Allwyn Ag · ATHEX:ALWN
Allwyn — SPAC Merger (June 2022)
100 slides from Allwyn's SPAC merger presentation, Jun 8, 2022
Slide 1: June 2022 Analyst Day Presentation
HIGHLY CONFIDENTIAL June 2022 Analyst Day Presentation For further information on our company, please visit our website: allwynentertainment.com
Slide 2: General disclaimer
General This presentation (the "Presentation") is for informational purposes only. The information provided in this Presentation pertaining to Allwyn AG and its subsidiaries, joint ventures and associates ("Allwyn" or the "Company“ or “we”), its business assets, strategy and operations has been prep
Slide 3: Forward Looking Statements, Financial Projections and Financial Targets
Forward Looking Statements, Financial Projections and Financial Targets Certain information in this Presentation and oral statements made in connection with this Presentation are forward - looking. Forward - looking statements include, without limitation, statements regarding the estimated future fi
Slide 4: Welcome to Allwyn's Analyst Day
Welcome to Allwyn’s Analyst Day Opening Remarks by KKCG Founder, Karel Komarek 4
Slide 5: Sizzle Video
To Be Embedded – Sizzle Video 5
Slide 6: Today's presenters
Clifton S. Robbins Co - Founder Gary D. Cohn Co - Founder Robert Chvatal CEO Kenneth Morton CFO Stepan Dlouhy CIO Natalie Alderson Director Ales Vesely CEO of Czech Operations 6
Slide 7: Today's agenda
Today’s agenda A Introduction to Allwyn B Overview and Highlights 1 Lottery Industry Overview 2 Organic Growth 3 Inorganic Growth 4 Financial Overview C Valuation Framework D Appendix 5 7 Management Team
Slide 8: Introduction to Allwyn
allwyn | \ Introduction to Allwyn
Slide 9: Allwyn at a glance – A leading lottery operator
9 Selected new markets being targeted 27% 16% 25% 32% 71% 9% Allwyn at a glance – A leading lottery operator… Scale Financial strength (Pro Rata) 5 Leadership Diversified business (Pro Rata) 5 #1 lottery operator across 5 markets 1 Austria Czech Republic Greece and Cyprus Italy €19bn FY21A wagers 2
Slide 10: Positioned in a sweet spot of the lottery ecosystem
10 1) Based on H2GC data; Adult population playing lottery in Austria (84%), Czech Republic (73%), Greece (56%), Italy (34%), as of 2019 Retail and Online sales Up to 84% of adult population in certain operating markets 1 National or local government that oversees lottery within a jurisdiction Opera
Slide 11: Our platform for organic and inorganic growth
11 Our platform for organic and inorganic growth 1 High Performance Teams Local focus supported by international expertise, providing attractive scope for talent growth 2 Innovation Expansion of our lottery games portfolio, iGaming and sports betting 3 Digitization Transforming our CRM, making games
Slide 12: How Allwyn operates
12 How Allwyn operates Our platform enables our strategy Source: Company information Lottery - led platform Local teams M&A and tenders Product innovations Online and digital Scale with suppliers Tech strategy Operations Product strategy Marketing Regulatory relations
Slide 13: Offerings across physical retail and online channels
Source: Company information 13 1) iGaming includes online casino, online slots, online poker, online bingo and other online only; online sales of products which are also sold through physical retail channel included under respective product 2) In Cyprus OPAP only offers numerical lotteries and sport
Slide 14: Our vision for 2025
14 Our vision for 2025 – bringing the excitement of winning to everyday life Source: Company information Proposition Content Channels Omni - channel with fully digitalized retail Rapidly growing online channel and data - driven CRM Digital - focused gaming entertainment platform, built on lottery A
Slide 15: Significant strategic progress achieved since transaction announcement
Source: Company information, UK Gambling Commission 15 1) The award of the UKNL license is currently being contested in a legal challenge. Unless the challenge is successful, Allwyn Entertainment Ltd will be confirmed as the incoming UKNL operator and, subject to a successful period of transition, w
Slide 16: Overview and Highlights
allwyn B Overview and Highlights
Slide 17: Allwyn's key investment highlights
17 1) Global lottery sales, sourced from H2GC Operates in ~$300bn 1 global lottery industry, which is poised for growth through increased digitization Highly cash generative business, making funding available for organic and inorganic growth (e.g. M&A opportunities) Strong organic growth driven by d
