Allwyn AG · ATHEX:ALWN
Allwyn — Allwyn International — Q3 2025 Earnings Presentation
43 slides from Allwyn's earnings presentation, Nov 26, 2025
Slide 1: Allwyn International AG Q3 2025 Results
Allwyn International AG Q3 2025 Results 26 November 2025 For further information on our company, please visit our website: www.allwyn.com
Slide 2: Presenting today
Presenting today 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 Summary 3
Slide 4: Business and strategic update
Business 01 01 and strategic update
Slide 5: Q3 2025 highlights
Q3 2025 highlights1 Good top-line growth momentum and landmark strategic transactions • Net Revenue +5% YoY against a strong comparative Consolidated Net Revenue — Strong growth in digital channel, mainly driven by Lottery — Solid performance in iGaming and Sports Betting, despite very strong compar
Slide 6: Strong online momentum…
Strong online momentum… Digital channel continues to be key growth driver Continental Europe1 ( ) GGR (€m) / Online share of total (%) 680 711 659 674 606 616 626 596 611 621 576 371 352 307 322 332 331 290 92 95 110 121 13% 14% 15% 15% 32% 34% 35% 34% 34% 35% 34% Q1'19 Q2'19 Q3'19 Q4'19 Q1'24 Q2'24
Slide 7: …de-anonymised share of physical retail also growing
…de-anonymised share of physical retail also growing Loyalty programmes bring the benefits of online to the physical retail channel Czech Republic: de-anonymised retail GGR (%) 1 Greece and Cyprus: registered customer base (m) Sazka Klub loyalty programme app launched March ‘24 1.5 41% 1.5 40% 1.4 3
Slide 8: Product innovation across physical retail and online
Product innovation across physical retail and online Continuing to expand and improve our product offering, user experience, and technology New and revitalised products / experiences in 2025 NEW Launch of the in-house win2day Live casino studio in April, available 24/7 NEW Integration of Numerical L
Slide 9: Product innovation across physical retail and online
Product innovation across physical retail and online Continuing to expand and improve our product offering, user experience, and technology (cont’d) Digitalisation of physical retail UK National Lottery technology upgrade 2025 Largest tech upgrade since UKNL launched; 30+ new systems Q3 2025 Impleme
Slide 10: Key strategic developments – Q3 2025
Key strategic developments – Q3 2025 Agreement to acquire majority stake in PrizePicks Agreement to acquire ~62.3% interest in PrizePicks – Strong transactional rationale, aligned with a pioneer and leader in daily fantasy sports Allwyn’s strategic focus • Early-mover and innovator in “DFS+”, a simp
Slide 11: Key strategic developments – Q3 2025 (cont'd)
Key strategic developments – Q3 2025 (cont’d) PrizePicks benefits from strong financial profile with track record of growth and cash conversion Net Revenue ( USDm ) Adjusted EBITDA ( USDm )(1) Adjusted FCF ( USDm )(5) EBITDA Cash 94% 91% 92% Q3’25: 20% 31% 39% (3) margin conversion >+50% YoY CAGR: +
Slide 12: Key strategic developments – Q3 2025 (cont'd)
Key strategic developments – Q3 2025 (cont’d) PrizePicks acquisition aligned with Allwyn’s strategic focus PrizePicks (cont’d) -Transaction summary • Expected initial cash consideration ~USD1.6bn1, implying an upfront enterprise value of USD2.5bn • Performance-based earnouts of up to ~USD1.0bn in 20
Slide 13: Key strategic developments – Q3 2025 (cont'd)
Key strategic developments – Q3 2025 (cont’d) Allwyn brand rollout; KKCG Group sale of minority interest in Allwyn Launch of Allwyn as a consumer-facing brand • Launched partnerships with Formula 1 and McLaren F1 Team in Q1 2025 to expand achieve step- change in Allwyn brand awareness globally • In
Slide 14: Key strategic developments – Q3 2025 (cont'd)
Key strategic developments – Q3 2025 (cont’d) Stoiximan ownership increased to 100%; sale of land-based casino assets in Germany and Australia Acquisition of remaining 15.51% minority interest in Stoiximan for €201m • Stoiximan is the leading online sports betting and iGaming business in Greece and
