Allwyn Ag · ATHEX:ALWN
Allwyn — Q2 2026 Earnings Presentation
42 slides from Allwyn's earnings presentation, Aug 27, 2026
Slide 1: Allwyn AG Q2 2026 Results
Allwyn AG Q2 2026 Results 27 August 2026 For further information on our company, please visit our website: www.allwyn.com
Slide 2: Today's presenters
Today’s presenters Robert Chvatal Kresimir Spajic Kenneth Morton CEO CEO Allwyn Digital 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 key takeaways 3
Slide 4: Business and strategic update
Business and 1 strategic update
Slide 5: Q2 2026 highlights
Q2 2026 highlights GROWTH PROFITABILITY CASH GENERATION +27% +29% +43% Net Revenue Adjusted EBITDA Adjusted EBITDA - CAPEX YoY YoY YoY CAPITAL RETURNS 2026 OUTLOOK RE-AFFIRMED €89m Mid-to-high 20%s of €150m share buyback completed1 Net Revenue growth2 €0.20 / share ~37% FY26 interim distribution; to
Slide 6: Consistent execution of strategy across our geographies continued in Q2
Consistent execution of strategy across our geographies continued in Q2 Key initiatives delivered in Q2 by business and strategic pillar Strategy pillar Continental Europe North America Accelerate organic Accelerate organic growth Online GGR +21% YoY growth Launched “blended line-ups”3 Illinois
Slide 7: Further enhancing and expanding products and user experience
Accelerate organic growth Further enhancing and expanding products and user experience Lottery draw-based games innovation across markets and sportsbook / instant games updates Enhanced Lotto format Relaunched scratchcard portfolio launched, expecting to with refreshed designs following double the n
Slide 8: Strong operating momentum supported by strategic marketing investment
Accelerate organic growth Strong operating momentum supported by strategic marketing investment PrizePicks’ positioning to unlock prediction markets growth, and progress in Q2 Prediction markets significantly expand PrizePicks’ TAM Strong operating trends during and exiting Q2 + Highly incremental A
Slide 9: Further product enhancements to coincide with NFL season start
Accelerate organic growth Further product enhancements to coincide with NFL season start Continued product development expands how customers engage and play Recent product developments Launching September 2026 September 2025 Enhanced product features to coincide with start of American football seaso
Slide 10: Summary: continued strong momentum in strategic execution in Q2
Summary: continued strong momentum in strategic execution in Q2 Examples of delivery on our proven strategy Accelerate Selective Deliver operational Commitment to responsible organic growth inorganic growth efficiency gaming and CSR CSR IN ACTION 21% Continental Europe Announced increase of online
Slide 11: Independent Non-Executive Director Petra Ehmann to be proposed to join Board
Independent Non-Executive Director Petra Ehmann to be proposed to join Board, adding to digital and AI expertise Chair Independent Non-Executive Director Independent Non-Executive Director Karel Komarek Cherrie Chiomento Founder of KKCG Previously Independent Non- Since 2016 Executive Member of the
Slide 12: Financial update
2 Financial update Download the Allwyn financial databook at allwyn.com/investors-results Unless otherwise indicated, the comparative financial information in this presentation reflects the financial information of “Allwyn International” adjusted for 100% ownership of the key Greece and Cyprus entit
Slide 13: Another quarter of strong growth
Another quarter of strong growth Q2 2026 financial highlights • Net Revenue +27% YoY Consolidated P&L (€m) — Good underlying growth: +5%YoY1 Q2’25 Q2’26 ∆ vs. Q2’25 — In line with Q1 despite favourable jackpot Total Revenue 2,241 2,376 +6% cycles in multiple markets in Q2’25 Of which: GGR 2,155 2,28
Slide 14: Strong organic EBITDA development with growth enhanced by PrizePicks
Strong organic EBITDA development with growth enhanced by PrizePicks Q2 Adjusted EBITDA waterfall Adjusted EBITDA +29% YoY PrizePicks consolidated from Record jackpots in 16 Jan ‘26 EuroMillions, 500 Austria Lotto and Czech 26% 458 450 Sportka in Q2’25 400 94 9% 355 350 (13) (9) 31 300 -4% -3% 250 2
