31, 2025, we derived approximately 69% of our revenue from the UK (including customers headquartered
in the UK but whose revenue is generated globally), 9% from Greece, and the remaining 22% across the rest of the world. For the twelve-months
ended December 31, 2024, we derived approximately 73% of our revenue from the UK (including customers headquartered in the UK but whose
revenue is generated globally), 7% from Greece, and the remaining 20% across the rest of the world.

As
of December 31, 2025, our non-current assets (excluding goodwill) were attributable as follows: 72% to the UK, 15% to Greece and 13%
across the rest of the world. As of December 31, 2024, our non-current assets (excluding goodwill) were attributable as follows: 75% to the UK, 8% to Greece and 17% across the rest of the world.

41

Foreign
Exchange

Our
results are affected by changes in foreign currency exchange rates as a result of the translation of foreign functional currencies into
our reporting currency and the re-measurement of foreign currency transactions and balances. The impact of foreign currency exchange
rate fluctuations represents the difference between current rates and prior-period rates applied to current activity. The geographic
region in which the largest portion of our business is operated is the UK and the British pound (“GBP”) is considered to
be our functional currency. Our reporting currency is the U.S. dollar (“USD”). Our results are translated from our functional
currency of GBP into the reporting currency of USD using average rates for profit and loss transactions and applicable spot rates for
period-end balances. The effect of translating our functional currency into our reporting currency, as well as translating the results
of foreign subsidiaries that have a different functional currency into our functional currency, is reported separately in Accumulated
Other Comprehensive Income.

In
the section “Results of Operations” below, currency impacts shown have been calculated as the current-period average GBP:USD
rate less the equivalent average rate in the prior period, multiplied by the current period amount in our functional currency (GBP).
The remaining difference, referred to as functional currency at constant rate, is calculated as the difference in our functional currency,
multiplied by the prior-period average GBP:USD rate. This is not a U.S. GAAP measure but is one which management believes gives a clearer
indication of results. In the tables below, variances in particular line items from period to period exclude currency translation movements,
and currency translation impacts are shown independently.

Non-GAAP
Financial Measures

We
use certain financial measures that are not compliant with U.S. GAAP (“Non-GAAP financial measures”), including EBITDA and
Adjusted EBITDA, to analyze our operating performance. In this discussion and analysis, we present certain Non-GAAP financial measures,
define and explain these measures and provide reconciliations to the most comparable U.S. GAAP measures. See “Non-GAAP Financial
Measures” below.

Results
of Operations

Our
results are affected by changes in foreign currency exchange rates, primarily between our functional currency (GBP) and our reporting
currency (USD). During the periods ended December 31, 2025 and December 31, 2024, the average GBP:USD rates were for the twelve-month
period 1.32 and 1.28, respectively.

The
following discussion and analysis of our results of operations has been organized in the following manner:

[[GREPCENT_TABLE]]
[["","\u25cf","a discussion and analysis of the Company\u2019s results of operations for the twelve-month period ended December 31, 2025, compared to the same period in 2024; and"],["","\u25cf","a discussion and analysis of the results of operations for each of the Company\u2019s segments (Gaming, Virtual Sports, Interactive and Leisure) for the twelve-month periods ended December 31, 2025, compared to the same period in 2024, including key performance indicator (\u201cKPI\u201d) analysis."]]
[[/GREPCENT_TABLE]]

In
the discussion and analysis below, certain data may vary from the amounts presented in our consolidated financial statements due to rounding.

For
all reported variances, refer to the overall company and segment tables shown below. All variances discussed in the overall company and
segment results are on a functional currency (at constant rate) basis, which excludes the impact of any changes in foreign currency exchange
rates.

42

Key
Events

In
the Gaming segment, during the twelve-month period ended December 31, 2025, we completed the installation of the order placed in 2024
for 5,000 new Vantage® terminals to William Hill venues. In the Greek market 4,000 new VLT terminals were delivered to OPAP completing
the order placed in the fourth quarter of 2024. In the Canadian market, 58 new Valor CS terminals were ordered and delivered to Alberta
Gaming, Liquor and Cannabis (“AGLC”). 1,304 machines were sold in the UK market to customers including Bob Rudd, Essex Leisure,
Regal Ltd and other independent market customers.

In
the second quarter of the twelve-month period ended December 31, 2025, the Virtual Sports segment launched a new partnership with global
aggregation leader Aristocrat Interactive. Through this collaboration Inspired has gone live with the Virginia Lottery, delivering a
comprehensive suite of scheduled Virtual Sports games under the Inspired V-Lottery™ brand. Inspired also extended its long-term
partnership with William Hill in the third quarter of the twelve-month period ended December 31, 2025, introducing an enhanced Virtual
Sports experience and upgraded retail rollout. As part of the contract extension, Inspired will deliver a comprehensive upgrade to William
Hill’s Virtual Sports offering across its UK retail estate.

