Slide 1: H1 2025 Results Presentation
H1 2025 Results Presentation 13 August 2025
Slide 2: Agenda
AGENDA Topic Presenters Introduction H1 2025 financial review Current trading and outlook Strategic performance Summary Per Widerström Sean Wilkins Q&A Chief Executive Officer Chief Financial Officer 2
Slide 3: Summary
SUMMARY Significant transformation of the Group showing results with H1 2025 delivering strong profitable growth and deleveraging, increasing confidence in VCP ❑ Fourth consecutive quarter of revenue growth ❑ International strong double-digit growth driven by core markets ❑ Retail back to growth in
Slide 4: Financial review
Financial review Sean Wilkins, CFO 4
Slide 5: H1 2025 Financial Summary
H1 2025 FINANCIAL SUMMARY Constant currency Revenue growth of 4% driven by core markets and double-digit gaming growth Adjusted EBITDA of £166m, +44% YoY, with underlying efficiency improvements and operating leverage Revenue £m H1 2025 H1 2024 YoY • UK&I Online: gaming +4% driven by strong William
Slide 6: Improving Profitability
IMPROVING PROFITABILITY Significantly improved profitability, with further step-up expected in the second half driven by operating leverage on revenue growth, together with further cost savings and phasing +£5-10m £203-217m +£40-50m +£15-20m £166m -£20-30m • Gross margin improvements primarily drive
Slide 7: Cash Flow
CASH FLOW Small cash outflow in the period primarily driven by timing of working capital and FX, with full year guidance for a small inflow unchanged and significant deleveraging driven by growth in LTM EBITDA £m Jun-24 Dec-24 Jun-25 Gross debt1 1,792.9 1,839.8 1,834.8 IFRS16 liabilities 90.3 95.0 1
Slide 8: Current Trading and Outlook
CURRENT TRADING AND OUTLOOK Current trading in line with plans and reiterating guidance for the year Current trading ● H2 started in line with plans, with July growth muted given lapping Euros ● Confidence in plans for H2 with continued International growth, retail benefitting from machines, and UK&
Slide 9: Strategic performance
Strategic performance Per Widerström, CEO 9
Slide 10: Value Creation Plan
VALUE CREATION PLAN Focus on driving execution to ensure operational excellence and deliver value creation 1 2 3 What we will do How we will drive execution Where we will do this ● Drive profitable and sustainable ● Operational excellence driven by Core markets revenue growth [5-9% p.a.] data insigh
Slide 11: Delivering Profitable Growth
DELIVERING PROFITABLE GROWTH Bold decisive actions taken to transform the business, driving profitable growth Drive sustainable revenue growth Improve profitability and efficiency Deleverage ● Radically transforming almost every ● Return to growth and improved area of the business profitability supp
Slide 12: Execution Priorities
EXECUTION PRIORITIES Executing short-term turnaround with sustainable revenue growth and high contribution growth, while transforming the business to build long-term capability and drive competitive advantage Operational • Continued expansion of AI and automation excellence driven • Improved marketi
Slide 13: Retail
RETAIL Successful rollout of new gaming machines is driving market share gains in gaming, with planned improvements to sports in H2 to address competitive gaps, focusing on SSBTs and IPTV content increase Execution Key value drivers Financial performance Product • Successful rollout of 5,000 new gam
Slide 14: UK&I Online
UK&I ONLINE Revenue impacted by focus on improved profitability together with short-term headwinds from suboptimal customer compliance journeys. H2 focus on product and brand to drive growth Execution Key value drivers Financial performance Product • Simplifying UX: new horse racing and football pag
Slide 15: International
INTERNATIONAL Strong double-digit performance across core markets Execution Key value drivers Financial performance Product • Mr Green migrated to 888 platform for % mix of H1 YoY Market Denmark and dotcom division growth %1 share • Improved product localization, including payments Italy 32% +16% •
Slide 16: Summary
SUMMARY ❑ Continued evidence the turnaround and transformation is working ❑ Great fundamental strengths with leading brands in attractive markets ❑ Clear strategy with laser focus on execution and value creation ❑ Continued revenue growth and accelerating momentum ❑ Significantly improved profitabil
Slide 17: Q&A Presenters
Q&A Presenters 17