Slide 18: Lottery Industry Overview
18 Lottery Industry Overview
Slide 19: Lottery: a ~$300bn global industry
47 71 89 93 95 99 105 107 128 140 147 154 161 130 115 159 167 168 175 176 166 167 175 184 190 196 1 3 7 9 10 12 15 21 26 31 36 42 48 $ 163 $ 204 $ 255 $ 268 $ 273 $ 286 $ 297 $ 295 $ 321 $ 347 $ 367 $ 385 $ 405 2005A 2010A 2015A 2016A 2020A 2021A Draw - Based Games 2022E 2023E 2024E 2025E 2017A 2018
Slide 20: Favorable industry features relative to other gaming segments
20 Source: H2GC, UK DCMS Taking Part Survey (2020) 1) Data as of 2019, except United Kingdom based on 2020, sourced from H2GC 2) Allwyn has been selected as Preferred Applicant for UK National Lottery. The award of the UKNL license is currently being contested in a legal challenge. Unless the challe
Slide 21: Lotteries benefit from favorable public and regulatory perception
21 Regulation x Well established regulatory framework x Long - term regulatory relationships x Long - term licenses x Few established operators ▪ Varying regulatory regimes, some underdeveloped ▪ Numerous operators Penetration rates x High across population groups with lower stakes ▪ Typically niche
Slide 22: Lottery's characteristics contribute to sector resilience
22 Source: H2GC, World Bank Note: Lottery wagers include State Lottery style games only, and do not include VLTs, Sportsbetting; Casino, Sports Betting and iGaming figures represent gross win; GDP growth rates based on World Bank data for OECD countries only; Lottery wagers assume historical and pro
Slide 23: Upside potential from increasing online penetration
23 Source: H2GC 13 19 21 22 27 26 17 23 30 32 34 35 36 5 9 10 12 14 16 20 26 31 36 40 44 48 $18 $28 $31 $34 $41 $42 $37 $49 $61 $67 $74 $79 $84 2010A 2015A 2016A 2017A 2018A 2019A Land - based NGR 2020A Online NGR 2023E 2024E 2025E 2026E 2021E 2022E Online penetration (%) 57% Potential to increase o
Slide 24: Online lottery grows total wagers
24 Source: H2GC Note: Scaled to reflect 2015A total wagers within each country 1) Digital increase calculated as growth in digital wagers from 2015A – 2019A, as a percentage of digital wagers for 2015A 2) No data for Czech 2015A digital 2015A 2019A 2015A 2019A 2015A 2019A 2015A 2019A 2015A 2019A UK
Slide 25: The iLottery market is still underdeveloped
25 The iLottery market is still underdeveloped and has an attractive growth outlook iLottery GGR 1 expected to grow at a significantly faster pace than total online gaming GGR Source: H2GC, 2021 (1) Gross gaming revenue as defined by H2GC Austria Czech Republic Italy Greece and Cyprus 1 United Kingd
Slide 26: Incumbents enjoy advantages in license renewals
Incumbents enjoy advantages in license renewals Lotteries, by their nature, have certain characteristics that create strong barriers to entry Governments need proven trusted partners Responsible gaming credentials and corporate reputation are a must Brand ownership is critical in many markets Exclus
Slide 27: Q&A
Q&A allwyn
Slide 28: Organic Growth
allwyn O 2 Organic Growth
Slide 29: Three pillars of organic growth
Three pillars of organic growth Retail Lottery x Product innovation x De - anonymization through customer registration x New product launches Digital Lottery x New users x Grow customer spend x Product innovation Cross Sell x Build on trusted brands, lottery customer base and channels x New product
Slide 30: Innovation and de-anonymization drives growth in physical retail
30 (12%) vs Q4 2019 Innovation and de - anonymization drives steady growth in physical retail • Sales through physical retail remain strong when not impacted by COVID - 19 restrictions, demonstrating that online growth does not cannibalize physical retail sales • Allwyn has been rapidly de - anonymi
Slide 31: Growing de-anonymized lottery share in physical retail
31 202 246 355 463 599 687 Pre - launch Apr 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Source: Company information Czech Republic case study: de - anonymized lottery share(%) Growing de - anonymized lottery share in physical retail • Physical retail loyalty program launched in 2017 in Czech Republic •
Slide 32: Cross-sell, new customers, and data drives online growth
