Allwyn Ag · ATHEX:ALWN
Allwyn — Investor Presentation (September 2026)
51 slides from Allwyn's investor presentation, September 2026
Slide 1: Allwyn AG Investor Presentation
Allwyn AG Investor Presentation September 2026 For further information on our company, please visit our website: www.allwyn.com
Slide 2: Allwyn at a glance
Allwyn 1 at a glance
Slide 3: Leading multi-national lottery and gaming operator with a strong financial profile
Leading multi-national lottery and gaming operator with a strong financial profile Allwyn 1 Betano ✓ #1 operator in 7 lottery markets1 and leading positions in multiple markets in sports betting, iGaming and daily fantasy sports (DFS) ✓ Highly diversified by geography, product and channel ✓ €1.9bn A
Slide 4: Our track record - from single market to diversified global operator
Our track record - from single market to diversified global operator and almost €2bn pro forma Adjusted EBITDA1 ✓ Track record of entering new markets and consolidating existing positions ✓ Also focused on expanding tech and content in recent years 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2
Slide 5: Our proven strategy has consistently delivered
Our proven strategy has consistently delivered Highly effective and adapted to industry dynamics Accelerate Selective Deliver operational Commitment to organic growth inorganic growth efficiency responsible gaming and CSR • Continuous innovation of product • Targeted bolt - ons and strategic • Focus
Slide 6: Our track record - strong growth, profitability and cash conversion
Our track record - strong growth, profitability and cash conversion Net Revenue, Adjusted EBITDA and Adjusted EBITDA – CAPEX are close to 3X since 2019 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 1,4
Slide 7: A unique business – scale, diversification and leading positions
A unique business – scale, diversification and leading positions across products and geographies… Several of the most exciting assets in gaming: Unique multi-national lottery portfolio and Complementary, market-leading synergistic sports betting and iGaming operations high-growth assets PrizePicks:
Slide 8: A highly differentiated platform, driving an attractive investment proposition
… and a highly differentiated platform, driving an attractive investment proposition combining growth and shareholder distributions What sets us apart Why invest? ✓ Leader in lottery ✓ Leading positions in sports betting, iGaming and casual gaming Unique, scaled asset with leading market positions ✓
Slide 9: Our track record – growth, scale and cash returns for our shareholders
Our track record – growth, scale and cash returns for our shareholders Benchmarking Adjusted EBITDA, EBITDA growth and shareholder distributions 60% Size of circle indicates 2025 Adjusted EBITDA Based on Allwyn 2026 guidance, announced dividends and buyback 5 2019 - 25 2019 - 26e 40% Cash distributi
Slide 10: Allwyn has multiple organic and inorganic growth levers
Allwyn has multiple organic and inorganic growth levers Enhanced growth profile, substantially higher than OPAP standalone Key medium-term earnings growth drivers Further Medium - term inorganic growth Allwyn growth Betano PrizePicks North America North America (IWG) (lottery) Rest of UK Continental
Slide 11: Allwyn investment highlights
Allwyn 2 investment highlights
Slide 12: Key investment highlights
Key investment highlights #1 positions across multiple lottery markets and adjacent products (sports betting, iGaming), complemented Leading market positions by leadership in U.S. daily fantasy sports and further online sports betting and iGaming markets via Betano Highly diversified Broad geographi
Slide 13: Allwyn has leading positions across multiple products and geographies
Leading market positions Allwyn has leading positions across multiple products and geographies Several of the most exciting assets in gaming: Unique multi-national lottery portfolio and Complementary, market-leading synergistic sports betting and iGaming operations high-growth assets PrizePicks: #1
Slide 14: Highly diversified by geography, product, channel and licence type
Highly diversified Highly diversified by geography, product, channel and licence type LTM Q2 2026 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 (
Slide 15: Allwyn's scale, multi-national expertise and proven track record are clear competitive advantages
Clear competitive advantages Allwyn’s scale, multi-national expertise and proven track record are clear competitive advantages in lottery Lottery ecosystem Unmatched local and multi - jurisdictional operational expertise in physical retail and online channels • Strong product innovation credential
Slide 16: In-house proprietary technology and content, being rolled out progressively
Clear competitive advantages In-house proprietary technology and content, being rolled out progressively Enhancing product innovation, differentiation and time to market Leverage technology and content Simplified representation of our technology stack Current status across strategic priorities Own
Slide 17: Our one brand initiative maximises visibility and marketing efficiency