Slide 15: Q2 performance by business and product
Q2 performance by business and product Summary of consolidated Net Revenue and Adjusted EBITDA performance Net Revenue Consolidated Adjusted EBITDA 1 €m Q2’25 Q2’26 cFX %∆ %∆ Q2’25 Q2’26 %∆ 2 Continental Europe 701 731 +4% 303 293 -3% North America 54 294 +6% n/m 9 104 n/m United Kingdom 232 236 +3%
Slide 16: Highly diversified by geography, product, channel and licence type
Highly diversified by geography, product, channel and licence type LTM revenue mix Geographic split Product split Channel split Licence exclusivity split LTM Q2 2026 pro forma LTM Q2 2026 pro forma LTM Q2 2026 pro forma LTM Q2 2026 pro forma Net Revenue (%)1 NGR (%)1 NGR (%)1 NGR (%)1 12% VLTs and 1
Slide 17: Continued strong growth momentum in Continental Europe
Continued strong growth momentum in Continental Europe Q2 2026 financial highlights – Continental Europe • Net Revenue growth +4% YoY Net Revenue — Strong underlying growth of +6% YoY before €m +5% +4% impact of higher gaming tax rates in Austria 796 811 — Strong performance in iGaming (+24% YoY) an
Slide 18: Strong operating trends offset by exceptional prior year sports outcomes
Strong operating trends offset by exceptional prior year sports outcomes Q2 2026 financial highlights – North America (pro forma 100% basis1) • cFX Net Revenue growth of +6% YoY pro forma for Net Revenue (pro forma 100% basis1) PrizePicks €m cFX +5% cFX +6% Rest of North Adjusted America EBITDA Priz
Slide 19: Step up in United Kingdom profitability
Step up in United Kingdom profitability Q2 2026 financial highlights – United Kingdom • cFX Net Revenue growth +3% YoY Net Revenue — Strong comparative quarter (EuroMillions) and €m cFX +7% cFX +3% effects related to digital re-platforming: cFX GGR +3% +2% 14% lower YoY 250 253 262 — Net Revenue per
Slide 20: Continued strong growth at Betano
Continued strong growth at Betano Q2 2026 financial highlights – Betano • cFX Total Revenue growth +26% YoY Total Revenue (100% basis1) — Good growth momentum continued in Q2 €m cFX +31% cFX +26% +27% +26% • EBITDA growth: +24% YoY 972 788 770 764 EURm2 Q1’26 Q2’26 655 723 619 636 606 Operating EBIT
Slide 21: Cash generation supported by step-down in CAPEX and EBITDA adjustments
Cash generation supported by step-down in CAPEX and EBITDA adjustments Q2 2026 financial highlights – CAPEX and EBITDA adjustments • CAPEX reduced to normalised run rate of 2.5-3.0% of Net CAPEX Revenue during the quarter — Reflects completion of UK technology transformation 6.3% 6.0% — Ongoing CAPE
Slide 22: Conservative and flexible capital structure
Conservative and flexible capital structure Long-dated maturity profile, diversified funding and moderate leverage despite investments in growth and significant shareholder returns Debt maturity profile as of 30 June 2026 Instrument split as of 30 June 2026 Weighted average life: 4.7 years 28% 31% 5
Slide 23: Capital allocation focused on value-accretive investment and capital returns
Capital allocation focused on value-accretive investment and capital returns Capital allocation policy and distributions / share buybacks in 2026 Capital allocation Distributions and share buybacks €0.92 €0.28 €1.00 / share minimum dividend /share /share • €0.80 / share distribution paid 4 May 2026
Slide 24: Update on current trading and key takeaways
Update on current 3 trading and key takeaways
Slide 25: Current trading and outlook
Current trading and outlook 1 Trading update and outlook1 • Since the start of the year our business has continued to perform and develop well, and trading overall is in line with our expectations overall • Our Group outlook for 2026 is re-affirmed: – Consolidated Net Revenue growth of mid-to-high 2
Slide 26: Q2 in context: ~3X growth in key financial metrics over past six years
Q2 in context: ~3X growth in key financial metrics over past six years… Our track record of growth, profitability and cash flow generation Net Revenue (€m) Adjusted EBITDA (€m) Adjusted EBITDA – CAPEX (€m) +21% CAGR +19% CAGR +18% CAGR 1,879 1,640 5,044 1,584 1,383 1,527 1,330 4,112 1,485 1,271 3,94
