Enhanced Group Inc. · NYSE:ENHA
Enhanced — Merger or Acquisition (November 2026)
32 slides from Enhanced's merger presentation, Nov 5, 2026
Slide 1: Building a Global Sports and Live Entertainment Platform
Building a Global Sports and Live Entertainment Platform Strictly confidential All rights reserved | Enhanced 2026
Slide 2: Disclaimer 01
Disclaimer01 IMPORTANT NOTICE — PLEASE READ CAREFULLY Confidential. This presentation and its contents are strictly confidential and are being furnished to a limited number of prospective investors solely for the purpose of evaluating a possible investment in Enhanced Group Inc. ("Enhanced," "ENHA,"
Slide 3: Disclaimer 02
Disclaimer02 IMPORTANT NOTICE — PLEASE READ CAREFULLY Pro forma and combined information. Certain information in this presentation is presented on a pro forma, combined, or illustrative basis to give effect to the proposed DEAG acquisition as if it had occurred at an earlier date. Such information i
Slide 4: Transaction Summary
Transaction Summary03 TRANSACTION SUMMARY Proposed acquisition of DEAG establishes the foundation for ENHA’s global sports and live entertainment platform Enhanced Group Inc. (NYSE: ENHA) proposes to acquire approximately 77% of DEAG from Apeiron and additional shareholders, establishing majority co
Slide 5: Why ENHA: A Transformational Investment Opportunity
Why ENHA04 WHY ENHA: A TRANSFORMATIONAL INVESTMENT OPPORTUNITY Five reasons the DEAG acquisition is a compelling opportunity 1 2 3 4 5 MARKET Positioned to capitalize on the experience economy Expands ENHA's live entertainment presence in a growing market backed by demand for experiences and AI-driv
Slide 6: DEAG: The Anchor Acquisition of ENHA's Live Activities
01. DEAG: THE ANCHOR ACQUISITION OF ENHA’S LIVE ACTIVITIES Strictly confidential All rights reserved | Enhanced 2026
Slide 7: Investment Thesis: The Flip Side of AI
Investment Thesis06 THE FLIP SIDE OF AI Live Entertainment, Sports & Self-improvement As AI advances, people will be handed back valuable time. The question is: What to do with it? 01 Less work: AI and robotics progressively reduce the need for human labor 02 Income redistribution: the AI efficiency
Slide 8: Live Entertainment Market
Live Entertainment Market07 WITHIN THE EXPERIENCE ECONOMY, LIVE IS THE MOST RESILIENT GROWTH CATEGORY, AND FANS ARE PAYING UP FOR IT A ~$110B global market growing ~7%⁽¹⁾ a year, with pricing power and Gen Z demand still accelerating ~$110B Global live events spend, 2025E 7.3%(1) Avg. growth in rece
Slide 9: DEAG Film: Airbeat One 2026
08 00:24 DEAG · Film AIRBEAT ONE - 2026 WATCH THE VIDEO 01:27 Strictly confidential All rights reserved | Enhanced 2026
Slide 10: DEAG's Core Business at a Glance
DEAG09 DEAG’S CORE BUSINESS AT A GLANCE Vertically integrated business offering across key verticals in Live Entertainment AIRBEAT ONE FESTIVAL Festivals & Owned IP DEAG owns and operates some of Europe’s largest festivals, creating destination experiences with highly engaged audiences. Revenue stre
Slide 11: With DEAG, ENHA Expects to Expand Across Live Events and Geographies
DEAG10 WITH DEAG, ENHA EXPECTS TO EXPAND ACROSS LIVE EVENTS AND GEOGRAPHIES Adding immediate scale and infrastructure, pathway to cash flow⁽¹⁾ and further growth Live events a year Core European markets ~6,000 7 FY 2026 revenue mix⁽²⁾ Touring 54% Festivals 15% Local promotion 11% Spoken Word & Liter