Clear competitive advantages Our one brand initiative maximises visibility and marketing efficiency Building on the strength of existing national and product brands Single brand has been a key driver Delivering our global brand strategy Strategy in action of Betano’s best-in-class growth Transform g
Slide 18: Multiple growth levers and track record of organic and inorganic growth
Multiple growth levers Multiple growth levers and track record of organic and inorganic growth Performance since acquisition - compounded top - line growth and cost efficiency drive EBITDA growth Czech Republic Stoiximan Instant Win Gaming Betano4 CAGR: CAGR: CAGR: +41% +13% +22% +83% 520 24 2,445 5
Slide 19: 3 key pillars of our organic growth strategy
Multiple growth levers 3 key pillars of our organic growth strategy Consistent delivery of a proven strategy Accelerate organic growth driven by customer focus Continuous innovation Digitalise and Digitalise and Drive digital growth and leveraging our of product deanonymise retail deanonymise retail
Slide 20: Strong digital growth combined with resilient retail channel
Multiple growth levers Strong digital growth combined with resilient retail channel Austria1 Czech Republic Greece & Cyprus2 United Kingdom3 GGR (€m) GGR (€m) GGR (€m) GGR (£m) Online share: 38% in 2025 Online share: 46% in 2025 Online share: 31% in 2025 Online share: 53% in 2025 +19% vs 2019 +27% v
Slide 21: 3 key pillars of our inorganic growth strategy
Multiple growth levers 3 key pillars of our inorganic growth strategy Focused on returns and fit with our portfolio Strategic bolt-ons in Enter new markets Increase ownership Investment priorities for via tenders and interest in existing products, technologies selective inorganic growth privatisatio
Slide 22: Our inorganic growth strategy is highly targeted
Multiple growth levers Our inorganic growth strategy is highly targeted, focused on lottery, complementary products, technology and content New high - growth verticals; new geographies and expanding tech and content capabilities Complementary, high - growth Priority Technology Lottery casual gaming,
Slide 23: Our inorganic growth strategy in practice
Multiple growth levers Our inorganic growth strategy in practice High quality businesses on a standalone basis, synergies with existing portfolio Initial Investment Year Description Transaction rationale consideration ✓ Enter new exciting product vertical, optionality from player base and brand • #1
Slide 24: Highly attractive financial characteristics
Strong financial profile Highly attractive financial characteristics Strong growth track record 19% CAGR in Adjusted EBITDA from 2019 to LTM Q2 2026 pro forma 1 High profitability 37% Adjusted EBITDA margin 2 Favourable cost structure ~90% of cost base is variable / discretionary 3 High cash flow ge
Slide 25: Strong commitment to responsible gaming as a prerequisite for growth
Stakeholder relationships Strong commitment to responsible gaming as a prerequisite for growth and sustainability Key focus for New licences / opportunities Other key stakeholders governments / regulators • Importance of responsible gaming • Increasing focus on ESG in tenders • Focus on problematic
Slide 26: Experienced management team and Board
Best-in-class management Experienced management team and Board with 50% independent representation1 Robert Chvatal Jan Sterba Jonathan Handyside Kenneth Morton Kresimir Spajic • Since 2013 • Since 2020 • Since 2022 • Since 2019 • Since 2025 Management CEO CMO Group General Counsel CFO CEO, Allwyn Di
Slide 27: Visionary, entrepreneurial founder and long-term shareholder
Best-in-class management Visionary, entrepreneurial founder and long-term shareholder “Allwyn’s vision is clear: to be the leading global gaming entertainment company. That means setting the pace in an industry that’s changing faster than ever. We’re building scale, investing in • International inve
Slide 28: Allwyn businesses
Allwyn 3 businesses
Slide 29: Allwyn reports performance across four businesses
Allwyn reports performance across four businesses Reflecting our three primary geographic regions, in addition to our interest in Betano Continental Europe 1 North America #1 positions in Europe across Lottery Sports #1 position in Daily Fantasy Lottery lottery, iGaming and sports betting Sports 2,
Slide 30: Continental Europe
Continental Europe Leadership positions across lottery, sports betting and gaming 1 Business overview 20% Product Split2 VLTs and Casinos €3.0bn 39% • Operation of national lotteries, predominantly LTM H1 2026 Lottery under exclusive licences, across diversified Net Revenue geographic footprint 20%
Slide 31: North America
North America Leadership positions in high - growth daily fantasy sports, e - Instants and U.S. private lottery Business overview Product Split1 22% Lottery €1.1bn LTM H1 2026 pro forma Net Revenue • Acquired PrizePicks, leader in high - growth U.S. Daily Fantasy Sports, with national reach and in -
Slide 32: North America: PrizePicks - a leading, high-growth platform in the U.S