32 Cross - sell, new customers, and data drives online growth Austria GGR (Online Channel) 1,2 Greece and Cyprus GGR (Online Channel) 1,3 Czech Republic GGR (Online Channel) – New product launches 1) Financials based on management accounts 2) Does not include casinos and sports betting operated unde
Slide 33: Rapid growth in online customer base
Source: Company information 33 Note: F - 4 numbers to be updated in accordance with Q4 financials. 1) Average monthly active online customers are customers with at least one online purchase made on a particular gaming platform during a given month. Data for Austria is based on players for OLG and ti
Slide 34: Platform to cross-sell customers
34 Source: Company information 1) Based on aggregate online GGR across all products offered in Czech Republic 2) Based on management estimates (subject to material change) > Increase number of games > Loyalty programmes > Gamification Expected results 2 Cross - selling initiatives Lottery Sportsbook
Slide 35: Supported by the strength of our trusted brands
35 Supported by the strength of our trusted brands Source: Company information, H2GC 1) For OPAP 2) Used under license Austria Greece and Cyprus Italy Czech Republic n/a n/a n/a n/a n/a Key brands Sports betting iGaming Gaming arcades 87% 78% 100% 1 81% 2 2 2 2 2 Numerical lotteries Instant lotterie
Slide 36: Product launches and innovation across retail and online
36 Product launches and innovation across physical retail and online channels Continuing to expand and improve product offering, user experience, and technology – selected innovations in 2021 and 2022 YTD NEW special event draws NEW group play feature NEW annuity jackpot game NEW OPAP Store App NEW
Slide 37: Czech case study: From distressed asset to high performer
37 Czech case study: From distressed asset to high performer GGR evolution since Allwyn ownership (€m 1 ) Source: Company information (1) Converted from CZK to EUR at average FX rate for each respective year Czech Republic • More playful and entertaining SAZKA brand • Significant portfolio extension
Slide 38: Czech case study: Strong online growth without retail cannibalization
Czech case study: Strong online growth without retail cannibalization Strong online growth through increased customers value and loyalty • Continuing acquisition focus – registration of new customers • Increasing number of games / new gaming verticals • Gamification, user experience and real - time
Slide 39: Czech case study: innovation, gamification and cross-sell
Czech case study: innovation, gamification and cross - sell drive steady growth in online Key online growth drivers 2 • Exclusive games designed by Sazka, bespoke games, local themes customization • New gaming verticals, Fantasy and E - sport to attract young audience Portfolio Innovation • Gamifica
Slide 40: Czech case study: iLottery retention driven by gamification
• • • Making iLottery more playful and entertaining - because the most frequent experience is non - winning Gamification proposition ‘Golden Wheel’ provides customers with a second chance to win a small prize Has improved gaming experience and increased frequency of bets Quick and massive adoption b
Slide 41: Czech case study: Cross-sell delivering 9% of online monthly GGR
Special user experience “floating fish” on Sazka home page Czech case study: Cross - sell delivering 9% of online monthly GGR driving the growth One stop shopping approach – all game verticals under sazka.cz umbrella • • • 90% increase of active players base during the promo 25% of active players we
Slide 42: Czech case study: brand, innovation and de-anonymization drive retail
Mobile Email / text Registered customer TV, print, online Anonymous customer Czech case study: Well - known brand, innovation and de - anonymization drives steady growth in retail Anonymous customer 2 • Mass market communication to attract regular and occasional players • Raffle promotions and event
Slide 43: High structural barriers to entry
43 High structural barriers to entry Source: Company information 1) Selected as Preferred Applicant for UK National Lottery. The award of the UKNL license is currently being contested in a legal challenge. Unless the challenge is successful, Allwyn Entertainment Ltd will be confirmed as the incoming
Slide 44: The gaming industry is highly regulated
44 The gaming industry is highly regulated • • • • Not only are licenses required for gaming operations in each operational jurisdiction, but the scope of regulations is broad and includes for example: types of games, maximum bets, channels of distribution and marketing, taxation etc. Management and
