Allwyn Ag · ATHEX:ALWN
Allwyn — Q1 2026 Earnings Presentation
45 slides from Allwyn's earnings presentation, Jun 4, 2026
Slide 1: Allwyn AG Q1 2026 Results
Allwyn AG Q1 2026 Results 4 June 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 key takeaways 3
Slide 4: Business and strategic update
Business and 1 strategic update
Slide 5: A strong start to 2026 with financial and strategic momentum
A strong start to 2026 with financial and strategic momentum Q1 2026 financial and strategic highlights1 Strong growth Strong profitability Strong cash generation Capital returns to shareholders €0.80 / share paid May +21% +24% +30% €150m (€0.19 / share) buyback announced today Net Revenue Adjusted
Slide 6: Strong momentum in strategic execution continued in Q1
Strong momentum in strategic execution continued in Q1 Tangible outcomes from strategic delivery in Q1 and over time Accelerate Selective Deliver Prioritise organic growth inorganic growth operational responsible efficiency gaming and CSR 23% Continental Europe Acquired 37% EBITDA margin1 An
Slide 7: Consistent execution across strategic pillars in Q1
Consistent execution across strategic pillars in Q1 Key initiatives delivered in Q1 by geography and strategic pillar Continental Europe North America Accelerate organic Online GGR +23% YoY Selective inorganic • Completed strategic acquisition of growth growth majority stake in PrizePicks, lead
Slide 8: Roll out of global brand - driving visibility, growth and efficiencies
Leverage technology, Roll out of global brand - driving visibility, growth and efficiencies content, and brand Continental Europe spotlight: rebranding to Allwyn across several markets in Q1 We launched Allwyn as a consumer-facing brand in Cyprus, Czech Republic and Greece Successful go-live in Ja
Slide 9: PrizePicks - a leading, high-growth platform in the U.S
Selective inorganic PrizePicks - a leading, high-growth platform in the U.S growth North America spotlight: execution of our inorganic growth strategy in Q1 Acquisition completed January 2026, bringing highly complementary capabilities in fast-growing, opportunity-rich markets Acquisition of • Ini
Slide 10: Predictions markets are a major opportunity for PrizePicks
Leverage technology, Predictions markets are a major opportunity for PrizePicks content, and brand Prediction markets and PrizePicks’ strong positioning to unlock growth Prediction markets are substantially TAM incremental for PrizePicks… Recent Product Developments Ability to pick teams has consist
Slide 11: Landmark product launches post completion of tech transformation
Accelerate organic growth Landmark product launches post completion of tech transformation United Kingdom spotlight: a triple inflection point for cash flow and growth Launching Powerball the world’s biggest jackpot game Technology transformation Revitalisating domestic completed in Q1 – Launches Su
Slide 12: Contributing to our communities in Q1
Prioritise responsible Contributing to our communities in Q1 gaming and CSR Examples of our commitment to corporate social responsibility Community Community Sport Allwyn Hellas launched the Allwyn Care La Tablée des Chefs, which addresses Allwyn supported the 2026 Winter program, a new long-term in
Slide 13: Allwyn is a unique business – scale, diversification and leading market positions
Allwyn is a unique business – scale, diversification and leading market 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 as
Slide 14: 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 15: Financial update
2 Financial update Download the Allwyn financial databook at allwyn.com/investors-results Allwyn was formed from the combination of Allwyn International AG and OPAP S.A. Unless otherwise indicated, the financial information in this presentation is presented on a look-through, non-IFRS basis to show
Slide 16: A strong start to 2026
A strong start to 2026 Q1 financial highlights • Net Revenue +21% YoY Consolidated P&L (€m) — 5% underlying growth before impact from higher gaming tax rates in Austria and Q1’25 Q1’26 ∆ vs. Q1’25 acquisition of PrizePicks Total Revenue 2,208 2,393 +8% — Digital channel a key driver; double-digit un
Slide 17: Underlying Adjusted EBITDA +11%, enhanced by PrizePicks acquisition
Underlying Adjusted EBITDA +11%, enhanced by PrizePicks acquisition Q1 2026 Adjusted EBITDA waterfall 500 PrizePicks Adjusted EBITDA consolidated from growth of 6% excluding PrizePicks 16 Jan‘26 450 443 Record jackpots in EuroMillions and Underlying Adjusted EBITDA Tzoker in growth of 11%1 comparati
Slide 18: 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 19: Q1 performance by segment and product
Q1 performance by segment and product Summary of consolidated Net Revenue and Adjusted EBITDA performance Net Revenue Consolidated Adjusted EBITDA 1 €m Q1’25 Q1’26 cFX %∆ %∆ Q1’25 Q1’26 %∆ 2 Continental Europe 719 754 +5% 317 325 +3% North America 60 239 n/m 12 75 n/m United Kingdom 218 224 +7% +3%
Slide 20: Highly diversified by geography, product, channel and licence type
Highly diversified by geography, product, channel and licence type LTM Q1 2026 revenue mix Geographic split Product split Channel split Licence exclusivity split LTM Q1 2026 pro forma LTM Q1 2026 pro forma LTM Q1 2026 pro forma LTM Q1 2026 pro forma Net Revenue (%)1 NGR (%)1 NGR (%)1 NGR (%)1 12% 17
Slide 21: Strong start to the year in Continental Europe
Strong start to the year in Continental Europe Q1 financial highlights – Continental Europe • Net Revenue growth +5% YoY Net Revenue — Strong underlying growth of 7% YoY before €m +5% impact of higher gaming tax rates in Austria 754 796 811 719 701 690 729 — Strong momentum in iGaming (+29% YoY) and
