Allwyn Ag · ATHEX:ALWN
Allwyn — Merger or Acquisition (November 2025)
102 slides from Allwyn's merger presentation, Nov 28, 2025
Slide 1: Capital Markets Update: A leading global lottery and gaming operator
Combination of Capital Markets Update: OPAP and Allwyn A leading global lottery 28 November 2025 and gaming operator For more information please visit opap.gr and allwyn.com
Slide 2: Disclaimer
Disclaimer The following disclaimer applies to this presentation and the information provided therein, which has been prepared by Allwyn International AG (“AIAG” and, together with its subsidiaries and equity method investees, “Allwyn”) and OPAP S.A. (“OPAP” and, together with its subsidiaries, the
Slide 3: Today's presenters
Today’s presenters Robert Chvatal Kenneth Morton Katarina Kohlmayer Jan Karas Pavel Mucha Chief Executive Officer Chief Financial Officer Board Member Chairman and Chief Chief Financial Officer (Allwyn and OPAP) Executive Officer • CEO since 2021, previously • CFO since 2020 • Board member of OPAP,
Slide 4: Introduction by Karel Komarek
Introduction by Karel Komarek Visionary and entrepreneurial founder of Allwyn, who will continue to be the controlling shareholder and Chair of Board “Allwyn’s vision is clear: to be the leading global gaming entertainment company. That means setting the pace Karel Komarek in an industry that’s chan
Slide 5: Agenda
1 Allwyn and OPAP: Unlocking long-term value for OPAP shareholders 2 Allwyn at a glance 3 Allwyn platform and proven strategy 4 Organic growth across Allwyn 5 Additional financial information 6 Closing remarks A Appendix 5
Slide 6: Allwyn and OPAP: Unlocking long-term value for OPAP shareholders
Allwyn and OPAP: 1 Unlocking long-term value for OPAP shareholders 6
Slide 7: The lottery and gaming industries are transforming
The lottery and gaming industries are transforming Exciting opportunities for companies positioned for success, challenges for legacy models Customers demand more as pace of change accelerates… • Expectations constantly increasing, shaped by best-in-class entertainment offerings such as streaming, a
Slide 8: Transaction rationale for OPAP shareholders
Transaction rationale for OPAP shareholders → Step-change across key strategic and financial characteristics Positions OPAP public shareholders to benefit from industry trends and mitigates risks Scale Adjusted EBITDA(1,4) (Pro forma LTM H1-25) €0.9bn > €1.9bn Growth Adjusted EBITDA CAGR(2,4) (Pro f
Slide 9: Transaction rationale for KKCG and Allwyn
Transaction rationale for KKCG and Allwyn → Next step in the journey to become the leading global gaming entertainment company Next step in Allwyn’s • Becoming a publicly listed company is the natural next milestone in Allwyn’s journey — unlocking access to 1 evolution equity capital markets for fut
Slide 10: Creating the second largest listed lottery and gaming operator globally
Creating the second largest listed lottery and gaming operator globally(1) Greater scale provides leverage to seize opportunities in a changing industry LTM Jun-25 Adjusted EBITDA(2) (€m) Customers demand more as pace of Pro forma for PrizePicks and change accelerates… Novibet(3) 2,283 1,902 …Propri
Slide 11: Enhanced growth profile, substantially higher than OPAP standalone
Enhanced growth profile, substantially higher than OPAP standalone Allwyn has multiple organic and inorganic growth levers 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 E
Slide 12: Combined company highly diversified geographically and by product
Combined company will be highly diversified geographically and by product Drives increased strategic optionality and diversifies risk; balanced exclusive / non-exclusive exposure Geographic split Product split Exclusive / non-exclusive revenue split Pro Forma LTM H1-25 Net Revenue (%)(1,3) Pro Forma
Slide 13: Allwyn at a glance
2 Allwyn at a glance 13
Slide 14: Allwyn at a glance
Allwyn at a glance A leading multi-national lottery and gaming operator #1 lottery operator in 7 markets and leading positions in ✓ multiple markets with iGaming and sports-betting products(1,2) ✓ €1.9bn pro forma Adjusted EBITDA(2) 37% pro forma Adjusted EBITDA margin(2) ✓ (% of pro forma Net Reven
Slide 15: From legacy single-market operator to diversified multi-national operator
