Ig Group Holdings Plc · LSE:IGG
Ig — Merger or Acquisition (2026)
16 slides from Ig's merger presentation, 2026
Slide 1: Underdog
IG Group X<_ (9 UNDERDOG UNDERDOG
Slide 2: Underdog: Driving a Step-Change in IG's Growth Profile
UNDERDOG DRIVING A STEP - CHANGE IN IG’S GROWTH PROFILE 1 Entering a high - 2 An expanded, 3 A valuable, 4 Structured for 5 A strong growth product complementary integrated licence disciplined value long -term adjacency customer base stack and creation return profile infrastructure Underdog transfor
Slide 3: Underdog Is Built to Win with Product Velocity & Innovation
UNDERDOG IS BUILT TO WIN WITH PRODUCT VELOCITY & INNOVATION FANTASY PREDICTION GAMES & SPORTS MARKETS MORE (DFS) 3
Slide 4: Our Team: Proven Innovators and Operators
OUR TEAM: PROVEN INNOVATORS AND OPERATORS Our experienced leadership team has built an award-winning company and innovative culture. EXECUTIVE TEAM AWARDS AND RECOGNITION JEREMY LEVINE BRANDON DANIEL BAY NICK LUNDGREN CO-FOUNDER & CEO CHIEF PEOPLE OFFICER CHIEF LEGAL OFFICER Founder DRAFT STAKENBORG
Slide 5: One of the Fastest-Growing Sports Companies Ever
ONE OF THE FASTEST-GROWING SPORTS COMPANIES EVER Founded in 2020, our legacy daily fantasy business fuelled our growth to become one of the fastest- growing operators in the sports gaming industry. $441M NET REVENUE $271M $151M $58M $6K $9M 2020 (FOUNDED) 2021 2022 2023 2024 2025 Fiscal years 2023 -
Slide 6: Even Though Regulation Had Limited US Fantasy
EVEN THOUGH REGULATION HAD LIMITED US Fantasy (DFS) Regulatory Restrictions Player picks only No team picks allowed Only 36 states Entries must include Can't offer spreads, moneylines Underdog’s Pick'em availability multiple players from or game totals. severely limited. multiple teams. Compared to
Slide 7: Fantasy Sports (Pick'em) vs. Sports Betting
FANTASY SPORTS (PICK’EM) vs. SPORTS BETTING Fantasy Sports regulations limited users to rigid multi-player parlays, while sports betting allowed way more options. Fantasy (Pick’em) Online Sports Betting (Sportsbooks) Regulated at the state level. Available in ~36 states Regulated at the state level,
Slide 8: Our Predictions Journey
OUR PREDICTIONS JOURNEY Initial offering via Predictions 50% of Handle + Crypto.com1 Acquisition of DCM/DCO Fastest sports operator to Acquire licenses and begin Launch UDX, our own Best Experience for offer prediction markets work building own DCM/DCO Exchange Sports Fans DCM/DCO exchange Launch Pr
Slide 9: Full Stack Prediction Markets Setup
FULL STACK PREDICTION MARKETS SETUP Vertical integration allows Underdog to provide the best customer experience. PREVIOUSLY: RETAIL CUSTOMERS Player picks in 36 states with piecemeal regulatory regimes FCM Serves customer accounts and routes orders. Underdog built the capability and secured its Bro
Slide 10: A Transformed Experience
A TRANSFORMED EXPERIENCE A seamless experience in one single app Powered behind the scenes by the orchestration layer: ● Fantasy sports (DFS) ● Prediction markets ● UDX ● FCM → other DCMs Underdog provides a seamless frontend experience for the customer to express any sports opinion. All in one supe
Slide 11: Innovative Games & Experiences
INNOVATIVE GAMES & EXPERIENCES Launching Oct 2026 DRAFTS STREAKS LADDERS CRASH RIPS 11
Slide 12: Path to Success Under Different Regulatory Scenarios
PATH TO SUCCESS UNDER DIFFERENT REGULATORY SCENARIOS Winners in the space are the companies that are best able to navigate regulatory uncertainty. EXAMPLE OUTCOME A EXAMPLE OUTCOME B FEDERAL-LED SPORTS FRAMEWORK STATE-LED SPORTS FRAMEWORK Sports prediction markets nationwide Fantasy sports offering
Slide 13: 2026 YTD: A Year of Transformation
2026 YTD: A YEAR OF TRANSFORMATION Our 2026 focus around re-establishing a best-in-class product has already yielded results, leaving us well-positioned going into peak Q4 season to capture lift from NFL and NBA seasons. Q4 accounted for over a third of Underdog's 2025 revenue. 1,069k Q1 26 20% AVER
Slide 14: A Disciplined Acquisition Transforming IG's Scale and Reach in the US
A DISCIPLINED ACQUISITION TRANSFORMING IG’S SCALE AND REACH IN THE US Adds a fast -growing new product vertical and rebalances the Group’s product mix . DOUBLES IG’S US REVENUE1 DIVERSIFIES OUR PRODUCT MIX Standalone: US: 19% (£206m) Pro forma: US: 41% (£596m) Standalone: Pro forma: 4% 4% 7% US 27%
Slide 15: Reminder of Transaction Structure
REMINDER OF TRANSACTION STRUCTURE Midpoint of earnout Maximum payment on and MIP strong outperformance • Approximately 60% settled from the issue of new IG ordinary Upfront Upfront shares. The number of shares is fixed at 24.1 million , based on the 30 -day VWAP prior to signing of the merger agreem
Slide 16: IG Group X<_ (9 UNDERDOG
IG Group X<_ (9 UNDERDOG OSA 16