Allwyn Ag · ATHEX:ALWN
Allwyn — OPAP Holding Société Anonyme — Q2 2025 Earnings Presentation
24 slides from Allwyn's earnings presentation, Sep 4, 2025
Slide 1: Q2 & H1 2025 Financial Results
Q2 & Η1 2025 Financial Results 4 September 2025
Slide 2: Disclaimer
Disclaimer • All drawings, artwork, and texts are the exclusive • Copyright refers to all graphics and texts of the property of OPAP S.A. The partial or total present publication duplication, copy or publication of the contents of this publication by any medium (mechanical, • The facts included in t
Slide 3: Highlights
Highlights Financial Performance ▪ Solid H1’25 performance on the back of strong online growth (+14.4% YoY) and solid retail increase (+3.4% YoY) ▪ H1’25 EBITDA of €398m, higher by +6.6% YoY with EBITDA margin at c.35% ▪ Strong cash position and low leverage with Net Debt/LTM EBITDA at 0.17x ▪ On tr
Slide 4: Q2 & H1 2025 Financial Review
Q2 & Η1 2025 Financial Review Pavel Mucha, Chief Financial Officer
Slide 5: Q2 2025 Overview
Q2 2025 Overview Robust Q2’25 performance reflecting strong Online growth Revenues (GGR) EBITDA +4.7% +4.3% • Online GGR posted strong 533 558 increase (+9.2% ΥοΥ) reflecting our focus on elevating digital experiences • EBITDA margin at 34.3% 159 174 while enriching our offerings 191 • Growing sligh
Slide 6: H1 2025 Overview
H1 2025 Overview Online records robust growth alongside solid Retail performance Revenues (GGR) EBITDA +6.5% +6.6% • Online recorded strong growth 1,153 (+14.4% ΥοΥ), mainly due to robust 1,083 iLottery growth (+30% ΥοΥ) and 350 • Margin remained strong at c.35% 306 iGaming (online casino) levels 37
Slide 7: Key Quarterly Financials 2021-2025
Key Quarterly Financials 2021-2025 Strong performance reflected across all key metrics Revenues (GGR) EBITDA recurring Net Profit recurring 648 595 581 566 239 541527 550 558 144 533 499 499 498 213 127 204 207 126 123 470 457 442 481 198 197 198 192 119 118 191 115 184 110 106 110 174173175 178 102
Slide 8: Revenues (GGR)
Revenues (GGR) H1 – Q2 2025 GGR analysis Last 4 quarters GGR breakdown per product & channel H1 Q2 VLTs Numerical Lotteries Online Retail 15% 69% +6.5% +4.7% Instant & 15% 70% Passives 15% 32% 31% 1,153 558 (lottery game) 5% 4% 15% 35% 30% 68% 1,083 533 5% Q3’24 69% 4% 31% 32% 171 +22.1% 86 +24.4% 3
Slide 9: EBITDA bridge
EBITDA bridge Higher variable costs due to revenue Moderate OpEx increase on the back of increase prudent cost control 5 6 4 5 23 1 4 5 70 374 398 0 EBITDA H1'24 GGR GGR Agents' Other Direct Other Other Payroll Marketing Other operating EBITDA H1'25 0 contribution Commissions costs Operating Operati
Slide 10: Cash Flow & Net Debt
Cash Flow & Net Debt Cash Flow Bridge Net Debt Strong financial position with Net Debt at €148m* *as of 30.06.2025, pre IFRS 16 basis 22 ▪ 0.17x Net Debt / LTM 328 303 EBITDA (or 0.20x incl. leases) Strong ▪ 37.3x Interest Coverage operating based on LTM figures profitability €287m dividend 490 dist
Slide 11: Operational & Business Update
Operational & Business Update Jan Karas, Chairman & Chief Executive Officer
Slide 12: Enriched multi-channel offerings elevate both customer experience and engagement
Enriched multi-channel offerings elevate both customer experience and engagement Retail Online Eurojackpot Summer campaign Personalized iLottery experience One of the most successful campaigns ever, that raised New fully personalized homepage with tailored awareness, strengthening public connection
Slide 13: Tzoker recorded the Biggest jackpot in the game's history in Aug'25 at €28.8m
Tzoker recorded the Biggest jackpot in the game’s history in Aug’25 at €28.8m!!! • Jackpot series generated €54M GGR, setting new records • +145% vs monthly average of OPAP Store app actives • 96% of active iLottery players participated Latest 3 Biggest Jackpots # Jackpot Draws 45 in this jackpot se