From legacy single-market operator to diversified multi-national operator and almost €2bn pro forma Adjusted EBITDA ✓ 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 20
Slide 16: Allwyn is a unique business
Allwyn is a unique business Several of the most exciting assets in gaming: (1) Unique multi-national lottery portfolio and synergistic Complementary, market-leading sports betting and iGaming operations high-growth assets PrizePicks: #1 in high-growth U.S. daily fantasy ✓ sports segment; prediction
Slide 17: Strong track record of growth, profitability and cash conversion
Strong track record of growth, profitability and cash conversion Net Revenue, Adjusted EBITDA and Adjusted EBITDA – Capex have all more than doubled since 2019 Net Revenue (€m) Adjusted EBITDA (€m) Adjusted EBITDA – Capex (€m) +21% +19% CAGR(1) CAGR(1) (2) Reduction reflects peak in capex in UK Pro
Slide 18: Strong cash flow generation provides strategic and financial flexibility
Strong cash flow generation provides strategic and financial flexibility …and has allowed 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 €2.5bn cu
Slide 19: Allwyn platform and proven strategy
3 Allwyn platform and proven strategy 19
Slide 20: The Allwyn platform: what sets it apart
The Allwyn platform: what sets it apart… Our platform is highly differentiated across multiple parameters and positions us for success 1 Leader in lottery • Differentiated positioning as B2C-focused multinational operator in a highly attractive product Expertise in iGaming, sports betting and 2 casu
Slide 21: A proven strategy that has consistently delivered strong growth
A proven strategy that has consistently delivered strong growth Highly effective and adapted to industry dynamics Accelerate Selective Deliver operational Prioritise responsible organic growth inorganic growth efficiency gaming and CSR • Drive digital growth through • Targeted bolt-ons and strategic
Slide 22: Our track record - growth, scale, and cash returns
Our track record - growth, scale, and cash returns for our shareholders Our platform and strategy have allowed us to deliver best-in-class financial performance across key metrics 60% Size of circle indicates LTM H1-25 Adjusted EBITDA Combined company Cash distributions 40% Dividends/ EBITDA (FY2019
Slide 23: Our track record - balanced organic and inorganic growth
Accelerate Selective organic inorganic Our track record - balanced organic and inorganic growth growth growth Our growth has been driven by consistent delivery on our organic and inorganic growth strategies Adjusted EBITDA pro rata to economic interests(1) in our operating businesses (€m) Please ref
Slide 24: Our track record - successful acquisitions and organic growth
Accelerate Selective organic inorganic Our track record - successful acquisitions and organic growth growth growth Performance since acquisition - compounded top-line growth and cost efficiency drive EBITDA growth Czech Instant Win Stoiximan Betano(3) Republic Gaming CAGR: CAGR: +41% CAGR: +13% +22%
Slide 25: Case study: value creation for OPAP shareholders since 2013
Accelerate Selective organic inorganic Case study: material value creation for OPAP shareholders growth growth since KKCG/Allwyn’s initial investment in 2013 OPAP total shareholder return(1) OPAP EBITDA (€m) Excluding certain minor non-gaming activities(2) With Allwyn’s support, OPAP has 600% + 560%
Slide 26: 3 key pillars of our organic growth strategy
Accelerate 3 key pillars of our organic growth strategy organic growth Consistent delivery of a proven strategy Accelerate organic growth Constant innovation Digitalise and Digitalise and driven by customer focus and Drive digital growth of product deanonymise retail deanonymise retail leveraging ou
Slide 27: 3 key pillars of our inorganic growth strategy
Selective 3 key pillars of our inorganic growth strategy inorganic growth Focused on returns and fit with our portfolio Strategic bolt-ons in Enter new markets Increase ownership Investment priorities for products, technologies and via tenders and interest in existing selective inorganic growth cont
Slide 28: Our inorganic growth strategy is highly targeted