Slide 45: Technology and supply strategy
45 Our technology and supply strategy is a combination of in - house control of key strategic elements and third party technologies Strategic focus on standardization / centralization of key technologies and leveraging purchasing power Source: Company information. Austria Czech Republic Greece and C
Slide 46: Allwyn embraces ESG pillars
46 Allwyn embraces ESG pillars – making play better for all Sources: Company reporting 2021 and 2020, Sustainalytics as of 11 - Feb - 2022 1) For LottoItalia, certification is held by our partner, IGT Lottery S.p.A. 2) ESG rating based on Sustainalytics ESG Risk Rating Report for Allwyn Internationa
Slide 47: ESG initiatives – some examples
47 ESG initiatives – some examples Source: Company information Austria Greece and Cyprus Czech Republic • Supporting the renovation of the oldest and largest children’s hospitals since 2014 • Long term supporter of the Czech Olympic team Supporting culture • Partner of the Wiener Festwochen multidis
Slide 48: Q&A
Q&A allwyn
Slide 49: Inorganic Growth
allwyn O 3 Inorganic Growth
Slide 50: Buy and build track record
50 Source: Company information 1) UK National Lottery. The award of the UKNL license is currently being contested in a legal challenge. Unless the challenge is successful, Allwyn Entertainment Ltd will be confirmed as the incoming UKNL operator and, subject to a successful period of transition, woul
Slide 51: New market opportunities
51 Source: H2GC 1) Lottery market wagers as of 2022E; includes gross wagers for State Lottery lottery - style games only (i.e. excludes VLTs / Sportsbetting / Offshore Lottery) New market opportunities Attractive opportunities to expand in the US and untapped European markets Allwyn is a scaled oper
Slide 52: Lottery tenders and M&A: two-pronged approach
52 Source: Company information, UK Gambling Commission 1) The award of the UKNL license is currently being contested in a legal challenge. Unless the challenge is successful, Allwyn Entertainment Ltd will be confirmed as the incoming UKNL operator and, subject to a successful period of transition, w
Slide 53: Differentiated position in the lottery space
53 Allwyn has a differentiated position in the lottery space as a diversified multi - national B2C - focused lottery business with a successful expansion track record B2B technology suppliers Publicly listed domestic champions Allwyn has a differentiated position in the lottery competitive landscape
Slide 54: Selected as Preferred Applicant for UK National Lottery
54 Source: Company information, UK Gambling Commission 1) The award of the UKNL license is currently being contested in a legal challenge. Unless the challenge is successful, Allwyn Entertainment Ltd will be confirmed as the incoming UKNL operator and, subject to a successful period of transition, w
Slide 55: UK National Lottery overview
55 Source: Company information, UK Gambling Commission 1) The award of the UKNL license is currently being contested in a legal challenge. Unless the challenge is successful, Allwyn Entertainment Ltd will be confirmed as the incoming UKNL operator and, subject to a successful period of transition, w
Slide 56: The UK National Lottery is one of the largest in Europe
56 The UK National Lottery is one of the largest in Europe Camelot UK lottery key financials 2 NGR (£m) Source: H2GC, Camelot annual reports Note: GBP:EUR spot rate of 1.18 applied, sourced from Capital IQ as of 27 - May - 22 Disclaimer: Camelot historical results are not necessarily indicative of A
Slide 57: US lottery opportunity
AL - MT $0.07 ND $0.03 MN $0.76 ID $0.41 WY $0.03 SD $0.08 WA $1.03 OR $0.44 CA $9.64 NV - UT - KS $0.35 NE $0.24 IA $0.44 AZ $1.62 NM $0.16 TX $7.22 OK $0.26 AK - HI - MO $1.75 AR $0.69 LA $0.60 WI $0.82 IL $3.36 MI $7.54 IN OH $1.92 $3.85 KY $1.42 TN $2.04 MS $0.50 GA $5.60 FL $8.11 ME $0.35 NY $8
Slide 58: Allwyn US market strategy
58 Allwyn US market strategy Source: H2GC, State Lotteries, Company filings (1) 10 states include North Dakota, Michigan, Illinois, Kentucky, Pennsylvania, Virginia, North Carolina, Georgia, New Hampshire, Rhodes Island and D.C. (excludes New York, Maine, Maryland which operate under online subscrip
Slide 59: Allwyn US market strategy (cont'd)