Slide 22: Positive momentum in North America despite customer-friendly results
Positive momentum in North America despite customer-friendly results Q1 financial highlights – North America (pro forma 100% basis1) • cFX Net Revenue growth of 5% YoY on a comparable Net Revenue (pro forma 100% basis1) basis (including PrizePicks in the comparative period) €m cFX +5% — Part-driven
Slide 23: Completion of tech transformation and inflection in cash flow generation
Completion of tech transformation and inflection in cash flow generation Q1 financial highlights – United Kingdom • Net Revenue growth +7% YoY cFX Net Revenue — cFX GGR -4% YoY: strong comparative (record €m cFX +7% EuroMillions jackpot), short-term effects related to +3% digital channel re-platform
Slide 24: A very strong start to the year for Betano
A very strong start to the year for Betano Q1 financial highlights – Betano • Total Revenue growth +27% YoY Total Revenue (100% basis1) — 31% Total Revenue growth on a cFX basis €m cFX +31% — Strong growth following customer-friendly sports +27% results impacting growth rate in second half of 788 77
Slide 25: Cash generation supported by low capital intensity
Q1 financial highlights – cash generation supported by low capital intensity • CAPEX stepping down as UK transformation completed Capex — Ongoing capex requirement remains low €m 5.9% — Low % of Net Revenue excluding UK 4.8% 4.3% Capex excl. UK 3.0% % of Net Revenue • Significant reduction in EBITDA
Slide 26: Debt maturity profile and split by instrument
Debt maturity profile and split by instrument 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 31 March 2026 Instrument split as of 31 March 2026 Weighted averag
Slide 27: Extending our commitment to shareholder returns
Extending our commitment to shareholder returns Our capital allocation policy focuses on a combination of value-accretive growth investment and capital returns €1.00 / share minimum dividend Distributions and buybacks • €0.80 per share distribution paid 4 May — 25% uptake of scrip option by free flo
Slide 28: Update on current trading and key takeaways
Update on current 3 trading and key takeaways 28
Slide 29: 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 is in line with our expectations overall • Our Group outlook for 2026 is unchanged: – Consolidated Net Revenue growth of mid-to-high 20%s before
Slide 30: Q1 in context: ~3X growth in key financial metrics over past six years
Q1 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) +22% CAGR +20% CAGR +19% CAGR 5,012 1,907 1,639 1,583 1,383 4,112 1,527 1,329 3,944 1,485 1,27
Slide 31: Key takeaways
Key takeaways 1 Q1 was a landmark quarter for Allwyn, with delivery across all elements of our strategy and major milestones in several geographies: Strong performance in Continental Europe, including start of implementation of global brand strategy UK tech transformation completed, enabling tri
Slide 32: Q&A
Q&A 32
Slide 33: Appendix
4 Appendix 33
Slide 34: Summary of adjustments to EBITDA
Summary of adjustments to EBITDA Standalone, 100% (€m)1 EBITDA Adjustments Breakdown4 Operating EBITDA 2021 2022 2023 2024 2025 Q1 20262 2021 2022 2023 2024 2025 Q1 20262 Intellectual property intra-group transfer - - - (20) - - Continental Europe 967 1,176 1,207 1,313 1,285 318 2 Casino Linz insura
Slide 35: Appendix – additional information for debt investors
Appendix – additional 4 information for debt investors 35
Slide 36: Key financing transactions – Q1 2026
Key financing transactions – Q1 2026 EUR spreads - reflecting our financial and business performance1 • In January, drew USD1,554m under previously Spread at issuance (%) arranged facilities to finance the acquisition of PrizePicks and pay related fees and expenses 5.0% • In February, issued €550m o
Slide 37: Key financing transactions – post quarter-end
Key financing transactions – post quarter-end • On 30 March 2026, the Board of Directors approved a special distribution of €0.80 per share, with a reinvestment option (“Scrip Option”) — 25% of the free float and 5% of the Company’s total outstanding share capital elected for the Scrip Option — On M
Slide 38: Key financing transactions – Q1 2026
Key financing transactions – Q1 2026 Changes in indebtedness since Q4 2025 Principal amount as of 31 December 2025 (€m) 5,664 Allwyn USD 184m accordion facility due 2031 - drawings 46 Allwyn EUR 550m 4.625% SSN due 2031 - drawings 550 Allwyn EUR 925m E+ 3.0% TLB due 2032 - drawings 100 Allwyn USD 1,
Slide 39: 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. 3% Amount (€m) 14% Consol. EBITDA Consolidated Subsidiary Net Debt / (Cash) (635) Subsidiary Leases 148 Corporate Cash (786) 40% 60% 19% Total
Slide 40: Proactive maturity profile management, ample liquidity
Proactive maturity profile management, ample liquidity Debt maturity profile as of 31 March 20261 (€m) Available facilities as of 31 March 2026 (€m) Capacity Drawn Undrawn Weighted average life (‘WAL’): 4.9 years Allwyn International 519 Allwyn International RCF 350 0 350 460 330 Delayed Drawdown Te
Slide 41: 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 €m end of Mar-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% - 45 130 137 149 149 16
Slide 42: 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 43: 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 44: 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 45: 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