Slide 15: Key strategic developments - after quarter end
Key strategic developments - after quarter end Business Combination of Allwyn and OPAP Combination of Allwyn and OPAP to create second-largest listed lottery and gaming operator globally • In October 2025, Allwyn and OPAP Boards approved an all-share combination ✓ Transaction is logical next step in
Slide 16: Focus on responsible gaming, ESG and communities
Focus on responsible gaming, ESG and communities Examples of our ongoing commitment to ESG and corporate social responsibility in Q3 2025 Safer play Community Safer play Sazka launched the first F1-themed OPAP’s long running Preventive Medicine Allwyn UK held its first Participant responsible gaming
Slide 17: Financial update
Financial 02 01 update
Slide 18: Q3 2025 financial highlights
Q3 2025 financial highlights Good top-line growth in Q3’25, sustaining positive momentum • Net Revenue +5% YoY Consolidated P&L (€m) — GGR +5% YoY Q3’24 Q3’25 ∆ vs. Q3’24 — Gaming taxes/Good Causes contribution slightly lower as a % of GGR Total Revenue 2,110 2,202 +4% • Operating expense growth pri
Slide 19: Business highlights - Summary
Business highlights - Summary Summary of consolidated Net Revenue and Adjusted EBITDA performance – reported basis1 Net Revenue Consolidated Adjusted EBITDA €m Q3’24 Q3’25 cFX % ∆2 %∆ Q3’24 Q3’25 cFX % ∆2 %∆ Continental Europe3 690 729 +6% 325 337 +4% North America 48 55 +15% 5 10 +100% United Kingd
Slide 20: Business highlights – Continental Europe
Business highlights – Continental Europe1 Continued good performance in Q3’25 • Net Revenue growth +6% YoY Net Revenue — Strong performance in Lotteries, +9% YoY €m +5% +4% +6% — Solid growth in other products despite strong 796 729 741 comps (Euro 24) 679 682 719 655 673 701 690 636 — Online channe
Slide 21: Business highlights – North America
Business highlights – North America Strong top-line growth at IWG in Q3’25 • Net Revenue +15% YoY on reported basis Net Revenue (100% basis3) – Acquisition of Instant Win Gaming (IWG) during €m Underlying: +0% Q3’24 +2% -7% -2% – Performance on a “100%” basis3 includes IWG for duration of comparativ
Slide 22: Business highlights – United Kingdom
Business highlights – United Kingdom Continued momentum in Q3 • Net Revenue growth +8% YoY, cFX basis Net Revenue – GGR growth +2% YoY, cFX €m cFX +2% cFX +9% cFX +8% Of which included in – Digital channel a key GGR driver, +10% YoY consolidated results: +4% +10% +6% €127m 250 253 – Performance also
Slide 23: Business highlights – Betano
Business highlights – Betano1 Q3 affected by customer-friendly sports results; KPIs strong in Q4 • Total Revenue growth +8% YoY, +14% YoY cFX Total Revenue (100% basis) – Strong underlying momentum in July and August €m cFX +14% continuing the trend from H1 when growth +20% 18% 21% 8% – Weaker Septe
Slide 24: Strong free cash flow generation
Strong free cash flow generation Reflects asset light business model and high profitability • EBITDA adjustments €m Consolidated FCF — Primarily consist of Adjusted EBITDA CAGR +7% — UK National Lottery transition costs (majority of 50% 49% 42% 42% 37% which are expected to be recoverable) 368 406 3
Slide 25: Leverage
Leverage As of 30 September 2025, post-IFRS 16, €m LTM Adjusted EBITDA 1,522 Cash and cash equivalents (1,633) Gross debt 5,015 Leases 164 Net debt (incl. leases) 3,546 Consolidated Net Debt / Adjusted EBITDA 2.3x Consolidated priority Net Debt / Adjusted EBITDA (0.3x) Consolidated Net Debt / Consol
Slide 26: Key financing transactions - Q3 2025
Key financing transactions - Q3 2025 Continuing to actively manage our capital structure, reducing cost and extending maturities Allwyn International AG • In July 2025, Allwyn International and Allwyn Entertainment Financing (UK) plc entered into a new €2,150m SFA — 5-year maturity across components
Slide 27: Key financing transactions - Q3 2025 (cont'd)