During
the twelve-month period ended December 31, 2025, the total number of customers in the Interactive segment increased by 32 customers,
inclusive of attrition among several smaller customers. In addition, Inspired also expanded its Hybrid Dealer content footprint in
North America through the Caesars Palace Wheel of Wins rollout to Michigan and Ontario, following its successful launch in New
Jersey.

In
the Leisure segment, during the second half of the twelve-month period ended December 31, 2025, Inspired transitioned a number of pub
customers to a new operating model by refocusing on content and machine supply. On November 7, 2025 Inspired completed the sale of its
UK holiday parks business and certain associated leisure assets (“Genda Playnation Entertainment Ltd”, previously registered
as “Indigo Newco Limited”). As part of the agreement, Inspired will provide gaming and content platform services, on a recurring
revenue basis to Genda Playnation Entertainment Ltd.

The
Company further considered ASC 205-20 and whether or not the disposal represented a strategic shift that would have a major effect on
the Company’s operations and financial results. An assessment was made from both a quantitative and qualitative perspective and
the Company concluded that the disposal did not represent a strategic shift. As such, the Company did not present the sale as discontinued
operations.

While the business previously conducted by Indigo NewCo Limited (now Genda Playnation Entertainment Limited) and
consisting of the UK B2C leisure business (holiday parks operations, the MSA Extra Operation the bowling centers, cinemas and other family
entertainment center operations and the Pet Tags operation) represented as at September 30, 2025, approximately 17% of Group revenue and
8% of Group EBITDA, it generated zero free cashflow as a result of capital reinvestment. The business described was primarily associated
with children’s amusement machines, which is contrary to the Company’s strategy of developing digital gaming for adults. Based
on management’s conclusion that the sale of this business represents a non-core part of the Company’s strategy, in addition
to the Financial Accounting Standards Board’s use of the word “major” in ASC 205-20-45-1C suggesting a relatively high
bar for a disposal to be considered a strategic shift on a quantitative basis, our analysis of both qualitative and quantitative factors
determined that the sale did not meet the definition of a strategic shift that would have a major effect on the operations or financial
results of the Company.

On
June 9, 2025 Inspired announced the completion of a private placement by its subsidiary of £270.0 million aggregate principal amount
of senior secured notes due 2030 (the “2030 Senior Secured Notes”). In connection with the placement, certain of its subsidiaries
also entered into a new £17.8 million revolving credit facility (the “Revolving Credit Facility”), which replaced its
previous revolving credit facility. The revolving credit facility was undrawn at December 31, 2025.

On
November 12, 2025, the Company entered into two interest swaps with Macquarie Bank Limited designed to protect the Company against adverse
fluctuations in interest rates by reducing its exposure to variability in cash flows on the current floating rate debt facilities. The
swaps are effective from December 9, 2025, until maturity on December 9, 2027.

During
the twelve-month period ended December 31, 2025, management identified the non-renewal of two significant customer contracts within
the pub sector as a potential indicator of impairment for the All-Other Leisure asset group (comprised of Pubs, MSA and Bingo)
within the Leisure segment under the long-lived asset guidance in U.S. GAAP. The two contracts collectively represented

[Excerpt truncated for page length; the complete text is on the linked full-MD&A page.]

Read the full FY 2025 MD&A: /company/INSE/mda/fy2025/
All MD&A years: /company/INSE/mda/


## MD&A history

Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page.

- [FY 2024 MD&A](/company/INSE/mda/fy2024/): filed 2025-03-26; accession 0001641172-25-000737 (https://www.sec.gov/Archives/edgar/data/1615063/000164117225000737/form10-k.htm)
- [FY 2023 MD&A](/company/INSE/mda/fy2023/): filed 2024-04-15; accession 0001493152-24-014609 (https://www.sec.gov/Archives/edgar/data/1615063/000149315224014609/form10-k.htm)
- [FY 2022 MD&A](/company/INSE/mda/fy2022/): filed 2023-03-16; accession 0001493152-23-007974 (https://www.sec.gov/Archives/edgar/data/1615063/000149315223007974/form10-k.htm)
- [FY 2021 MD&A](/company/INSE/mda/fy2021/): filed 2022-03-31; accession 0001493152-22-008568 (https://www.sec.gov/Archives/edgar/data/1615063/000149315222008568/form10-k.htm)




## Macro cross-references

Indicators mapped to this company's SIC classification (industry 7372 Services-Prepackaged Software) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim.

- [PAYEMS](/indicator/PAYEMS/): All Employees, Total Nonfarm
- [CES0500000003](/indicator/CES0500000003/): Average Hourly Earnings of All Employees, Total Private
- [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity

Macro-to-micro threads including this sector: [US labor market](/thread/us-labor-market/), [Growth & output](/thread/growth-output/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/).

All macro indicators: /indicators/


## For LLMs & downloads

Markdown twin: /company/INSE.md · JSON record: /company/INSE.json · verified financials: /company/INSE/financials.json / /company/INSE/financials.csv · machine TOC for the whole site: /llms.txt