Slide 12: Acquisition Economics
Valuation11 ACQUISITION ECONOMICS ENHA is able to potentially acquire DEAG at highly accretive terms EV / 2027E revenue DEAG Select Public Companies 86% implied discount⁽⁵⁾ EV / 2027E adjusted EBITDA DEAG Select Public Companies 63% implied discount⁽⁵⁾ DEAG EV used: $139.4m / €121.6m transaction val
Slide 13: Discount to Private Live Entertainment Transactions
Valuation12 DISCOUNT TO PRIVATE LIVE ENTERTAINMENT TRANSACTIONS A very-well known full-stack platform spanning the entire live-entertainment value chain — at the lowest multiple of the group Superstruct See Tickets ATG EntertainmentDEAG KK V S Eventim A Announced Nov-2026 (pending) Jun-2024 Jun-202
Slide 14: Pro-Forma Combined Financials
Financials13 PRO-FORMA COMBINED FINANCIALS A combined platform at scale: 2026E and 2027E revenue and adj. EBITDA Pro-forma revenue and adj. EBITDA ($M) Commentary Scale Matters ENHA DEAG⁽¹⁾ PRO FORMA⁽²⁾ Growth A ~$670M topline company strengthens revenues, market cap, broader analyst coverage, dee
Slide 15: The Enhanced Engine
02. THE ENHANCED ENGINE Strictly confidential All rights reserved | Enhanced 2026
Slide 16: Enhanced: Concept to Global Stage in 3.5 Years
Company Evolution15 ENHANCED: CONCEPT TO GLOBAL STAGE IN 3.5 YEARS A track record of turning ambition into milestones, with DEAG as the next chapter. FOUNDATION COMMERCIAL LAUNCH JUN 2023 JAN 2024 FEB 2025 JAN–FEB 2026 FEB 2026 MAY 8, 2026 MAY 24, 2026 Enhanced founded Seed funding secured First wor
Slide 17: Enhanced Games 2026 Film
16 00:00 Enhanced Games · Film ENHANCED GAMES 2026 WATCH THE VIDEO Strictly confidential All rights reserved | Enhanced 2026
Slide 18: ENHA's Proven Capability to Create Proprietary Sports IP
Sports17 ENHA’S PROVEN CAPABILITY TO CREATE PROPRIETARY SPORTS IP WITH GLOBAL REACH Developing from spectator sports to participatory, with growth acquisition opportunities presenting themselves To come in Q1 2027 2026 Enhanced Games Las Vegas Breakers 1: Los Angeles Enhanced x XYZ Enhanced Games –
Slide 19: Live Enhanced Consumer Offering Has Launched
Live Enhanced18 LIVE ENHANCED CONSUMER OFFERING HAS LAUNCHED AND IS BUILDING MOMENTUM Sharing medical IP for becoming the best version of yourself, from elite athletes to aspiring consumers Rx Telehealth⁽¹⁾ Supplements⁽¹⁾ Enhanced OS⁽¹⁾S S E LAL EAL Today’s offering includes 12 prescription drugs ac
Slide 20: The Platform Opportunity
03. THE PLATFORM OPPORTUNITY Strictly confidential All rights reserved | Enhanced 2026
Slide 21: Anticipated Evolution to a Global Acquisition Platform
Group structure20 ANTICIPATED EVOLUTION FROM A SINGLE SPORTS IP TO A GLOBAL ACQUISITION PLATFORM Enhanced Group Inc $ENHA 77% initially acquired 100% 100% Live Events & Ticketing DEAG Sports Enhanced Games D2C Consumer Live Enhanced Festivals Family Events Touring Ticketing Spoken Word Event Service
Slide 22: Growth Strategy Aligned with Industry Tailwinds
Investment Thesis21 GROWTH STRATEGY ALIGNED WITH INDUSTRY TAILWINDS Building a global platform to capitalize on the experience opportunity ENHA is aiming to evolve from a single-IP company into a global platform at the crossover of sports and live experiences, combined with tech-enabled D2C business