Selective Our inorganic growth strategy is highly targeted, focusing on inorganic growth lottery, complementary products, technology and content New high-growth verticals; new geographies in existing verticals; expanding tech and content capabilities Complementary, high-growth casual Technology Prio
Slide 29: Our inorganic growth strategy in practice
Selective Our inorganic growth strategy in practice inorganic growth High quality businesses on a standalone basis, synergies with existing portfolio Initial Investment Year Description Transaction rationale consideration (1) ✓ Enter new exciting product vertical • #1 operator in high-growth DFS+ ma
Slide 30: Proprietary tech and content capabilities as an enabler of growth
Leverage technology, Proprietary tech and content capabilities as an enabler of growth content, and brand across strategic priorities Proprietary Content technology AI • Progressive rollout of proprietary tech to • Acceleration of strategic investment in the • Strategic investment in AI to accelerat
Slide 31: Progressive rollout of in-house proprietary tech
Leverage technology, Progressive rollout of in-house proprietary tech content, and brand across strategic priorities Enhanced product innovation, differentiation and time to market Leverage technology and content Simplified representation of our technology stack Current status across strategic prior
Slide 32: Global brand strategy maximises visibility & marketing effectiveness
Leverage technology, Global brand strategy maximises visibility & marketing content, and brand across strategic priorities effectiveness One brand Globalization of Allwyn as Single brand has been a key driver of consumer-facing brand Betano’s best in class growth Transform global visibility and • Si
Slide 33: Rebranding will build on our heritage of trusted local brands
Leverage technology, Rebranding will build on our heritage of trusted local brands content, and brand across strategic priorities while leveraging assets across markets 33
Slide 34: Strong commitment to responsible gaming
Prioritise responsible Strong commitment to responsible gaming as a prerequisite gaming and CSR for growth and sustainability Key focus for New licences / opportunities Other key stakeholders governments / regulators • Importance of responsible gaming to • Increasing focus on ESG in tenders • Focus
Slide 35: We strive to do what is right and give back to our communities
Prioritise responsible We strive to do what is right and give back to our communities gaming and CSR Healthcare Society Wellbeing Completed the renovation of the country’s F1® Allwyn Global Community Award, created The Wellbeing & Mental Health Support two largest pediatric hospitals. as part of our
Slide 36: Allwyn in five years
Allwyn in five years Cementing our status as a leading global gaming entertainment company #1 market positions across lottery, sports betting, iGaming and casual gaming entertainment #1 trusted partner for governments and regulators to operate B2C lottery Densified portfolio of operations across Eur
Slide 37: Organic growth across Allwyn
4 Organic growth across Allwyn 37
Slide 38: Allwyn's business units
Allwyn’s business units Continental Europe(1) North America (4) (2) (3) #1 positions in Europe across lottery, iGaming and sports betting #1 positions in Daily Fantasy Sports and e-Instants content, operating one of the best-performing US lotteries UK Betano(5) One of the largest and fastest growing
Slide 39: Continental Europe: market leadership positions across lottery, sports betting and gaming
1 Continental Europe Continental Europe: market leadership positions across lottery, sports betting and gaming (1) Channel Split(1,3,4) Business overview ~€3.2bn Online LTM H1-25 Pro Forma 34% • Operation of national lotteries, predominantly under exclusive Net Revenue(1) licences, across diversifie
Slide 40: Diversified geographic footprint with market leadership positions
1 Continental Europe Diversified geographic footprint with market leadership positions and extensive third-party distribution Austria #1 >5,000 Lottery, Onshore iGaming and casino operator POS network Czech #1 >11,000 Republic Numerical and instant lotteries operator POS network Greece and #1 >9,000
Slide 41: Product innovation: continuing to enhance customer proposition
