Allwyn Ag · ATHEX:ALWN
Allwyn — Allwyn International — FY2025 Earnings Presentation
50 slides from Allwyn's earnings presentation, Mar 19, 2026
Slide 1: Allwyn International AG FY 2025 Results
Allwyn International AG FY 2025 Results 19 March 2026 For further information on our company, please visit our website: www.allwyn.com
Slide 2: Today's presenters
Today’s presenters Robert Chvatal Kenneth Morton CEO CFO 2
Slide 3: Today's agenda
Today’s agenda 01 02 03 04 Business and Financial update Update on Appendix strategic update current trading and Summary 3
Slide 4: Business and strategic update
01 Business and 1 strategic update
Slide 5: FY 2025 highlights
FY 2025 highlights1 Continued execution of key strategic initiatives, good growth momentum and two landmark transactions • Net Revenue +4% YoY against a strong comparative Consolidated Net Revenue — Good performance across all businesses — Double-digit growth in iGaming — Good growth in Lottery, led
Slide 6: Continuing to deliver on our proven strategy
Continuing to deliver on our proven strategy Accelerate Selective Deliver operational Prioritise responsible organic growth inorganic growth efficiency gaming and CSR • Drive digital growth through • Targeted bolt-ons and strategic • Focus on cash flow generation • Responsible gaming as a guiding ou
Slide 7: Strong online momentum
Accelerate Strong online momentum… organic growth Digital channel continues to be key growth driver, retail also growing Austria1 Czech Republic Greece & Cyprus1 United Kingdom2 GGR (€m) / Online share of total (%) GGR (£m) / Online share of total (%) +6% +12% +5% 0% CAGR CAGR CAGR CAGR 1,093 3,503
Slide 8: Product innovation across physical retail and online
Accelerate Product innovation across physical retail and online organic growth Continuing to expand and improve our product offering, user experience, and technology New and revitalised products / experiences in 2025 NEW New e-instant Lotto Blitz, appealing to lottery players between draws NEW Launc
Slide 9: Key strategic developments
Accelerate Key strategic developments organic growth Completed key elements of United Kingdom technology transformation UK National Lottery technology upgrade Going forward Q3 2025 - Major retail upgrade: – Delivered 30+ new systems, ✓ Reaching end of our investment plan which has elevated including
Slide 10: Key strategic developments (cont'd)
Accelerate Key strategic developments (cont’d) organic growth Successfully delivering on our organic growth strategy Slovakia • Organic entry into adjacent market through iGaming market entry ✓ Expands Allwyn’s footprint in Europe • Licence fee €2.23bn (Allwyn 32.5% share €725m); last payment in Apr
Slide 11: Key strategic developments (cont'd)
Selective inorganic Key strategic developments (cont’d) growth Successfully delivering on our ingrowth strategy • Initial cash consideration of USD1,504m for interest of approximately 62.3%. Completed in January 2026. • Co-founders and management team retained the majority of their ownership interes
Slide 12: PrizePicks: the category-leader in DFS+
Selective inorganic Key strategic developments (cont’d) growth PrizePicks: the category-leader in DFS+. Acquisition completed January 2026 Investment rationale for Allwyn – #1 DFS operator in the U.S2 ✓ Aligned with Allwyn’s ambition to become world’s leading gaming entertainment company – Pioneered
Slide 13: PrizePicks: prediction markets launched
Key strategic developments (cont’d) PrizePicks: prediction markets launched in November 2025 and are a significant opportunity Team Picks and Culture Picks enable PrizePicks’ millions of highly engaged MAUs to make simple predictions by purchasing contracts on a wide variety of events in sports and
Slide 14: One brand initiative