Key financing transactions - Q3 2025 (cont’d) Continuing to actively manage our capital structure, reducing cost and extending maturities Allwyn UK • In July 2025, Allwyn Entertainment Ltd entered into new loan agreement with HSBC UK Bank plc — Extends current RCF of £60m to July 2028; two one-year
Slide 28: Key financing transactions - Q3 2025 (cont'd)
Key financing transactions - Q3 2025 (cont’d) Changes in indebtedness since Q2 2025 Principal amount as of 30 June 2025 (€m) 4,680 Syndicated Bank Loan (due 2027-29) - prepayment (1,228) New Syndicated Bank Loan due 2030 - drawings 1,300 $625m TLB due 2031 – amortisation (1) €600m 4.125% SSNs due 20
Slide 29: Key financing transactions - after period end
Key financing transactions - after period end Allwyn International AG • In November 2025, the Company announced the successful syndication of a USD 1.5bn financing for the acquisition of PrizePicks, comprising: — USD 1.0bn 7-year institutional Term Loan B at margin of SOFR+250 bps — USD 500m 6-year
Slide 30: Maturity profile and instrument split
Maturity profile and instrument split Long maturity profile, diversified funding base allows optimisation of funding costs Pro forma instrument split as of 30 September Pro forma debt maturity profile as of 30 September 20251 20251 Weighted average life (‘WAL’): 4.7 years 16% 21% Pro forma WAL (incl
Slide 31: Update on current trading and Summary
Update on 03 01 current trading and Summary
Slide 32: Current trading
Current trading 1 Summary • Since the start of the year our business has continued to perform and develop well overall although trading in September and October was affected by exceptionally favourable sports outcomes for customers, which impacted sports betting margins, as seen industry-wide. • In
Slide 33: Summary
Summary Continued operational momentum and landmark strategic transactions set to accelerate Allwyn’s growth 1 Two landmark transactions significantly advance Allwyn’s growth strategy and strengthen position as a global leader in lottery and gaming entertainment: Agreement to acquire PrizePicks Plan
Slide 34: Q&A
Q&A 01
Slide 35: Appendix
04 01 Appendix
Slide 36: Diversified capital structure; access to EUR, USD and local markets
Diversified capital structure; access to EUR, USD and local markets Debt overview as of 30 September 2025 Split by fixed / floating Split by currency 21% x LTM Adj. Amount (€m) Consol. EBITDA Consolidated Subsidiary Net Debt / (Cash) (506) 48% Subsidiary Leases 148 2% Corporate Cash (149) Total Cons
Slide 37: Proactive maturity profile management, ample liquidity
Proactive maturity profile management, ample liquidity Debt maturity profile as of 30 September 2025 (€m) Available facilities as of 30 September 2025 (€m) Capacity Drawn Undrawn Weighted average life (‘WAL’): 4.7 years 599 Allwyn International 2 499 Allwyn International RCF 350 0 350 Delayed Drawdo
Slide 38: Dividends and distributions
Dividends and distributions Economic Interest at Entity 2019 2020 2021 2022 2023 20241 9M 20241 9M 2025 €m end of Sep-2025 Dividends and cash upstreamed – 100% basis Continental Europe Austrian Lotteries 9.5%2 120 177 91 120 114 115 115 159 CASAG (Austria) 59.7% 15 - - 45 130 137 137 149 SAZKA (Czec
Slide 39: Summary of adjustments to EBITDA
Summary of adjustments to EBITDA Standalone, 100% (€m)1 EBITDA Adjustments Breakdown3 Operating EBITDA 2019 2020 2021 2022 2023 2024 Q1 ’25 Q2 ‘25 Q3’25 2019 2020 2021 2022 2023 2024 Q1’25 Q2’25 Q3’25 Continental Europe 788 542 967 1,176 1,207 1,313 317 298 330 Intellectual property intra-group tran
Slide 40: 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, CAPEX, Adjusted Free cash flow (“Adjusted FCF”), Cash conversion a
Slide 41: 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
Slide 42: Disclaimer
Disclaimer 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 circumstances that arise after the date of this document. No warranty or representation of any k
Slide 43: Allwyn office locations
London Lucerne – Allwyn HQ Prague 3 Dering Street, 4th Mühlenplatz 9 Evropská 866/71, Vokovice floor 6004 Lucerne 160 00, Prague 6 London W1S 1AA Switzerland Czech Republic United Kingdom