1 Continental Europe Product innovation: continuing to enhance customer proposition Organic growth pillar Key Initiatives 2024: Launch of Eurojackpot in Greece, joining existing 18 countries 2023: Lotto repositioned as annuity game 2023: Launch of EuroDreams, first multi-country annuity game Constan
Slide 42: Digital: realising significant growth opportunity
1 Continental Europe Digital: realising significant growth opportunity Organic growth pillars Key Initiatives Digital initiatives 2024/2025: Launch of in-house live casino studios 2024: New front-end for Lotto syndicate play Drive digital growth 2023: New Opaponline.gr platform; launched KINO and ot
Slide 43: Significant headroom for growth
1 Continental Europe Significant headroom for growth Allwyn’s other markets are less penetrated than Greece and Cyprus 2025E Total GGR as a % of GDP 2025E Betting GGR as a % of GDP 1.4% 0.4% 1.0% 0.9% 0.2% 0.6% 0.6% 0.6% 0.2% 0.1% 0.1% 0.1% Greece & Italy Czech United US Austria Greece & Czech Italy
Slide 44: GGR by channel
1 Continental Europe GGR by channel Strong online growth is the key growth driver Total GGR (€m) Online channel (%) 14% 31% 34% CAGR: +5.8% 3,835 3,504 2,896 1,290 CAGR: +25.3% 1,074 418 2,478 2,545 CAGR: +0.5% 2,430 2019A 2023A 2024A Online channel Retail channel Note: Represents Austria (excl. VLT
Slide 45: Strategic focus areas and financial outlook
1 Continental Europe Strategic focus areas and financial outlook 1 Sustaining a high pace of product development and innovation, seeking to deliver best-in-class customer proposition 2 ✓ Resilient, compounding top-line growth Driving strong growth in digital channel, including through leveraging of
Slide 46: North America: leadership positions in DFS, e-Instants and U.S. private lottery
2 North America North America: leadership positions in high-growth Daily Fantasy Sports, e-Instants markets and U.S. private lottery (1) Channel Split(2,4) Business overview Retail ~€1.0bn 13% LTM H1-25 Pro Forma Net Revenue(2) • Acquiring PrizePicks, leader in high-growth U.S. Daily Fantasy Sports,
Slide 47: High-growth casual gaming business underpinned by leadership positions
2 North America High-growth casual gaming business and games of chance underpinned by multiple leadership positions (1) 45+ #1 jurisdictions in the U.S. in operational 2m+ U.S. DFS operator footprint average monthly active users(3) #1 30+ supplier of e-Instants lotteries across North America, South
Slide 48: PrizePicks: the category-leading DFS platform in the U.S.
2 North America PrizePicks: the category-leading DFS platform in the U.S. Expansion into DFS aligned with Allwyn's vision to become world's leading gaming entertainment company Investment rationale for Allwyn Aligned with Allwyn’s ambition to become • PrizePicks pioneered the DFS+ format and is the
Slide 49: PrizePicks: the category leader in DFS
2 North America PrizePicks: the category leader in DFS PrizePicks is the largest DFS platform in the U.S. Significant growth in first time depositors, Engaged online community significantly larger than any DFS peers reaching 4m in LTM Jun-25 LTM Jul-25 U.S. app downloads (m) 6.4 4.0m LTM Jun-25 3.6
Slide 50: PrizePicks: highly attractive financial profile
2 North America PrizePicks: highly attractive financial profile Track record of strong growth and cash conversion Net Revenue ($m) Adjusted EBITDA ($m)(1) Adjusted EBITDA - capex ($m)(5) EBITDA 20% 31% 39% Cash conversion(3) 94% 91% 92% +127% margin(6) CAGR +150% +145% CAGR CAGR 863 704 339 311 221
Slide 51: PrizePicks: a best-in-class business
2 North America PrizePicks: a best-in-class business Growth, high and growing profitability and strong cash flow generation underpinned by a highly engaged player base Revenue Growth, 2023-2024A (%) Adj. EBITDA Margin, LTM H1-25 (%) Monthly Active Users, Q3-25 (m)(1) Adj. EBITDA 339 782 376 neg. ($m
Slide 52: PrizePicks: upside optionality in prediction markets
2 North America PrizePicks: upside optionality in prediction markets Well-placed to win share in prediction markets; launched prediction markets offering with Kalshi Recently launched Prediction Markets on PrizePicks enables customers to make simple predictions by purchasing contracts on a wide vari
Slide 53: PrizePicks: acquisition transaction summary
2 North America 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 t
Slide 54: IWG: #1 supplier of online instant win lottery content in the U.S.