Leverage technology, Key strategic developments (cont’d) content, and brand One brand initiative – maximises visibility and marketing efficiency, building on strength of existing national and product brands Globalisation of Allwyn as Single brand has been a key driver One brand consumer-facing brand
Slide 15: Listing through combination with OPAP
Listing through combination with OPAP Current Pro forma structure KKCG1 / KKCG1 Free Float5 J&T Arch2,3 78.4% 21.6% OPAP public shareholders Listed entity 770.8m shares outstanding6 45.6%4 54.4%4 Other gaming Gaming assets assets Listed entity Notes: (1) KKCG Group AG holding in Allwyn International
Slide 16: Listing through combination with OPAP (cont'd)
Listing through combination with OPAP (cont’d) Summary of key transaction terms • Current Allwyn management team will lead combined business (CEO: Robert Chvatal, CFO: Kenneth Morton) Management • Current OPAP management team will continue to lead operations in Greece and Cyprus and Board • 50% inde
Slide 17: Expected timeline to closing
Listing through combination with OPAP (cont’d) Expected timeline to closing October November December January February March April May/June Announcement Of proposed OPAP-Allwyn combination <7% of shareholders voted Capital Markets Update against the transaction and exercised cash exit right Presenta
Slide 18: Focus on responsible gaming, ESG and communities
Prioritise responsible Focus on responsible gaming, ESG and communities gaming and CSR Examples of our ongoing commitment to ESG and corporate social responsibility in Q4 2025 Community Community Sport OPAP’s long running Wishing Ornaments The final F1® Allwyn Global Community We organised an immers
Slide 19: Financial update
01 2 Financial update
Slide 20: Long-term track record of growth, profitability and cash conversion
Long-term track record of growth, profitability and cash conversion Net Revenue, Adjusted EBITDA and Adjusted EBITDA – Capex have all more than doubled since 2019 Net Revenue (€m)1 Adjusted EBITDA (€m)1 Adjusted EBITDA – Capex (€m)1 +19% +17% +15% CAGR2 CAGR2 CAGR2 before PrizePicks before PrizePick
Slide 21: FY 2025 financial highlights
FY 2025 financial highlights Continued good top-line and profitability growth • FY2025 Net Revenue +4% YoY, in line with GGR ConsolidatedConsolidated P&L (€m) P&L (€m) — Sustained momentum following very strong ∆ vs. 2024 (GGR/Net Revenue +8% YoY excluding 2024 2025 ∆ vs. 2024 Q4’24 Q4’25 Q4’24 UK a
Slide 22: FY 2025 Business highlights - Summary
FY 2025 Business highlights - Summary Summary of consolidated Net Revenue and Adjusted EBITDA performance – reported basis1 Net Revenue Consolidated Adjusted EBITDA €m 2024 2025 cFX % ∆2 %∆ 2024 2025 cFX % ∆2 %∆ €m 2024 2025 %∆ Continental Europe3 2,841 2,960 +4% +4% Lottery 2,042 2,129 +4% 1,287 1,
Slide 23: Q4 Business highlights – Continental Europe
Q4 Business highlights – Continental Europe1 Steady top line growth on prior year comparative of Net Revenue +8% YoY • Net Revenue growth +2% YoY Net Revenue — Strong, double-digit iGaming growth across €m +5% +4% +6% +2% markets 796 811 — Partially offset by Lottery, reflecting favourable 719 729 7
Slide 24: Q4 Business highlights – North America
Q4 Business highlights – North America Strong top-line and profitability growth at IWG • Net Revenue +3% YoY on reported basis Net Revenue (100% basis2) – IWG Net Revenue +20% YoY underlying cFX €m +2% -7% -2% +3% • Adjusted EBITDA +38% YoY on reported basis 59 60 61 63 – Increase of €3m YoY 58 54 5
Slide 25: Q4 Business highlights – United Kingdom
Q4 Business highlights – United Kingdom Continued momentum across key metrics • Net Revenue growth +9% YoY, cFX basis Net Revenue – Flat GGR YoY at constant FX €m cFX +2% cFX +9% cFX +8% cFX 9% – Low jackpot cycle in EuroMillions +4% +10% +6% +4% – Digital channel momentum continues, +4% YoY 250 253
