Allwyn AG · ATHEX:ALWN
Allwyn — Allwyn International — Q1 2025 Earnings Presentation
40 slides from Allwyn's earnings presentation, Jun 6, 2025
Slide 1: Allwyn International AG Q1 2025 Results
Allwyn International AG Q1 2025 Results 6 June 2025 For further information on our company, please visit our website: www.allwyn.com
Slide 2: Presenting today
Presenting today 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
Business 01 01 and strategic update
Slide 5: Q1 2025 highlights
Q1 2025 highlights Good start to the year, sustaining positive momentum from 2024 • Total Revenue Consolidated Total Revenue — GGR +7% YoY; strong organic growth in Austria (+6% YoY) and Greece and Cyprus (+8% YoY) and solid performance in UK (+4% YoY cFX) — Some benefit from jackpot cycles (EuroMil
Slide 6: Strong online momentum, resilience in physical retail
Strong online momentum, resilience in physical retail… Online share up YoY across all markets in Q1’25, with significant growth vs. pre-Covid Austria (excl. VLTs and Casinos)1 GGR (€m) / Online share of total (%) 172 181 172 160 166 156 156 160 140 90 93 98 96 85 36 35 40 40 18% 20% 19% 19% 35% 37%
Slide 7: De-anonymised share of physical retail also growing
…de-anonymised share of physical retail also growing Loyalty programmes bring the benefits of online to the physical retail channel Czech Republic: de-anonymised GGR share (%) 1 Greece and Cyprus: registered customer base (‘000) Sazka Klub loyalty programme app launched March ‘24 1,422 1,351 1,287 3
Slide 8: Product innovation across physical retail and online
Product innovation across physical retail and online Continuing to expand and improve our product offering, user experience, and technology New and revitalised products / experiences in Q1 NEW Q1 New bespoke dispensers at points of sale NEW Q1 Integration of Numerical Lotteries into self- NEW Q1 Eng
Slide 9: Product innovation across physical retail and online
Product innovation across physical retail and online Continuing to expand and improve our product offering, user experience, and technology (cont’d) Digitalisation of physical retail Selected new product launches after Q1 2025 2023 Pilot of self-service touchscreen H1 2025 Expanded partnership with
Slide 10: Key strategic developments in Q1 2025 / post quarter end
Key strategic developments in Q1 2025 / post quarter end LottoItalia selected to operate next Lotto licence Italy: LottoItalia consortium successful in Lotto tender • In May 2025, judging commission completed analysis of technical and economic offers and proposed LottoItalia for the next licence per
Slide 11: Focus on Responsible gaming / ESG and communities
Focus on Responsible gaming / ESG and communities Just some examples of our ongoing commitment to ESG and corporate social responsibility in Q1 2025 Safer play Community Safer play • In April, Austria hosted its annual • In January, we launched the charity • In January, Allwyn UK announced a PlaySpo
Slide 12: Financial update
Financial 02 01 update
Slide 13: Q1 2025 financial highlights
Q1 2025 financial highlights Good start to 2025 • Total Revenue +6% YoY Consolidated Total Revenue — GGR +7% YoY, with strong growth in Austria, Greece and Cyprus; solid performance in Czech Republic and UK €2,243m +6% — Digital channel +15% YoY vs Q1’24 — Results benefited from favourable jackpot c
Slide 14: Consolidated P&L
Consolidated P&L • Gaming taxes/Good Causes contribution broadly stable as a % of GGR Consolidated P&L (€m) • Operating expense growth primarily relates to top-line expansion and Q1’24 Q1’25 ∆ vs. Q1’24 increased Corporate costs following simplification of Group structure in prior year Total Revenue