2 North America IWG: #1 supplier of online instant win lottery content in the U.S. #1 supplier of online instant win games to state lotteries in the U.S. with 20+ year operating Investment rationale for Allwyn history Global footprint with 30+ WLA/NASPL lotteries across North America, South America,
Slide 55: IWG: unique content, including first mover concepts and features
2 North America IWG: unique content, including first mover concepts and features Multi-State Jackpot Power Hour Tap Games Large, fast-growing prizes funded across A timed, high-energy promotional window Instant-win experiences built around simple multiple lotteries, delivering bigger wins and where
Slide 56: IWG: two multi-state jackpot games reached $1.3bn in LTM sales
2 North America IWG: two IWG US multi-state jackpot games reached $1.3bn in LTM sales US multi-state pooled jackpot games US Lotteries Participating Feb 2024 Launch #1 provider of multi-state jackpot e-Instant games in U.S. and Canada July 2023 Launch $1.3bn IWG multi-state product LTM sales in US o
Slide 57: IWG: highly attractive financial profile
2 North America IWG: highly attractive financial profile High scalability underpinned by its tech infrastructure drives ~80% EBITDA margins and ~95% FCF conversion Net Revenue ($m) Adjusted EBITDA ($m) Adjusted EBITDA – Capex ($m) +22% +24% +23% CAGR CAGR CAGR 38 48 35 39 27 25 30 28 21 22 20 20 202
Slide 58: Illinois State Lottery: operator of largest privately-operated lottery in U.S.
2 North America Illinois State Lottery: operator of largest privately-operated lottery in U.S. Allwyn’s digital-first strategy sets Illinois apart Online DBG sales per capita, U.S. iLotteries, FY25 $55 #1 in 2024 #1 in 2025 for total traditional lottery for total traditional lottery sales growth in
Slide 59: Strategic focus areas and financial outlook
2 North America Strategic focus areas and financial outlook 1 Strong growth in Daily Fantasy Sports, supported by product innovation and enhanced features (e.g., social, personalisation, and loyalty) and differentiated marketing strategy 2 ✓ Sustained high revenue growth Well positioned to benefit f
Slide 60: Exclusive licence to operate the UK National Lottery
3 UK Exclusive licence to operate the UK National Lottery Channel Split(1) Business overview ~€940m LTM H1-25 Online Net Revenue 49% 51% Retail • Operator of the UK National Lottery since 2023, with a new economic model (profit share) from February 2024 +5% Y-o-Y growth in sales on a Product Split(1
Slide 61: Allwyn succeeded in the UK licence tender
3 UK Allwyn succeeded in the UK licence tender designed to be highly competitive In 2018, the UK regulator launched the programme for awarding the next licence to operate the UK National Lottery Tender process designed to be highly competitive • Multiple stage tender process • Regulator ownership of
Slide 62: UK presents an exciting opportunity for Allwyn
3 UK UK presents an exciting opportunity for Allwyn Growth stagnated in recent years under previous licenee Significant structural upside on a GGR per adult capita basis Gross Ticket Sales Lottery GGR per adult capita(1) (£bn) (€; 2024) 2009 licence renewal: multiple commercial Limited innovation in
Slide 63: Early-stage initiatives already driving positive momentum
3 UK Early-stage initiatives already driving positive momentum in recent trading More impactful commercial initiatives will follow imminent completion of technology transformation Organic growth pillar Early-stage commercial initiatives… …selected examples ✓ Delivering the UK National Lottery’s bigg
Slide 64: Strategic focus areas and financial outlook
3 UK Strategic focus areas and financial outlook 1 Grow participation and ARPU to level of other comparable European countries through a broad range of commercial initiatives, including rolling out new or innovated products and revitalising the draw-based games portfolio 2 ✓ Robust and sustainable r
Slide 65: One of the largest and fastest growing iGaming and sports-betting operators
4 Betano One of the largest and fastest growing iGaming and sports-betting operators globally Business overview ~€2.7bn LTM H1-25 • Market leadership positions in multiple regulated and high-growth Channel Split(2) Total Revenue(1) markets across Latin America and Europe, including #1 position in Br
Slide 66: A recognised global leader