Slide 23: Consumer Flywheel Built Around 12M+ Attendees
Platform upside22 CONSUMER FLYWHEEL BUILT AROUND 12M+ ATTENDEES AND 1B+ DIGITAL AUDIENCE⁽¹⁾ Scale amplifies value over time as data and touchpoints⁽¹⁾ compound 02 TICKETING OWNS THE CUSTOMER Proprietary platforms capture the transaction and first-party data Enhanced Group Inc $ENHA Scale amplifies
Slide 24: A Clear Path to Additional M&A Growth
Platform Upside23 A CLEAR PATH TO ADDITIONAL M&A GROWTH DEAG as ENHA’s first anchor acquisition, followed by disciplined, accretive platform acquisitions at ENHA and continued bolt-on M&A at DEAG levels ENHA PLATFORM ACQUISITIONS: DEAG BOLT-ON ACQUISITIONS: Target segments Sports, Motorsports & eS
Slide 25: Growing Market, Attractive Entry, Proven M&A Engine
Why ENHA24 GROWING MARKET, ATTRACTIVE ENTRY, PROVEN M&A ENGINE Three reasons to invest: macro, valuation and M&A consolidation 1 MACRO TAILWINDS FOR EXPERIENCE ECONOMY AI adoption fuels the growth of a resilient market with few listed ways to invest ~$110B global live market growing at ~7% a year; 7
Slide 26: Appendix
APPENDIX Strictly confidential All rights reserved | Enhanced 2026
Slide 27: Pro Forma Cap Table Lockup Timeline
Appendix26 PRO FORMA CAP TABLE LOCKUP TIMELINE Tradable ENHA Class A⁽¹⁾ shares at each release date DEAG Tranche 1 (accelerated with +100% on VWAP) DEAG Tranche 2 (accelerated with +150% on VWAP) DEAG Tranche 3 (accelerated with +200% on VWAP) Pre DeSPAC T+6M Unlock DEAG Acquisition / Nov PIPE Close
Slide 28: Phased Acquisition of DEAG
Appendix27 PHASED ACQUISITION OF DEAG A staged and defined path to full ownership, with a ~77% first stake Phase 1: ~77% stake ~77% ownership at closing⁽¹⁾ ENHA acquires ~77% from Apeiron and co-investors⁽²⁾ Implied equity value of ~€100m for 100% (~25m shares at €4.00); ~1 ENHA share per ~1.7 DEAG
Slide 29: Lease-Adjusted EBITDA and Enterprise Value Bridge
Appendix28 LEASE-ADJUSTED EBITDA AND ENTERPRISE VALUE BRIDGE IFRS 16 → Adjusted EBITDA on a like-for-like basis, translated to USD at the 90-day average EUR/USD⁽³⁾ Lease-adjusted EBITDA (FY2027E) DEAG Entertainment (ENHA acquisition, at €4.00 per share) Enterprise value bridge Lease-adjusted E
Slide 30: Risk Factors
Risk Factors29 RISK FACTORS An investment in Enhanced involves a high degree of risk. The following summarizes certain material risks; it is not exhaustive. Prospective investors should review the complete risk factors in the definitive offering materials before investing. These summary risk factors
Slide 31: Risk Factors (Cont.): DEAG Transaction
Risk Factors30 RISK FACTORS (Cont.) Risks Relating to the DEAG Transaction The DEAG transaction may not close, may close on terms different from those described, or may be delayed, because the timing and the mechanics remain subject to definitive documentation. Enhanced may not reach 100% ownership
Slide 32: Risk Factors (Cont.): DEAG's Business and Securities
Risk Factors31 RISK FACTORS (Cont.) Risks Relating to DEAG's Business Risks Relating to the Securities DEAG's events may be cancelled or postponed, and its reliance on artists, venues and insurance may expose it to losses that insurance does not cover. The PIPE shares will be restricted securities a
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