59 Source: La Fleur's 2021 World Lottery Almanac, VIXIO Gambling Compliance, Elliers & Krejcik, H2 Gambling Capital, Moody’s Analytics (1) Legislation passed: state has passed iLottery legislation; Under discussion: iLottery legalization discussed by the state. Represents states targeted by Allwyn A
Slide 60: Q&A
Q&A allwyn
Slide 61: Financial Overview
allwyn OF rari Overview
Slide 62: Pro forma structure
62 PIPE shareholders Shareholders Existing Allwyn shareholders 17% 83% Pro forma structure PubCo 100% 100.0% Czech Republic 32.5% Italy 48.2% 3 Greece and Cyprus 59.7% 2 Austria 1 Source: Company information Note: Assumes no redemptions from Cohn Robbins SPAC Trust and and assumes $353m common PIPE
Slide 63: Our financials explained
63 Our financials explained F E F EBITDA Costs A Amounts wagered • Amount of wagers placed by customers B Players’ winnings • Winners’ pay - outs OPEX • Agents’ commissions (variable, calculated as a % NGR) • IT related costs from gaming suppliers (semi - variable) • Other expenses include rental, c
Slide 64: Delivering on our growth strategies
64 Source: Company information 440 25 131 597 65 157 819 51 90 960 (202) 119 877 221 66 1,165 2016A 2017A 2018A 2019A 2020A 2021A Delivering on our growth strategies +6% +30% +11% +26% +6% +11% (21%) +12% +36% +37% +17% Organic growth (%) Inorganic growth (%) +25% +8% (9%) Allwyn has consistently bo
Slide 65: Delivering on our growth strategies (cont'd)
Note: Financials presented on a 100% basis. 65 (1) For Italy, NGR shown. NGR for Italy corresponds to "Revenues from contract with customers“ (2) Adjusted EBITDA except for Stoiximan and data prior to 2019A (3) Greece 2019 EBITDA * excluding Stoiximan (4) STX 2019 EBITDA and GGR *data are based on m
Slide 66: Impact of COVID on our top-line
66 Q1 - 19 Q2 - 19 Q3 - 19 Q4 - 19 Q1 - 20 Q2 - 20 Q3 - 20 Q4 - 20 Q1 - 21 Q2 - 21 Q3 - 21 Q4 - 21 Total NGR Q1 - 19 Q2 - 19 Q3 - 19 Q4 - 19 Q1 - 20 Q2 - 20 Q3 - 20 Q4 - 20 Q1 - 21 Q2 - 21 Q3 - 21 Q4 - 21 Austria - domestic and international casinos Greece (excl. Stoiximan) Impact of COVID on our to
Slide 67: Segment business highlights – Czech Republic
2019 - 21 segment business highlights – Czech Republic Continuing online growth and resilient physical retail 95 82 40.7% 41.7% 111 Adj. EBITDA (€m) Adj. EBITDA margin 43.1% Gross Gaming Revenue (€m) GGR growth Net Gaming Revenue (€m) NGR growth • Consistently delivering strong top - line and profit
Slide 68: Segment business highlights – Greece and Cyprus
345 1620 1090 40 1164 1,620 1,130 1,510 2019 2020 2021 2019 - 21 segment business highlights – Greece and Cyprus Online business and new concession support strong increase in EBITDA despite COVID impact 44.2% 57.0% 578 2019 Adj. EBITDA (€m) Adj. EBITDA margin 37.8% Gross Gaming Revenue (€m) GGR grow
Slide 69: Segment business highlights – Italy
69 2,368 1,905 2,404 2019 2020 2021 2019 - 21 segment business highlights – Italy Strongest ever year for Italian business Source: Company Information 1) Revenue for Italian segment based on amounts wagered x commission 2) Net revenue from services (IFRS basis), equivalent to Net gaming revenue (NGR
Slide 70: Segment business highlights – Austria
70 2019 - 21 segment business highlights – Austria Continuing impact from COVID on casinos business into 2021, restructuring program supports profitability Gross Gaming Revenue (€m) GGR growth Net Gaming Revenue (€m) NGR growth 143 2019 2020 2021 27.8% 38.4% 211 Adj. EBITDA (€m) Adj. EBITDA margin 3
Slide 71: Key takeaways – historic performance
71 Key takeaways – historic performance Strong track record of delivering high growth and profitability • Consistently delivered organic top - line growth and cost efficiencies, complemented by M&A • Resilient performance through 2020 and into 2021 despite material impact from COVID in Greece and Cy
Slide 72: Business model drivers / assumptions
72 Business model drivers / assumptions (1) Selected as Preferred Applicant for UK National Lottery. The award of the UKNL license is currently being contested in a legal challenge. Unless the challenge is successful, Allwyn Entertainment Ltd will be confirmed as the incoming UKNL operator and, subj
Slide 73: Strong revenue, profit and cash-flow momentum expected to continue
638 542 315 392 332 540 2018A 2019A 2020A 2021A 2022E 346 419 365 573 751 819 2019A 2020A 2021A 2022E 2023E Strong revenue, profit and cash - flow momentum expected to continue Source: Company information, Management estimates (subject to material change) Note: Stoiximan consolidated in OPAP from 20