4 Betano A recognised global leader >2,800 19 1 16 1.5m+ >13m 39 employees markets brand team and league events on offer active players in international sponsorships per year all markets awards For second year running #1 #1 #1 #1 #1 #1 Operator of the Casino operator Sports betting Football betting
Slide 67: Unparalleled track record of profitable organic market entry
4 Betano Unparalleled track record of profitable organic market entry … including #1 position in Brazil, one …and has rapidly achieved Entered 16 markets of the most exciting global gaming multiple podium positions in organically since 2016 … markets… other markets 2016 Brazil Operating for 9 years
Slide 68: Key success factor 1 – culture and team
4 Betano Key success factor 1 – culture and team Embodying Kaizen 改善 “In order for a … business to gain an advantage and stand out on the global stage, two conditions are necessary: the development of the right ✓ Betano’s corporate brand is Kaizen Gaming technology and the people who will create it
Slide 69: Key success factor 2 – proprietary tech platform
4 Betano Key success factor 2 – best in class, 100% proprietary, tech platform Delivering an exceptional customer proposition, operational agility and efficiency ✓ World-class sportsbook 5 Global Tech Hubs ✓ Enhanced speed of entry into new markets Athens & Sao Paulo Thessaloniki ✓ Ease of localisat
Slide 70: Key success factor 3 – differentiated single brand strategy
4 Betano Key success factor 3 – differentiated single brand strategy Delivering financial and strategic competitive advantage Sponsorship of top-tier global and regional competitions, premier league teams and world-class athletes 1st ever 1st ever Secured Exclusive betting betting partner betting pa
Slide 71: Strategic focus areas and financial outlook
4 Betano Strategic focus areas and financial outlook 1 Extend leadership in established markets, underpinned by relentless focus on innovation and customer proposition 2 ✓ Continued strong, compounding GGR growth Grow market share in new markets, capitalising on significant growth runway while pursu
Slide 72: Additional financial information
5 Additional financial information 72
Slide 73: Income and growth profile: OPAP today vs pro forma outlook
Income and growth profile: OPAP today vs pro forma outlook Illustrative comparison highlights superior earnings growth potential and capital return opportunities of the combined entity OPAP standalone Combined company (1) €1.44 (2) €1.00 €1.00 Potential share buybacks and Illustrative DPS impact of
Slide 74: Attractive, sustainable shareholder remuneration policy
Attractive, sustainable, shareholder remuneration policy and efficient capital structure Combined company provides an attractive income profile for OPAP shareholders ✓ In line with OPAP’s existing minimum dividend policy Pro forma €1.00 ✓ Special dividends and buybacks to be considered, while preser
Slide 75: Allwyn's business model has low capital intensity and high cash flow generation
Allwyn’s business model has low capital intensity and high cash flow generation Greece and Italy are only markets which typically have up-front license fees in €m, unless otherwise stated 270 Higher UK capex in recent years due to transition to new 256 UKNL technology (post Camelot) – expected to re
Slide 76: Allwyn has distributed over €3.3bn in capital since 2019
Allwyn has distributed over €3.3bn in capital to its and OPAP’s shareholders since 2019 €1.7bn cumulative distributions(1) + €1.6bn OPAP dividends and distributions, and share buyback 878 119 703 721 31 259 303 390 398 500 336 279 400 248 120 300 130 216 149 150 2019A 2020A 2021A 2022A 2023A 2024A D
Slide 77: OPAP's dividends supported by GGR prepayment and scrip programme
OPAP’s dividends have been supported by the GGR tax contribution prepayment and scrip programme Dividend per share(1) (€) 2021-2024A average totalshareholderdistribution pershare p.a. 1.55 - ofw hich capitalreturns 0.40 - ofw hich interim /rem aining dividends 1.15 2.05 M em o:G G R contribution pre
Slide 78: Combined company dividend yield above gaming peers
The combined company will have a dividend yield above gaming peers and ATHEX average levels ATHEX overview: Dividend yield 2026E vs. Market capitalisation Benchmarking versus gaming peers 9.0% Dividend yield (%) 8.0% 8.7% (2) 8.1% 7.0% Combined company 6.0% (4) 5.8% 5.0% ATHEX (3) average(1) 4.9% 4.