Slide 27: Key takeaways
Key takeaways 1 Another quarter of strong growth Why invest? Continued momentum in Continental Europe and digital channel Excellent performance in Sports Betting and iGaming Unique, scaled asset with Step-up in profitability and cashflow in the United Kingdom leading market positions 2 Consist
Slide 28: Q&A
QOXxA
Slide 29: Appendix
4 Appendix
Slide 30: Summary of adjustments to EBITDA
Summary of adjustments to EBITDA Standalone, 100% (€m)1 EBITDA Adjustments Breakdown4 2022 2023 2024 2025 Q1 20262 Q2 2026 2022 2023 2024 2025 Q1 2026 Q2 2026 Intellectual property intra-group transfer - - (20) - - - Operating EBITDA Casino Linz insurance gain/restructuring costs - - - 6 - - Argenti
Slide 31: Allwyn's four businesses – our segmental reporting framework
Allwyn’s four businesses – our segmental reporting framework Continental Europe North America #1 positions in Europe across Lottery Sports #1 position in Daily Fantasy Lottery lottery, iGaming and sports betting Sports1, leading e-Instants betting content provider and manager of one of the best-perf
Slide 32: Appendix – additional information for debt investors
Appendix – additional 4 information for debt investors
Slide 33: Key financing transactions
Key financing transactions Key financing transactions in Q2 2026 • In April, drew €470m under €500m delayed drawdown term loan and USD 94m under USD 184m accordion facility – Proceeds used primarily to fund final payment for LottoItalia licence and payment of earnout amounts relating to acquisition
Slide 34: Key financing transactions – Q2 2026
Key financing transactions – Q2 2026 EUR spreads - reflecting our financial and business performance1 • Strong financial and operational performance reflected in Spread at issuance (%) a sustained reduction in cost of funding 5% — 150-200bps tightening in new issue EUR credit spreads over past five
Slide 35: Key financing transactions – Q2 2026
Key financing transactions – Q2 2026 Changes in indebtedness since Q1 2026 Principal amount as of 31 March 2026 (€m) 7,638 Allwyn EUR 350m revolving credit facility due 2030 - drawings 25 Allwyn EUR 500m delayed drawdown term loan due 2031 - drawings 470 Allwyn USD 184m accordion facility due 2031 -
Slide 36: Diversified capital structure; access to EUR, USD and local markets
Diversified capital structure; access to EUR, USD and local markets Debt overview as of 30 June 2026 Split by fixed / floating Split by currency x LTM Adj. 3% Amount (€m) 13% Consol. EBITDA Consolidated Subsidiary Net Debt / (Cash) (557) Subsidiary Leases 145 37% Corporate Cash (180) 18% Total Conso
Slide 37: Proactive maturity profile management, substantial liquidity
Proactive maturity profile management, substantial liquidity Debt maturity profile as of 30 June 2026 (€m) Available facilities as of 30 June 2026 (€m) Capacity Drawn Undrawn Weighted average life (‘WAL’): 4.7 years Allwyn International 524 Allwyn International RCF 350 25 325 465 1,629 330 Delayed D
Slide 38: Dividends and distributions from key group entities
Dividends and distributions from key group entities Economic Interest at Entity 2021 2022 2023 20241 2025 Q1 2025 Q1 2026 Q2 2026 €m end of Jun-2026 Dividends and cash upstreamed – 100% basis Continental Europe Austrian Lotteries 9.5%2 91 120 114 115 159 159 176 - CASAG (Austria) 59.7% - 45 130 137
Slide 39: 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 and CAPEX, among others. For Net Revenue, Net gaming revenue, Opera
Slide 40: Disclaimer
Disclaimer This presentation was produced by Allwyn AG. This presentation is not to be reproduced or distributed, in whole or in part, by any person other than Allwyn AG. This presentation does not represent an offer for, or constitute or form part of, and should not be construed as, an advertisemen
Slide 41: Disclaimer
Disclaimer Except as required by applicable law or regulation (including the rules of the Euronext Athens) 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
Slide 42: 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