Slide 1: H1 2026 Results
H1 2026 Results 10 September 2026
Slide 2: Agenda
Agenda 2 Mor Weizer Chief Executive Officer Overview Chris McGinnis Chief Financial Officer Financial Review and Outlook Mor Weizer Strategic Priorities Chief Executive Officer H1 2026 Results
Slide 3: A B2B business with significant investment income
A B2B business with significant investment income 3 Strategic transformation and execution drives exceptional H1 profit and cash flow Adj. EBITDA Adj. EBITDA margin1 Free cash flow €163m 30% €101m ▲ +77% YoY ▲ H1-25: 19% ▲ Significant cash generation Regulated B2B US & Canada Net cash revenue revenu
Slide 4: Financial Review and Outlook
Financial Review and Outlook Chris McGinnis Chief Financial Officer
Slide 5: Financial highlights
Financial highlights 5 Significant Adjusted EBITDA margin expansion and step change in Free Cash Flow € millions1 H1 2026 H1 2025 % Group revenue 425.1 387.0 10% • Group Adj. EBITDA of €163m; third upgrade of 2026 driven by strong Americas performance Adjusted EBITDA from operations 128.3 71.8 79% •
Slide 6: B2B performance
B2B performance 6 Excellent underlying growth in our priority markets Underlying1 € millions H1 2026 H1 2025 %. CC%.. %. • Regulated B2B revenue up 21% (on an US and Canada 56.9 21.8 161% 176% 161% underlying basis) • Significant growth in US and Canada; driven Latin America 99.9 87.7 14% 7% 29% by
Slide 7: B2B costs
B2B costs 7 €20 million of annualised cost savings; continued investment into growth € millions H1 2026 H1 2025 % Total Operations 152.7 154.7 (1%) • B2B costs decreased by 3% YoY; optimisation Live operations 70.1 69.5 1% measures deliver €20 million of annual run rate costs • Reinvested into growt
Slide 8: Adjusted EBITDA to Free Cash Flow bridge
Adjusted EBITDA to Free Cash Flow bridge 8 Exceptional FCF generation in H1 2026 180 163 160 140 (12) • Exceptional Free Cash Flow 120 (21) generation of €101 million 38 101 100 (21) € millions (7) • Demonstrates step change in cash 80 (11) generation from B2B operations 60 (28) • Supported by €38 m
Slide 9: Net cash bridge from FY 2025 to H1 2026
Net cash bridge from FY 2025 to H1 2026 9 Strengthened balance sheet position 140 • €39m net cash position at period end 28 120 driven by strong operating cash generation and dividend income 100 64 • €300m bond maturing in June 2028 80 • €225m 5-year RCF remains undrawn € millions (42) • Repurchased
Slide 10: Capital allocation policy; strong balance sheet provides flexibility
Capital allocation policy; strong balance sheet provides flexibility 10 Prioritising growth, maintaining flexibility, and returning surplus to shareholders Strategic investment Returning capital to 1 into growth 2 Maintaining flexibility 3 shareholders • Targeted capital deployment • Open to M&A in
Slide 11: Levers to achieve top end of our medium-term targets
Levers to achieve top end of our medium-term targets 11 Delivering on all levers; growth, profitability and addressing underperformance Address underperforming businesses Turn US business €250m profitable c.€20m Adjusted EBITDA losses from to Reach profitability underperforming businesses €300m in 2
Slide 12: Current trading and outlook
Current trading and outlook 12 Strong start to H2 2026; FY 2026 Adjusted EBITDA guidance maintained 1 Strong start to H2 2026 2 Forecasts 3 Confident outlook • Excellent performance in • FY 26 Guidance unchanged: • Rapid progress towards the Americas has continued Adjusted EBITDA of >€270m upper end
Slide 13: Strategic Priorities
Strategic Priorities Mor Weizer Chief Executive Officer
Slide 14: A highly focused, valuable B2B business with ambitious targets
A highly focused, valuable B2B business with ambitious targets 14 A high growth B2B business combined with €1bn+ portfolio of high-quality assets High growth B2B business Highly Highly valuable valuable assets: assets: BV* BV* of >c.€1.2bn €1bn Medium-term Medium-term targets targets Book BookValue
Slide 15: Medium-term strategic priorities