Slide 14: OPAP acquired the remaining 15.51% stake in Stoiximan in Q3'25
OPAP acquired the remaining 15.51% stake in Stoiximan in Q3’25 Leading to full ownership of the Company (100%) Stoiximan undisputable leader in the fast-growing online market Further strengthening our leading position in Greece and Cyprus OPAP and Stoiximan will continue to operate as Transaction’s
Slide 15: Our retail estate
Our retail estate Creating experiences that last OPAP estate end of Q2’25 Digitalization In-store events & promos in Q2’25 OPAP stores Play Stores Indirect POS & Smart Digital Audio solution OPAP Stores PLAY Stores Street vendors Infrastructure Greece Cyprus Greece Greece 2,998 203 347 >200 c.5,000
Slide 16: OPAP Store App
OPAP Store App Continuous growing trend in Retail Digitalization YoY, 28% of Retail revenue is de-anonymized via Opapstore app Accelerated retail players deanonymization Increased engagement per visit with elevated spending +9% +10% 510K 32 € 33 € 35 € 34 € 35 € 415K 440K 416K 415K 477K 457K 26 € 27
Slide 17: Performance overview: VLTs
VLTs showcase strong growth in Q2’25 Performance overview €39.0 (GGR €m) GGR / VLT / 80 86 day Q2’25 Q2'24 Q2'25 VLTs Estate Upgrade Driving Progress €32.7 Spending per Visit (vs €31.7 in Q2’24) Offering 115 minutes Avg Visit duration Q2’25 113 minutes in Q2’24 248 exciting VLT >14k cabinets replace
Slide 18: Online GGR contribution remains high
Online GGR contribution remains high Online revenues per brand (€m) Online product mix & performance (H1’25 GGR) +9% y-o-y Δ% Mix 6,0% OPAP 30 173 Stoiximan iBetting 5% 27 30 25 21 21 23 15 18 48,9% 19 17 15 iGaming 45,1% 22% 15 (Online Casino) 15 177 135 138 146 147 149 113 126 106 107 104 110 90 8
Slide 19: OPAP reaffirmed at AA by MSCI & re-confirmed as FTSE4Good Index Series constituent
OPAP reaffirmed at AA by MSCI & re-confirmed as FTSE4Good Index Series constituent OPAP achieved ESG rating of 3.8, higher AA than the 3.5 in the previous assessment ESG RATINGS CCC B BB BBB A AA AAA ESG Rating History AA AA AA AA AA AA AA Constituent of the FTSE4Good Index Series for yet another A
Slide 20: We continue to lead with purpose and responsibility
We continue to lead with purpose and responsibility OPAP Forward TALKS take off igniting the future of Greek entrepreneurship Igniting Greek Entrepreneurship Supporting Local Communities Investing in Youth Redefining Greek Growth OPAP in the Neighborhood Lessons Beyond the Game Launch of Forward TAL
Slide 21: Appendix
Appendix
Slide 22: Consolidated Statement of Financial Position
Consolidated Statement of Financial Position Consolidated Statement of Financial Position ('000 € ) 30.06.2025 31.12.2024 Current assets Cash and cash equivalents 493,024 490,099 Receivables 68,606 86,715 Other current assets 46,744 63,460 Total current assets 608,374 640,274 Assets Non - current as
Slide 23: Consolidated Income Statement
Consolidated Income Statement Consolidated Income Statement ('000 € ) 30.06.2025 30.06.2024 Δ Δ% Revenue (GGR) 1,152,965 1,082,511 70,454 6.5% GGR contribution and other levies and duties -365,049 -342,372 -22,677 6.6% Assets Net gaming revenue (NGR) 787,916 740,140 47,776 6.5% Agents’ commission -2
Slide 24: Consolidated Cash Flow statement
Consolidated Cash Flow statement Consolidated Cash flow statement ('000 €) 30.06.2025 30.06.2024 OPERATING ACTIVITIES Operating Activities before WCC 399,443 374,067 Changes in Working Capital Inventories 2,081 -5,834 Receivables 25,826 53,094 Assets Payables (except banks) -47,565 -40,790 Interest
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