Slide 79: Post combination Allwyn will continue to be relevant to EM investors
Post combination Allwyn will continue to be relevant to EM investors At closing Allwyn will be listed solely on ATHEX Based on pro forma Based on pro forma LTM H1-25 Net Revenue (%)(1,2) LTM H1-25 Adjusted EBITDA (%)(1,2) Emerging Emerging markets markets 38% 49% 51% 62% Developed Developed markets
Slide 80: Pro forma leverage and target leverage of combined company
Pro forma leverage and target leverage of combined company In-line with / below listed gaming peers LTM Sep-25 reported net leverage(1) (x) Combined company financial policy Post 2019 M&A : 3.5x(3) (vs. 0.7x as of 31-Dec-19) (4) 4.0x (5,6) 3.4x ✓ Target net leverage of ~2.5x (2,6) 2.9x (6) Average:
Slide 81: No near-term debt maturities and diversified funding split
Allwyn has no near-term debt maturities and a highly diversified funding split Long maturity profile, diversified funding base allows optimisation of funding costs Pro forma debt maturity profile as of 30 September 2025(1) Pro forma instrument split as of 30 September 2025(1) Weighted average life (
Slide 82: Financial guidance
Financial guidance 2025 2026 Medium term Comment Net Revenue growth Mid-single digit Continental before one-off Low double-digit • Planned Novibet acquisition in early 2026 Europe(1) impacts(2) of c.-2% • 2025: ~4% FX headwind for USD revenues; €800-900m North America Mid-single-digit decline unfavo
Slide 83: Financial guidance
Financial guidance 2025 2026 Medium term Comment • Excludes amortisation of acquisition-related D&A ~€225m ~€275m Gradual increase intangibles Underlying tax rate 25-26% 25-26% Low-to-mid 20%s ~€350m in 2027 • Medium term dynamic reflects current Net finance expense ~€280m ~€335m Declining thereafte
Slide 84: Closing remarks
6 Closing remarks 84
Slide 85: OPAP + Allwyn: creating a leading global lottery and gaming operator
OPAP + Allwyn: creating a leading global lottery and gaming operator An opportunity for OPAP shareholders to participate in a materially improved and financially attractive investment proposition • Creation of the second largest listed lottery and gaming operator globally(1), as well as the Scale la
Slide 86: Q&A
Q&A 86
Slide 87: Appendix
A Appendix 87
Slide 88: Combination creates a global lottery and gaming champion
Combination creates a global lottery and gaming champion + Key podium positions including Greece, Cyprus, Operational # Podium Positions Greece and Cyprus Austria, Czech Republic, UK, US(1), Brazil, Portugal, Romania(10) KPIs % Online 30%(2) 55%(2,3,4) % Net Revenue Exclusive 66% 57%(5) LTM H1-25 €5
Slide 89: Transaction structure
Transaction structure All-share combination of OPAP and Allwyn, with listing on the Athens Stock Exchange Current Pro forma structure(6) OPAP public KKCG(1) J&T Arch(2,3) KKCG(1) J&T Arch(2,5) shareholders 95.73% 4.27% 21.50% 75.15% 3.35% OPAP public Allwyn shareholders International AG CombinedCo A
Slide 90: Transaction timeline
Transaction timeline October November December Q1 2026 Q2 2026 Transaction announcement October 13, 2025 Investor meetings / roadshow Regulatory pre-approvals EGM convened(1) Shareholders’ documentation to be posted 1 month prior Anticipated closing post regulatory approvals Q2 2026 Notes: (1) Curre
Slide 91: Transaction pro forma share structure – overview
Transaction pro forma share structure – overview Voting ownership (1 vote per share) # of Shares Voting power Ordinary Preferred Total Ordinary Preferred Total OPAP public shareholders 173m - 173m 13.0% - 13.0% J&T Arch(1) 27m - 27m 2.0% - 2.0% KKCG(1) 596m(2) 536m(5) 1,132m 44.8% 40.2%(5) 85.0% Tot
