Allwyn Ag · ATHEX:ALWN
Allwyn — Debt Investor Presentation (October 2025)
13 slides from Allwyn's debt investor presentation, Oct 27, 2025
Slide 1: PrizePicks acquisition Supplementary slides
PrizePicks acquisition Supplementary slides 27 October 2025 These slides were published concurrent with the launch of an offering of a Term Loan B For further information on our company, please visit our website: allwyn.com 1
Slide 2: PrizePicks acquisition transaction summary
PrizePicks acquisition transaction summary Acquisition of U.S. market leader in daily fantasy sports • Expected initial cash consideration of c.USD1.6bn for interest of c.62.3% • Co-founders Adam Wexler and Jay Deuskar, as well as the management team, are retaining the majority of their existing own
Slide 3: What is daily fantasy sports (DFS)?
What is daily fantasy sports (DFS)? PrizePicks’ simplified and differentiated game format has reimagined DFS DFSemerged DFS emergedin inthe theU.S. U.S.after afterlegal legalshifts shiftsin online gambling How to play • UIGEA1 (2006) banned online gambling transactions in the U.S., but specifically
Slide 4: PrizePicks at a glance – the category-leading DFS platform in the U.S.
PrizePicks at a glance – the category-leading DFS platform in the U.S. . . . PrizePicks has firmly established itself as the leading DFS operator in the U.S. #1 operator within the DFS market, where PrizePicks pioneered PrizePicks has cultivated an engaged online community larger the DFS+ format and
Slide 5: Engaging product driven by in-house technology
. . . with engaging product driven by in-house technology Easy-to-use and engaging product with strong product innovation driving engagement Simple, easy-to-use, gamified design Powered by proprietary technology – Leverages in-house technology capabilities to drive innovation, compliance and peer-to
Slide 6: Regulatory framework of DFS
Regulatory framework of DFS Federal and state regulatory framework1 • Federal ‘safe harbor’ provision under UIGEA2 (2006): defines skill-based fantasy sports as distinct from sports betting • State law perspectives differ between states; with two key variants: – Statutory: DFS operators hold licence
Slide 7: Strong financial profile
Strong financial profile Track record of strong growth and cash conversion Net Revenue (USDm) Adjusted EBITDA (USDm)1 Adjusted FCF (Adjusted EBITDA – CAPEX) 20% 31% 39% 94% 91% 92% CAGR: +127% CAGR: CAGR: +150% +145% 863 311 704 339 202 221 421 86 81 111 - n.a. (17) 2 2022 2023 2024 LTM H1'25 2022 2
Slide 8: PrizePicks acquisition enhances Allwyn's credit profile
PrizePicks acquisition enhances Allwyn’s credit profile Strong strategic alignment and cash generative profile supports deleveraging 1 Solidifies Allwyn’s presence in the large U.S. market, building on Illinois Lottery operations, and positioning U.S. market penetration Allwyn for long-term value cr
Slide 9: Acquisition increases Allwyn's scale, diversification, online presence and growth
PrizePicks acquisition further increases Allwyn’s scale, diversification, online presence and growth Diversification Product Growth YoY (LTM H1’25)4 Allwyn PF for Allwyn Today PrizePicks +>60% LTM EBITDA €1,576m €1,865m Geographic split 5% 17% (PF LTM H1’25)1,2 +14% +13% Product split +10% 0% DFS 14
Slide 10: Appendix
Appendix A 10
Slide 11: DFS is a rapidly growing market in the U.S. with evolving regulatory framework
DFS is a rapidly growing market in the U.S. with a well-established but evolving regulatory framework U.S. regulatory framework Regulatory Commentary framework • At a federal level, there is an exemption for fantasy sports contests where certain criteria are met: “Safe Harbor” provision from UIGEA 2
Slide 12: PrizePicks historical financials
PrizePicks historical financials P&L (USDm) 2023A 2024A LTM H1’25 Revenue from gaming activities (GGR) 436 727 892 Gaming taxes (16) (23) (29) Net Revenue 421 704 863 Marketing expenses (177) (271) (287) Operating expenses1 (162) (214) (245) Operating EBITDA 81 219 331 Reported EBITDA margin %2 19.3
Slide 13: 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