North America: PrizePicks - a leading, high-growth platform in the U.S The category leader in DFS+. Acquisition completed January 2026 ✓ Acquisition completed January 2026, bringing highly complementary capabilities in fast - growing, opportunity - rich markets Acquisition of • Initial cash consider
Slide 33: North America: Predictions markets
North America: Predictions markets Prediction markets are a major opportunity and PrizePicks has a strong position to unlock growth Prediction markets significantly expand PrizePicks’ TAM Recent product developments + Highly incremental Ability to pick teams consistently #1 request from PrizePicks’
Slide 34: United Kingdom
United Kingdom Exclusive licence to operate the UK National Lottery Business overview Product Split1 €1.0bn • National Lottery operator since 2023, with a new economic model (profit share) from February LTM H1 2026 Net Revenue 2024 • Executing plans to transform the business and to grow revenue and
Slide 35: Betano
Betano One of the largest and fastest growing iGaming and sports - betting operators globally Business overview Channel Split1 €3.2bn • Market leadership positions in multiple regulated LTM H1 2026 Total Revenue and high - growth markets • Highly differentiated platform 100% 51% • Single scalable pr
Slide 36: Allwyn Financial profile
Allwyn 4 Financial profile
Slide 37: A long-term track record of growth, profitability and cash conversion
A long-term track record of growth, profitability and cash conversion Net Revenue, Adjusted EBITDA and Adjusted EBITDA – CAPEX are close to 3X since 2019 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
Slide 38: Strong cash generation provides strategic and financial flexibility
Strong cash generation provides strategic and financial flexibility Significant investments in accretive M&A and substantial dividends and rapid deleveraging, without any external equity financing Investment in M&A ( €m) 1 Distributions ( €m) Net Debt / Adjusted EBITDA ~€4bn cumulative investment ~€
Slide 39: Highly flexible cost base with majority of expenses linked to revenue
Highly flexible cost base with majority of expenses linked to revenue ~90% of operating expenses linked to revenue / discretionary in short to medium term, low capital intensity Split of operating expenses1 (LTM H1’26 pro forma2) 11% Gaming taxes • Substantial portion of cost base is variable Agents
Slide 40: Proactive maturity profile management, substantial liquidity
Proactive maturity profile management, substantial liquidity Long - dated and staggered maturity profile, diversified funding base allows optimisation of funding costs. Consistently operated with moderate level of leverage Debt maturity profile as of 30 June 2026 (€m) Available facilities as of 30 J
Slide 41: Capital allocation focused on value-accretive investment and capital returns
Capital allocation focused on value-accretive investment and capital returns Dividend €1.00 Leverage ~2.5x policy Annual minimum target Net Debt / dividend per share Adjusted EBITDA Capital allocation €1.00 minimum dividend per share Selective inorganic growth Special dividends / buybacks • €0.80 /
Slide 42: Business and strategic update
Business and 5 strategic update
Slide 43: Strong strategic momentum continuing in 2026
Strong strategic momentum continuing in 2026 Inorganic Organic Strategic Priorities 1 PrizePicks 3 UK tech 4 New lottery 6 One brand acquisition transformation product launches initiative Enhanced Lotto Started rebranding and new Powerball UK National Lottery of operations in Acquired 62.3% games in
Slide 44: Summary
6 Summary
Slide 45: Key takeaways – what sets Allwyn apart
Key takeaways – what sets Allwyn apart Our platform is highly differentiated across multiple parameters and positioned for success • Differentiated positioning as B2C - focused multi - national operator in a highly attractive ✓ Leader in lottery product Leading positions in sports betting, ✓ iGaming
Slide 46: Appendix
7 Appendix
Slide 47: B2C model places Allwyn at the heart of lottery ecosystem
B2C model places Allwyn at the heart of lottery ecosystem, supporting our success in adjacent products Government entities KEY = Allwyn National or local government, regulatory and / or fiscal bodies Licences and regulation Technology and content suppliers Lottery Consumers • Game portfolio and prod
Slide 48: Licence and History
Long licences, mostly without upfront payments Other than the recently renewed Italian concession and OPAP’s licences, none of Allwyn’s licences have material upfront payments Greece State of Illinois, Austria Czech Republic Italy United Kingdom and Cyprus U.S. Start of operations 1986 1956 1958 199
Slide 49: Total cash distributions averaged >€700m pa 2023-2025
Total cash distributions averaged >€700m pa 2023-2025 Capital allocation focused on combination of value - accretive growth investment and capital returns €4.5bn cumulative distributions 2019 – 2026 YTD1 €0.92 €0.28 /share /share 878 886 1 Remaining SBB 119 721 €0.20 interim 703 672 distribution 31
Slide 50: 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 51: 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