Slide 74: Adj. EBITDA forecast bridge
74 Source: Company information, Management estimates (subject to material change) 1) Selected as Preferred Applicant for UK National Lottery. The award of the UKNL license is currently being contested in a legal challenge. Unless the challenge is successful, Allwyn Entertainment Ltd will be confirme
Slide 75: Pro rata financial leverage
2.6x 2.0x 1.5x 0.5x 0.4x 0.4x 2.4x 1.9x 2023PF Standalone pro rata financial leverage 2 Unadjusted for expected primary proceeds Source: Company information, Management estimates (subject to material change) 1) Pro forma for OPAP stake increase from 41.2% to 48.2% since YE - 21 and a €170 mm one tim
Slide 76: Q&A
QE&A allwyn
Slide 77: Management Team
allwyn O 5 Management Team
Slide 78: Experienced board and management team
78 1) Future Board of Directors Experienced board and management team Management Non - independent Director Katarina Kohlmayer ▪ Group CFO of KKCG ▪ Previous experience at Morgan Stanley and VTB Capital Pavel Saroch ▪ CIO of KKCG ▪ Previous experience at Ballmaier & Schultz, Prague Securities, ATLAN
Slide 79: Valuation Framework
allwyn C Valuation Framework
Slide 80: Transaction summary
Transaction summary Note: Assumes no redemption from Cohn Robbins SPAC Trust; EUR:USD spot rate of 1.07 applied, sourced from CapIQ, as of 27 - May - 22 1) Cohn Robbins cash in trust as of 31 - March - 22. Subject to potential redemptions 2) Allwyn represents the rebranded operations of Allwyn AG, w
Slide 81: Transaction sources and uses
81 Note: Assumes no redemptions from Cohn Robbins SPAC Trust and assumes $353m common PIPE proceeds; EUR:USD spot rate of 1.07 applied, sourced from CapIQ, as of 27 - May - 22 1. Cohn Robbins cash in trust as of 31 - March - 22 Transaction sources and uses • All transaction proceeds (net of transact
Slide 82: Pro forma valuation and transaction highlights
Pro forma valuation and transaction highlights Key transaction highlights Expected ~$9.6bn / ~€9.0bn Total Enterprise Value at deal – ~10.9x EV / 2023E Adj. EBITDA Expected ~$9.0bn / ~€8.4bn Total Enterprise Value on a discounted basis for SPAC / PIPE investors – ~10.3x EV / 2023E Adj. EBITDA 2 Expe
Slide 83: Deal rationale
83 1) Sourced from H2GC A US listing has potential to provide significant strategic and operational value to Allwyn and better position the company for opportunities as the US lottery market develops The Cohn Robbins founders have deep credibility in the US public markets and will become investors a
Slide 84: Allwyn compares favorably to primary lottery peers
2 3 19A - 23E NGR CAGR (%) 17.3% 5.0% 5.2% 4 2023E Adj. EBITDA margin (%) 45.1% 23.9% 21.0% 5 19A - 23E Adj. EBITDA CAGR (%) 18.2% 8.9% 9.3% 2023E cash conversion 6 (%) Reflects UKNL up 66.2% front spend – 202 Cash Conversion of 94.4% - 1 82.1% 82.5% 6 Total addressable market € 19 bn wagered with 9
Slide 85: Comparable Company Analysis
2019 - 2023E Adj. EBITDA CAGR 18.2% 18.2% 8.9% 9.3% 7.0% 10.7% 8,952 819 +165 2 = 984 9.1x Comparable Company Analysis Single Market Lottery Operator Diversified Gaming peers (Including Bonus Shares) (Including Bonus Shares) from February 2024. 2) Based on Camelot annual report for the year ended 31
Slide 86: Investment highlights summary
• • • • • • • Leading lottery led entertainment platform Scaled business that is expected to generate $876mm / €819mm of 2023E EBITDA 1 High operating barriers to entry Positioned to capitalize from continued shift to digital Attractive organic and inorganic growth opportunities with expected signif
Slide 87: Q&A
QE&A allwyn
Slide 88: Appendix
allwyn Appendix
Slide 89: Introduction to KKCG
Introduction to KKCG Karel Komarek Founder and shareholder, KKCG • Founded KKCG in 1992 • Visionary leader • In charge of KKCG’s key strategic initiatives, including: – investments – government relations – long - term partnerships with investors and strategic business partners Entertainment Technolo
Slide 90: Today's presenters: Allwyn
Today’s presenters: Allwyn Robert Chvatal Chief Executive Officer • 26 years of total experience • 8 years with Allwyn • First Vice President of the Association of European Lotteries; member of Eurojackpot executive committee • Previously worked at P&G and Reckitt Benckiser before moving to T - Mobi
Slide 91: Today's presenters: Cohn Robbins Holdings Corp.