Slide 15: Business highlights - Summary
Business highlights - Summary Summary of GGR and Adjusted EBITDA performance Consolidated GGR Adjusted EBITDA Adjusted EBITDA build €m Q1 2024 Q1 2025 cFX % ∆1 %∆ Q1 2024 Q1 2025 cFX % ∆1 %∆ Q1 2024 Q1 2025 Austria 386 410 6% 65 67 3% 65 67 Czech Republic 126 130 3% 3% 34 34 (1)% (1)% 34 34 Greece a
Slide 16: Business highlights - Austria
Business highlights - Austria Strong start to 2025 • Strong GGR growth in Q1, +6% YoY Gross Gaming Revenue — Strong growth in Numerical Lotteries, +14% YoY, €m +6% supported by favourable jackpot cycles in Lotto and EuroMillions 410 427 375 386 387 393 382 — Online channel, +12% YoY, also a key driv
Slide 17: Business highlights – Czech Republic
Business highlights – Czech Republic Solid start to 2025 • GGR growth +3% YoY (reported and cFX) Gross Gaming Revenue — Driven by Numerical Lotteries €m cFX +3% +3% — Strong performance in comparative period (+10% YoY cFX) 155 130 140 • Adjusted EBITDA -1% YoY (reported and cFX) 121 126 121 122 118
Slide 18: Business highlights – Greece and Cyprus
Business highlights – Greece and Cyprus Strong Q1 GGR growth, supported by online growth • Strong GGR growth in Q1, +8% YoY Gross Gaming Revenue — Online GGR +20% YoY €m +8% — Continued momentum in iGaming, +20% YoY 648 595 566 581 — Performance also supported by operator-friendly 527 550 498 533 48
Slide 19: Business highlights – United Kingdom
Business highlights – United Kingdom Solid performance in Q1 • Q1 2024: United Kingdom segment comprised Gross Gaming Revenue1,2 operations of Camelot UK (operator of The National €m cFX +4% Lottery until 31 January 2024) and Allwyn UK Of which included in consolidated +6% • Q2 2024 onwards: Segment
Slide 20: Business highlights – Italy
Business highlights – Italy Broadly stable performance • Net Revenue and Adjusted EBITDA -1% YoY Net Revenue1 €m • Strong performance in comparative period (Net Revenue +6% YoY, Adjusted EBITDA +5% YoY) -1% • Continued strong cash flow generation 121 128 126 121 124 129 117 116 113 Q1'23 Q1'24 Q1'25
Slide 21: Strong free cash flow generation
Strong free cash flow generation Reflects asset light business model and high profitability • EBITDA adjustments €m Consolidated FCF — Similar level to prior year; primary component is Adjusted EBITDA CAGR UK transition costs +21% 47.2% 46.6% 42.2% 37.4% 35.9% — Also include add-back of non-cash ite
Slide 22: Leverage (post-IFRS 16 basis)
Leverage (post-IFRS 16 basis) As of 31 March 2025, post-IFRS 16, €m Consolidated Adjusted EBITDA 1,550 Cash and cash equivalents (1,802) Gross debt 4,781 Leases 170 Net debt (incl. leases) 3,149 Consolidated Net Debt / Adjusted EBITDA 2.0x Consolidated priority Net Debt / Adjusted EBITDA (0.6)x Cons
Slide 23: Key financing transactions in Q1 2025
Key financing transactions in Q1 2025 1 Allwyn International • In January 2025, repriced the existing $450m Term Loan B due 2031 from S+225bps to S+200bps — Also issued $100m add-on at S+200bps — Add-on proceeds used to fully repay drawings under the revolving credit facility and for general corpora
Slide 24: Key financing transactions in Q1 2025 (cont'd)
Key financing transactions in Q1 2025 (cont’d) Changes in indebtedness since the beginning of 2025 Principal amount as of 31 December 2024 (€m) 4,601 Syndicated bank loan – prepayment (408) EUR 475m TLB due 2032 – issuance 475 USD TLB due 2031 – add-ons 166 USD 625m TLB due 2031 – amortisation (1) C
Slide 25: Update on current trading and Summary