Slide 26: Q4 Business highlights – Betano
Q4 Business highlights – Betano1 Continued growth through exceptional industry sports results • Total Revenue growth +6% YoY, +8% YoY cFX Total Revenue (100% basis) – Industry-wide exceptionally customer-friendly €m cFX +14% cFX +8% sports results in October +18% +21% +8% +6% 770 764 723 • Share of
Slide 27: Strong free cash flow generation
Strong free cash flow generation Reflects asset light business model and high profitability, despite peak in spend in UK • Ongoing capex requirement remains low Capex — Elevated capex in 2024 and 2025 largely driven by €m 300 investment in UK, in support of our upgrades to 256 254 250 technology and
Slide 28: Leverage
Leverage As of 31 December 2025, post-IFRS 16, €m LTM Adjusted EBITDA 1,584 Cash and cash equivalents (1,507) Gross debt 5,686 Leases 151 Net debt (incl. leases) 4,330 Consolidated Net Debt / Adjusted EBITDA 2.7x Consolidated priority Net Debt / Adjusted EBITDA (0.2x) Consolidated Net Debt / Consoli
Slide 29: Key financing highlights – FY 2025
Key financing highlights – FY 2025 Continuing to actively manage our capital structure, reducing cost, and extending maturities 1 Extended maturity profile ✓ Refinanced syndicated bank loan due 2027-2029, EUR SSNs due 2027, OPAP retail bond due 2027 ✓ No material debt maturities until 2029 2 Optimis
Slide 30: Debt maturity profile and split by instrument
Debt maturity profile and split by instrument Long maturity profile, diversified funding base allows optimisation of funding costs Pro forma debt maturity profile Pro forma instrument split as of 31 December 20251 as of 31 December 20251 Pro forma1 weighted average life (‘WAL’): c. 5.2 years Pro for
Slide 31: Update on current trading and summary
01 Update on current 3 trading and summary
Slide 32: Current trading and outlook
Current trading and outlook1 1 Summary of trading update and outlook • Since the start of the year our business has continued to perform and develop well overall, and trading is in line with our expectations • The Company continues to expect solid performance in 2026 and over the medium term • Guida
Slide 33: Outlook
Outlook 2026 Medium term Comment Net Revenue growth1 • One-off impacts include annualisation of Mid-single digit Continental higher gaming taxes in Austria and operating before one-off Europe(1) effects relating to renewal of Hellenic Lotteries impacts of c.-2% licence €1,100-1,250m North America •
Slide 34: Outlook
Outlook 2026 Medium term Comment Statement of comprehensive income – calculation of Adjusted profit attributable to shareholders of the Company • Excludes amortisation of acquisition-related D&A ~€275m Gradually increasing intangibles • Medium term dynamic dependent on Finance costs, net High-€300ms
Slide 35: Summary
Summary Continued execution of key strategic initiatives, good financial momentum and two landmark transactions 1• Two landmark strategic transactions; - PrizePicks acquisition completed January 2026 - Planned combination with OPAP on track to complete in coming weeks, resulting in Allwyn becoming a
Slide 36: Q&A
01 Q &A
Slide 37: Appendix
01 4 Appendix
Slide 38: Financial reporting differences between OPAP and Allwyn
Financial reporting differences between OPAP and Allwyn GGR GGR (Gaming Taxes) (Gaming Taxes & Good Cause Contributions) NGR NGR (Non-gaming revenue) (Non-gaming revenue) n/a Net Revenue (Agents’ commission) (Agents' commissions, materials, consumables and services) (other direct costs) n/a Gross Pr
Slide 39: Summary of adjustments to EBITDA
Summary of adjustments to EBITDA Standalone, 100% (€m)1 EBITDA Adjustments Breakdown3 Operating EBITDA 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 Continental Europe 967 1,176 1,207 1,313 1,285 Intellectual property intra-group transfer - - - (20) - Casino Linz insurance gain/restructuring cos