Medium-term strategic priorities 15 A focused B2B player; rapid progress towards our medium-term financial targets 1. Focus remains on regulated 2. Targeted product investment 3. Increased operational and regulating markets to drive profitable growth efficiency and agility • Delivering cost efficien
Slide 16: Unlocking Mexico's growth engine
Unlocking Mexico’s growth engine 16 Accelerating growth following the reset Caliente Interactive terms High-growth market Unrivalled position Strong financials 2026 opportunity • Market set to nearly • Undisputed market leader • Adjusted EBITDA • Mexico co-hosted FIFA double in the next 5 years¹ con
Slide 17: Excellent momentum in the US and Canada
Excellent momentum in the US and Canada 17 US business is now profitable; accelerating returns on our investments Solid operational Continued investment Ongoing innovation and Leading PAM+ platform expansion into our customers product development driving customer growth • Live in 6 iGaming states an
Slide 18: Significant strategic partnership with Hard Rock Digital
Significant strategic partnership with Hard Rock Digital 18 Excellent strategic execution; investment value >3x in three years FOOTPRINT INNOVATION Expanding across the US & Canada Recent product launches with Hard Rock Bet NJ New Jersey FLORIDA Casino and Live Games powered by Past Motor Racing: a
Slide 19: Live Casino: Investing in expansion and innovation
Live Casino: Investing in expansion and innovation 19 Focus on product development and profitable growth driving margin expansion THE MARKET OPPORTUNITY PLAYTECH LIVE IN H1-26 $75bn 12% Revenue growth YoY from regulated markets Global Live Casino market GGR by 2030¹ MARKET OPPORTUNITY PLAYTECH LIVE
Slide 20: Excellent H1 reinforces confidence in strategy and outlook
Excellent H1 reinforces confidence in strategy and outlook 20 Evolved business model delivering step change in profit and cash generation • Strong start to H2-26; on track to deliver FY 2026 Adjusted EBITDA of more than €270 million • Excellent momentum in the US; significant opportunity across Lati
Slide 21: Appendix
21 Appendix
Slide 22: Summary by division
Summary by division 22 € millions H1 2026 H1 2025 % Revenue 394.8 347.6 14% B2B Adjusted EBITDA 128.1 73.3 75% Adjusted EBITDA margin 32.4% 21.1% Revenue 32.0 41.0 (22%) B2C Adjusted EBITDA 0.2 (1.5) n/a Adjusted EBITDA margin n/a n/a n/a Inv Adjusted EBITDA from investment income 1 34.2 19.8 73% Re
Slide 23: H1 2026 excluding impact of the revised Caliente agreement
H1 2026 excluding impact of the revised Caliente agreement 23 € millions H1 2026 H1 2025 % Group revenue 425.1 387.0 10% Deducting Caliente Interactive additional B2B services fee - 10.0 n/a Revenue excluding Caliente Interactive impact 425.1 377.0 13% Group Adjusted EBITDA 162.5 91.6 77% Deducting
Slide 24: Share of income from associates and dividends breakdown
Share of income from associates and dividends breakdown 24 € millions H1 2026 H1 2025 Caliente Interactive 1 30.1 20.3 LSports (1.5) (1.7) The Sporting News (0.3) (0.2) Galera - - NorthStar (0.7) (1.7) Algosport 123 Ltd 0.1 1.0 Share of Income from associates 27.7 17.7 Hard Rock Digital 4.4 2.1 Divi
Slide 25: B2C performance
B2C performance 25 Revenue Adjusted EBITDA € millions H1 2026 H1 2025 % H1 2026 H1 2025 % HAPPYBET 0.3 7.8 (96%) (1.3) (2.3) 43% Sun Bingo and Other B2C 31.7 33.2 (5%) 1.5 0.8 88% Total B2C 32.0 41.0 (22%) 0.2 (1.5) n/a H1 2026 Results
Slide 26: B2B cost breakdown
B2B cost breakdown 26 € millions H1 2022 H1 2023 H1 2024 H1 2025 H1 2026 YoY % Total Operations 146.1 148.6 155.1 154.7 152.7 (1%) Live operations 35.8 45.9 54.1 69.5 70.1 1% Structured agreement and managed services 26.1 26.8 24.6 16.5 19.6 19% Other operations 78.7 71.4 72.7 64.5 62.3 (3%) Hardwar
Slide 27: B2B customer concentration
B2B customer concentration 27 B2B customer concentration H1 2026 H1 2025 Top 3 30% 28% Top 5 39% 36% Top 10 54% 51% Top 15 61% 59% H1 2026 Results
Slide 28: Thank you
28 Thank you