Ballys Intralot S.a. · ATHEX:BYLOT
Ballys Intralot — Intralot — Merger or Acquisition (July 2025)
30 slides from Ballys Intralot's merger presentation, July 2025
Slide 1: Intralot's Acquisition of Bally's Int'l Interactive Division
Intralot’s Acquisition of Bally’s Int’l Interactive Division Corporate Presentation July 2025
Slide 2: Disclaimer
Disclaimer The following disclaimer applies to this presentation and the information provided therein, which has been prepared by Intralot S.A. (the “Company” and, together with its subsidiaries, the “Group”), in relation to, among others, the Company, Bally’s Corporation (the “Seller”) and Bally’s
Slide 3: The Post-Acquisition Group Is A Scaled Global Gaming Powerhouse
The Post-Acquisition Group Is A Scaled Global Gaming Powerhouse With Market-Leading Technology And Products 1 Vertically integrated iGaming and lottery champion, with significant diversification across route to markets, geographies and products 2 Scaled player serving fast-growing iGaming & lottery
Slide 4: Proposed Transaction Adds Significant Scale And Diversification
Proposed Transaction Adds Significant Scale And Diversification Post-Acquisition Group + Operational • Recurring revenues underpinned by long-term contracts and leadership positions in regulated markets A Leading • Robust margins and strong operating FCF generation >€1.4bn 89% 16 Yrs €8bn Online Cas
Slide 5: Company Overview
intralot Galiys 02 Company Overview
Slide 6: Lottery | Overview
Lottery | Overview Global Leader in Gaming Solutions: Prominent B2B provider of gaming and Lottery iLottery transaction processing systems serving lottery and gaming organisations globally • Provides technology for traditional lottery • Provides technology to state lotteries to operated by the state
Slide 7: Lottery | Recurring Revenue Model Underpinned By Predictable Long-Term Contracts
Lottery | Recurring Revenue Model Underpinned By Predictable Long-Term Contracts Robust Track Record Of Winning New Contracts & Licence Renewals Diversified, Long Dated Contract Base Maturity / % Of Contract(1) Country Contract Type Renewal Year(2) Revenue(6) Montana, Louisiana, Montana, Wyoming Geo
Slide 8: Lottery | Cutting-Edge Technology Platform Enables Flexible Operations
Lottery | Cutting-Edge Technology Platform Enables Flexible Operations Across The Value Chain Technology Ecosystem Flagship Solutions 1 LotosX omni: Lottery Solution • Modular system with secure, reliable, flexible gaming services • Comprehensive tools including game configurator, game & draw Orches
Slide 9: iGaming | Overview
iGaming | Overview Casino-Entertainment Leader: Most successful multi-brand casino and bingo operator globally; winner in Player-Centric Approach iGaming with capabilities in online sports betting with all games operated by own proprietary software Regulatory-Leading Practices : Innovation driving i
Slide 10: iGaming | Operations Are Well-Diversified Across Brands
iGaming | Operations Are Well-Diversified Across Brands, With A Leading Position In Two Of Europe’s Largest Markets International Operations Are Focused On Regulated European iCasino Dominates Revenue Mix(3), Driven By Virgin Games Markets, Particularly The UK And Spain & Jackpotjoy Net Gaming Reven
Slide 11: iGaming | Podium Position in the UK
iGaming | Podium Position in the UK, Underpinned by a Disciplined Approach to Customer Acquisition BII Competitive Landscape Comments Evolution of BII’s UK NGR (£m) • BII is the UK’s second largest operator of online casinos and its market share has £600m 499 541 remained broadly stable at around 14
Slide 12: Key Credit Highlights
intralot Galiys 03 Key Credit Highlights
Slide 13: Key Credit Highlights
Key Credit Highlights 1 Vertically integrated iGaming and lottery champion, with significant diversification across route to market, geography and product 2 Scaled player serving a fast-growing iGaming & lottery TAM, with significant barriers to entry 3 Holistic omni-channel product offering driven
Slide 14: Vertically Integrated, Global iGaming And Lottery Champion
1 Vertically Integrated, Global iGaming And Lottery Champion Lottery Post-Acquisition Key Highlights Of The Proposed iLottery Group Transaction iGem Orion VLT (VLT) (Sports) Online Sports B2B Retail Lottery ✓ ~ ✓ Betting Creates A Leading Integrated Global Lottery And iGaming Platform LotosX omni VL
Slide 15: Significant Diversification Across Route To Market, Geography And Product
1 …With Significant Diversification Across Route To Market, Geography And Product Combined Entity(1) B2C B2B 1% 10% B2B 32% Vertical Mix / Route To Market B2C B2C B2B 99% 68% 90% RoW Spain RoW RoW 5% 1% Europe 11% 28% 8% Geography Mix Americas Americas UK Europe 59% UK 21% 60% 13% 94% IT product & V
Slide 16: Scaled Global Lottery and iGaming Player Operating in Markets With Significant Barriers To Entry