Slide 40: Diversified capital structure; access to EUR, USD and local markets
Diversified capital structure; access to EUR, USD and local markets PF2 split by fixed / floating PF2 split by currency Debt overview as of 31 December 2025 3% 14% x LTM Adj. Amount (€m) Consol. EBITDA Consolidated Subsidiary Net Debt / (Cash) (360) Subsidiary Leases 144 41% Corporate Cash (85) 59%
Slide 41: Proactive maturity profile management, ample liquidity
Proactive maturity profile management, ample liquidity Pro forma debt maturity profile as of 31 December 20251 Available facilities as of 31 December 2025 (€m) (€m) Capacity Drawn Undrawn Weighted average life (‘WAL’): 5.2 years Allwyn International 508 Allwyn International RCF 350 0 350 451 Delayed
Slide 42: Key financing transactions – Q4 2025
Key financing transactions – Q4 2025 Allwyn International AG • In October 2025, purchased an office building in London for GBP 189m (€214m) with a combination of existing cash reserves, drawings under the existing revolving credit facility and a bank loan of GBP 102m (€116m) • In November 2025, paid
Slide 43: Key financing transactions – Q4 2025 (cont'd)
Key financing transactions – Q4 2025 (cont’d) Allwyn UK • In November 2025, Allwyn Entertainment Ltd drew a term loan in the amount of £80m under its bank loan agreement — £60m revolving credit facility remains undrawn OPAP • In October 2025, OPAP drew €200m under a new bilateral facility agreement
Slide 44: Key financing transactions – post year-end
Key financing transactions – post year-end Allwyn International AG • In January 2026, drew USD1,554m to finance the acquisition of PrizePicks and pay related fees and expenses — Drawings consisted of USD 1,000m Term Loan B, USD 500m Term Loan A and USD 54m under the USD-denominated accordion facilit
Slide 45: Key financing transactions – Q4 2025
Key financing transactions – Q4 2025 Changes in indebtedness since Q3 2025 Principal amount as of 30 September 2025 (€m) 5,013 Allwyn EUR 925m E+3.000% TLB due 2032 – drawings 450 Allwyn USD 625m S+2.000% TLB due 2031 - amortisation (1) London office GBP 102m term loan due 2027 - drawings 116 Allwyn
Slide 46: Dividends and distributions from key group entities
Dividends and distributions from key group entities Economic Interest at 2025 PF Entity 2021 2022 2023 20241 2025 €m end of Dec-2025 100% OPAP Dividends and cash upstreamed – 100% basis Continental Europe Austrian Lotteries 9.5%2 91 120 114 115 159 159 CASAG (Austria) 59.7% - 45 130 137 149 149 SAZK
Slide 47: Alternative performance measures and comparability of information
Alternative performance measures and comparability of information This presentation includes non-IFRS performance measures, including Net Revenue, Net gaming revenue (“NGR”), Operating EBITDA, Adjusted EBITDA, Adjusted EBITDA margin, CAPEX, Adjusted Free cash flow (“Adjusted FCF”), Cash conversion a
Slide 48: Disclaimer
Disclaimer This presentation was produced by Allwyn International AG. This presentation is not to be reproduced or distributed, in whole or in part, by any person other than Allwyn International AG. This presentation does not represent an offer for, or constitute or form part of, and should not be c
Slide 49: Disclaimer
Disclaimer We do not undertake any obligation to review, update or confirm expectations or estimates or to release publicly any revisions to any forward-looking statements to reflect events that occur or circumstances that arise after the date of this document. No warranty or representation of any k
Slide 50: Lucerne – Allwyn HQ Prague London
Lucerne – Allwyn HQ Prague London Mühlenplatz 9 Evropská 866/71, Vokovice 3 Dering Street, 4th floor 6004 Lucerne 160 00, Prague 6 London W1S 1AA Switzerland Czech Republic United Kingdom