Update on 03 01 current trading and Summary
Slide 26: Current trading
Current trading 1 Summary • Since the start of the year our business has continued to perform and develop well • Our trading since the start of the year has been broadly in line with our expectations at the start of the year 2 Macroeconomic environment and consumer sentiment • No material impact on
Slide 27: Summary
Summary Good start to the year, sustaining positive momentum from 2024 1 Good start to 2025 with sustained momentum in execution of growth strategies supporting GGR growth +7% YoY 2 Good profitability and sustained strong free cash flow generation 3 Continued progress in inorganic growth strategy wi
Slide 28: Q&A
Q&A 01
Slide 29: Appendix
04 01 Appendix
Slide 30: Diversified capital structure; access to EUR, USD and local markets
Diversified capital structure; access to EUR, USD and local markets Debt overview as of 31 March 2025 Split by Fixed / Floating Split by Currency x LTM Adj. 22% Amount (€m) Consol. EBITDA Consolidated Subsidiary Net Debt / (Cash) (905) 43% Subsidiary Leases 154 3% Corporate Cash (204) Total Consolid
Slide 31: No significant maturities until 2027, ample liquidity
No significant maturities until 2027, ample liquidity Debt maturity profile as of 31 March 2025 (€m) Available facilities as of 31 March 2025 (€m) Capacity Drawn Undrawn Weighted average life: 4.7 years Allwyn International 665 Allwyn International RCF 300 0 300 647 1 500 542 UK facility (£168m TLE)
Slide 32: Dividends and distributions
Dividends and distributions Segment or equity Interest at end of €m 2019 2020 2021 2022 2023 20241 Q1 2024 Q1 2025 method investee March 2025 Dividends and cash upstreamed – 100% basis Austrian Lotteries 9.5%2 120 177 91 120 114 115 115 159 Austria CASAG 59.7% 15 - - 45 130 137 137 149 SAZKA Czech R
Slide 33: Q1 financials - five-year summary
Q1 financials - five-year summary Consolidated basis (€m) Pro rata basis (€m)1 Net Revenue CAGR Net Revenue +4% CAGR +5% +35% +42% 1,009 889 926 958 806 821 579 374 306 226 Q1'21 Q1'22 Q1'23 Q1'24 Q1'25 Q1'21 Q1'22 Q1'23 Q1'24 Q1'25 Adjusted EBITDA CAGR Adjusted EBITDA CAGR +26% +27% 47.2% 46.6% 42.
Slide 34: Pro rata net leverage (pre-IFRS 16 basis)
Pro rata net leverage (pre-IFRS 16 basis) 1 As of 31 March 2025, Pre-IFRS16 Basis North America, Greece and 3 4 €m Austria Czech Republic United Kingdom Technology and Italy Other Corporate Total Cyprus Content2 100% basis LTM Adjusted EBITDA 262 124 834 (6) 36 395 827 (21) Cash and cash equivalents
Slide 35: Summary of adjustments to EBITDA
Summary of adjustments to EBITDA Standalone, 100% (€m)1 EBITDA Adjustments Breakdown3 Operating EBITDA 2019 2020 2021 2022 2023 2024 Q1 ’24 Q1 ‘25 2019 2020 2021 2022 2023 2024 Q1’24 Q1’25 Austria 211 147 232 266 278 299 69 67 Intellectual property intra-group transfer - - - - - (20) - - Casino Linz
Slide 36: Q1 2025 Adjusted EBITDA build up
Q1 2025Adjusted EBITDA build up Consolidated Adjusted EBITDA (€m) Q1’24 Q1’25 Austria 65.4 67.1 Czech Republic 33.8 33.5 Greece and Cyprus 191.5 205.8 United Kingdom 17.8 8.9 North America, technology and content 8.6 8.5 Italy (share of net profit) 18.6 18.1 Other 1 26.2 41.7 Corporate 2 (4.1) (21.3
Slide 37: 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 38: 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 39: 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 40: Allwyn office locations
London Lucerne – Allwyn HQ Prague 3 Dering Street, 4th Mühlenplatz 9 Evropská 866/71, Vokovice floor 6004 Lucerne 160 00, Prague 6 London W1S 1AA Switzerland Czech Republi United Kingdom