Today’s presenters: Cohn Robbins Holdings Corp. Gary D. Cohn Co - Founder, Cohn Robbins • Vice Chairman of IBM since January 2021 • Assistant to POTUS for Economic Policy and Director of the National Economic Council: January 2017 – April 2018 • President, Chief Operating Officer and director of Gol
Slide 92: Regulatory Overview Austria and Italy
92 Description Exclusive operator of lotteries and iGaming (includes VTLs (2) and electronic lotteries) 12 licenses for each of 12 land - based Austrian casinos (3) Multiple licenses with individual state authorities Exclusive concession to operate the Italian Lotto and 10eLotto national lottery gam
Slide 93: Regulatory Overview Czech Republic
93 Description Totalizator Game License (TOTO SAZKA) (operated at points of sales) Odds Bet License (operated on internet) Internet Numerical and Prompt Lotteries License (1) (lotteries operated through points of sales and internet) Technical Games License (a wide number of games and roulettes opera
Slide 94: Regulatory Overview Greece and Cyprus
94 (1) It is expected that the Bilateral Treaty will be replaced in the near future after the signing of a new concession agreement, at which time the operation of these games will be regulated by the National Betting Authority pursuant to the provisions of Law on Specific Games of Chance of 2018 (L
Slide 95: Responsible gaming and compliance at the core of Allwyn culture
95 Responsible gaming and compliance at the core of Allwyn culture Source: Company information 1) Granted to all key Allwyn lottery companies Austria Czech Republic Greece and Cyprus Italy • Level 4 (highest) accreditation by the World Lottery Association for the WLA Responsible Gaming Framework 1 •
Slide 96: Efficient funding structure
96 Efficient funding structure Consolidated financial debt, as of 12/31/21 ▪ Diversified, efficient funding structure • Including bank loans from relationship banks across footprint, Eurobonds and local bonds • CZK local bond as natural hedge for Czech business ▪ Weighted average cost of debt of 3.3
Slide 97: Summary of adjustments to operating EBITDA
Summary of adjustments to operating EBITDA Operating EBITDA 2019 2020 2021 Austria 211 147 232 Czech Republic 95 84 107 Greece and Cyprus 413 260 555 Italy 396 311 409 Corporate – SAZKA Group (27) (30) (14) Corporate – Allwyn – – (39) Adjustments to Operating EBITDA Austria – (4) (21) Czech Republic
Slide 98: Risk factors
The risks presented below are certain of the general risks related to Allwyn AG (or "Swiss NewCo," following the closing of the Business Combination) (the "Company") (the Company, together with its subsidiaries, joint ventures and associates, the "Group"), Cohn Robbins Holdings Corp. ("SPAC") and th
Slide 99: Risk factors (Continued)
Risk factors (Continued) 99 Risks Related to the Company’s Industry and Business • Risks relating to the conflict between Russia and Ukraine; • A potential adverse affect on Allwyn AG’s operations by ongoing developments in Russia, Ukraine and surrounding countries; • Unstable market and economic co
Slide 100: Risk factors (Continued) – Risks Related to Cohn Robbins
Risk factors (Continued) 100 Risks Related to Cohn Robbins • There is no guarantee that a Cohn Robbins shareholder’s decision to redeem shares for a pro rata portion of the Trust Account will put such shareholder in a better future economic position; • If a Cohn Robbins shareholder fails to comply w