Slide 92: Transaction preferred share structure – key characteristics
Transaction preferred share structure – key characteristics Allwyn / OPAP have intentionally ensured the preferred shares do not result in any meaningful economic impact • €161 million in newly issued preferred registered voting shares (536m shares, at an implied economic value of €0.30 per share) •
Slide 93: Illustrative preferred share conversion
Illustrative preferred share conversion Preferred share conversion to ordinary shares mechanism Number of preferred shares issued to KKCG A 536m Economic value per preferred share x B €0.30 Principal amount of preferred shares = C €161m Illustrative ordinary share conversion price D €20.12(1) (assum
Slide 94: Allwyn journey from single-market champion to diversified multi-national operator
Allwyn journey from single-market champion to diversified multi-national operator and almost €2bn pro forma Adjusted EBITDA Track record of entering new markets, consolidating existing positions and expanding tech and content capabilities Czech Greece and Austria Italy Greece and Cyprus United Unite
Slide 95: Allwyn track record of balanced, compounding organic and inorganic growth
Allwyn track record of balanced, compounding organic and inorganic growth Reconciliation of Adjusted EBITDA pro Adjusted EBITDA pro rata to economic interests(1) in our operating businesses (€m) rata to economic interest to Consolidated EBITDA (€m) +23% CAGR 2024A 1,204 +4% Im pactofnew licence in U
Slide 96: Allwyn track record of outperforming guidance
Allwyn track record of outperforming guidance and delivering on strategy Allwyn has outperformed the financial forecasts from the 2022 SPAC process and delivered on the communicated strategy Pro rata Adjusted EBITDA (€m) Strategic objectives 1,200 ✓ Capture European opportunities 1,119 1,000 +11% ✓
Slide 97: Allwyn's scale and expertise set it apart in lottery
Allwyn’s scale, multi-national expertise and proven track record set it apart in lottery We aim to be the operator of choice for governments, regulators, players and other stakeholders Lottery operations across eight markets Multi-national platform Unmatched local and multi-jurisdictional operationa
Slide 98: Allwyn has long licences, mostly without upfront payments
Allwyn has 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 Austria(1) Czech Republic Italy United Kingdom United States and Cyprus Start of operations 1986 1956 1958
Slide 99: Diversified product portfolio across physical and online channels
Allwyn has a diversified product portfolio across physical and retail channels 1 0.00.01 Czech United United (3) (4) Austria Greece Cyprus(2) Italy(3) Republic Kingdom States Physical Online Physical Online Physical Online Physical Online Physical Online Physical Online Physical Online Physical Onli
Slide 100: Allwyn has an experienced management team
Allwyn has an experienced management team Allwyn management team CEO CFO Chief People & Culture Officer CIO CTO Robert Chvatal Kenneth Morton Naida Buljugic Stepan Dlouhy Ifor Evans Since 2013 Since 2019 Since 2023 Since 2016 Since 2024 Group General Counsel CMO Chief Officer Global Partnerships Chi
Slide 101: Combined company will have an experienced Board
Combined company will have an experienced Board with 50% independence Board of Directors Chairman Director Karel Komarek Pavel Saroch Founder of KKCG CIO of KKCG Founder of the Karel Komarek Family Foundation Previous experience at Ballmaier & Schultz, Prague Securities, ATLANTIK Since 2016 Since 20
Slide 102: Athens – OPAP HQ; Lucerne – Allwyn HQ
Athens – OPAP HQ Lucerne – Allwyn HQ Athinon Av. 112 Mühlenplatz 9 104 42 Athens 6004 Lucerne Greece Switzerland