2 Scaled Global Lottery and iGaming Player Operating in Markets With Significant Barriers To Entry Lottery TAM CAGR 24-29E(1) iGaming TAM CAGR 24-29E(2) Protected By High Barriers To Entry Intralot Bally’s Int. Highly regulated sector requiring significant technical and legal 4% expertise and experi
Slide 17: Sizable iGaming TAM with Stable, Attractive Growth Rates
2 Sizable iGaming TAM with Stable, Attractive Growth Rates and Underpinned by Robust Growth Factors Online Casino TAM (€bn) Key Drivers of Growth Technological advancements 7.5 7.0 7.1 6.7 1.1 6.3 6.3 1.0 1.0 0.9 Changing consumer behaviours 5.6 0.7 0.8 5.0 5.1 0.6 4.8 4.3 0.4 0.4 0.5 0.3 6.1 6.4 Pr
Slide 18: Holistic Omni-Channel Product Offering Driven By Highly Complementary Tech Stack
3 Holistic Omni-Channel Product Offering Driven By Highly Complementary Tech Stack Player Experience: Retail & Online Sports Betting Multi-channel app strategy allowing players to use their preferred device • Supports the entire player journey with single control point for all player touchpoints Ori
Slide 19: Aggregated Tech Stack Expected To Enhance Competitiveness
3 Aggregated Tech Stack Expected To Enhance Competitiveness In Contract Renewals And New Opportunities Significant Opportunities In The US Market For Digitization Of The Lottery Sector Key Aggregated Technology Stack Benefits Platform Enhancement: Bally’s technology stack streamlines ME WA operation
Slide 20: Resilient, Recurring Lotteries Revenue Complemented By Robust Growth In iGaming Revenue
Resilient, Recurring Lotteries Revenue Complemented By 4 Robust Growth In iGaming Revenue High Level Of Visibility On Future Revenues For Intralot (Lotteries) Underpinned By …Combined With Robust BII (iGaming) Profits From Leading Market Strong Track Record Of Contract Renewals And Wins… Positions R
Slide 21: Combined Group Demonstrates Attractive Margins and High Cash Flow Generation
Combined Group Demonstrates Attractive Margins and 5 High Cash Flow Generation Highly Attractive EBITDA Margin Profile… …Coupled with Modest Maintenance Capex …Drives 92%+ Operating FCF Conversion Requirements… EBITDA (2) FY’22 – FY’24 (€m) Maintenance Capex(2) FY’22 – FY’24 (€m) Operating Free Cash
Slide 22: Longstanding Regulatory Relationships With A Strong Commitment To Responsible Gaming
6 Longstanding Regulatory Relationships With A Strong Commitment To Responsible Gaming Longstanding Relationship With Key Regulators Committed To Maintain The Highest Standards In Responsible Gaming Country Market Entry Regulator Body “Promote Responsible Gaming, Social Responsibility, and 1993(1) •
Slide 23: Financial Overview
intralot Galiys 04 Financial Overview
Slide 24: Intralot Historical Financials
Intralot Historical Financials • The strategic initiative to eliminate unprofitable contracts has shifted company focus to fewer contracts with higher EBITDA margin opportunities • Sustained EBITDA growth and improved profit margins • Consistent maintenance capex paired with adjusted EBITDA growth b
Slide 25: BII Historical Financials
BII Historical Financials • Strong active users and ARPUs in the UK have driven revenue and EBITDA growth from 2022 to 2024; beginning in 4Q24, BII benefits from a 100% flow-through royalty fee stream • EBITDA margins indicative of a strategic shift towards existing operations in more profitable mar
Slide 26: Combined Historical Financials
Combined Historical Financials (€ in millions) Revenue Adjusted EBITDA(4) Margin: 36.8% 38.2% 38.3%(1) €1,200 €1,085 €1,140 €1,080 €974 €974 €480 €1,020 €416 €960 €900 €376 €420 €358 €372 €17 (2) €840 €780 €393 €364 €360 €720 €132 €660 €300 €127 €136 €600 €540 €240 €480 €420 (1) €180 €360 €709 €300
Slide 27: Intralot Merged Structuring EBITDA
Structuring EBITDA €m 2022A 2023A 2024A LTM Q1 2025 Net Income 11.9 5.8 4.9 (0.6) Minorities 12.6 8.0 11.8 9.7 Tax 5.2 19.7 1.4 6.1 EBT 29.8 33.6 18.0 15.3 Other financial income/expenses (14.9) (7.6) (7.7) (3.5) Intralot Interests 36.7 35.7 41.1 39.8 EBIT 51.6 61.6 51.3 51.6 Capital Structure optim
Slide 28: Structuring EBITDA
Structuring EBITDA Adjustment Explanation 1 Management adjustments Reversal of civil matter expenses related to a games contract with the District of Washington DC from 2019 settled in 2024 amounting to €6mm Financial Due Diligence In FY24, mainly comprises provision and write offs of doubtful recei
Slide 29: Intralot Q1 2025 Trading Update
Intralot Q1 2025 Trading Update Commentary Key Q1’25 Statistics Revenue increased 10.9% YoY to €94.4m in Q1’25, supported by strong GGR performance and improved payout ratios €94.4m Revenue Adjusted EBITDA margin on GGR down 270 bps YoY to 34.1% in Q1’25, reflecting pressure from higher operating ex
Slide 30: BII Q1 2025 Trading Update: Full Quarter Results
BII Q1 2025 Trading Update: Full Quarter Results Commentary Key Q1’25 Statistics UK online revenue grew 5.6% (in constant currency) primarily driven by continued strong player retention and monetisation 5.6% UK Online Revenue Growth (Constant Currency) Spain online revenue also grew 38.8% (in consta