Ballys Intralot S.a. · ATHEX:BYLOT
Ballys Intralot — Intralot — Investor Day (September 2025)
53 slides from Ballys Intralot's investor day presentation, Sep 8, 2025
Slide 1: Capital Markets Day
Capital Markets Day 8 September 2025
Slide 2: Disclaimer
Disclaimer The following disclaimer applies to this presentation and the information provided therein, including in relation to Intralot (together with its subsidiaries, the “Intralot Group” or “Intralot”), Bally’s (together with its subsidiaries, the “Bally’s Group” or “Bally’s”) and Bally’s Holdin
Slide 3: Management Team
Management Team Robeson Nikolaos Chrysostomos Reeves Nikolakopoulos Sfatos CEO, Bally’s Group CEO, Intralot Group Deputy CEO, Intralot Joined Bally’s (Gamesys) in 2005 Joined Intralot in 2007 Joined Intralot in 2016 3
Slide 4: Today's Agenda
Today’s Agenda 1 Acquisition Overview 2 Strategic Rationale 3 iGaming – Deep Dive 4 Lottery – Deep Dive 5 Financials 4
Slide 5: Acquisition Overview
1 Acquisition Overview
Slide 6: The Acquisition Creates A Global Gaming Champion in iGaming and Lottery
Acquisition Overview Strategic Rationale iGaming Deep Dive Lottery Deep Dive Financials The Acquisition Creates A Global Gaming Champion in iGaming and Lottery Intralot is a leading global lottery technology provider with long-term contracts and a track record of contract retention in 40 high-value
Slide 7: Acquisition Overview
Acquisition Overview Strategic Rationale iGaming Deep Dive Lottery Deep Dive Financials Acquisition Overview ▪ The Bally's International Interactive Business, which comprises Bally's Holdings Limited and its subsidiaries, is to be acquired by Intralot S.A. (the "Acquisition" or the "Proposed Transac
Slide 8: Acquisition Steps
Acquisition Overview Strategic Rationale iGaming Deep Dive Lottery Deep Dive Financials Acquisition Steps Next Steps ✓ ✓ Acquisition 1 2 3 A 3 B Pre-Announcement Announcement & MTO MTO Close €400m Share Intralot Acquisition Structure Launch (28-Aug-2025) Capital Increase of BII (1-Jul-2025) • Prior
Slide 9: Strategic Rationale
2 Strategic Rationale
Slide 10: The Post-Acquisition Group Is A Scaled Global Gaming Powerhouse
Acquisition Overview Strategic Rationale iGaming Deep Dive Lottery Deep Dive Financials The Post-Acquisition Group Is A Scaled Global Gaming Powerhouse With Market-leading Technology And Products 1 Operationally and financially scaled global operator with leading market positions and a diversified b
Slide 11: Post Acquisition Group Will Have Leading Positions In Attractive End Markets
Acquisition Overview Strategic Rationale iGaming Deep Dive Lottery Deep Dive Financials 1 Post Acquisition Group Will Have Leading Positions In Attractive End Markets And Will Be Operationally And Financially Scaled Leading Market Positions Global Presence with Meaningful Diversification Across Geog
Slide 12: Secular Trend Of Digital Transition Across Lottery And Gaming
Acquisition Overview Strategic Rationale iGaming Deep Dive Lottery Deep Dive Financials Secular Trend Of Digital Transition Across Lottery And Gaming To 2 Drive Significant Growth… % of North American Lotteries GGR % of European Lotteries GGR % of North American Gaming GGR % of European Gaming GGR E
Slide 13: Superior And Complementary Technology To Capture Digital Transition
Acquisition Overview Strategic Rationale iGaming Deep Dive Lottery Deep Dive Financials …Which The Post Acquisition Group Will Benefit From Given 2 Superior And Complementary Technology To Capture Digital Transition Highly Complementary, Easy-to-Integrate Tech Stack Advantages of a Vertically Integr
Slide 14: The Post-Acquisition Group Will Be A Major Player In A Significantly Enlarged Global TAM
Acquisition Overview Strategic Rationale iGaming Deep Dive Lottery Deep Dive Financials The Post-Acquisition Group Will Be A Major Player In A Significantly 3 Enlarged Global TAM… 100 200 90 >€200bn €161bn+ + Global iGaming, OSB & Eventual Existing Lottery Services 80 Ambition TAM 2029E1 Cumulative
Slide 15: A Unique Position In The Gaming Value Chain
Acquisition Overview Strategic Rationale iGaming Deep Dive Lottery Deep Dive Financials …And Possesses A Unique Position In The Gaming Value Chain 3 Gaming Sports Betting Lottery iGaming OSB Retail Retail iLottery B2B and B2C Lottery Expert; B2B Sports Betting Capabilities iGaming Specialist (B2C) O
Slide 16: Acquisition Expected To Deliver Significant Growth Opportunities
Acquisition Overview Strategic Rationale iGaming Deep Dive Lottery Deep Dive Financials 4 Acquisition Expected To Deliver Significant Growth Opportunities Standalone Growth Opportunities Aggregated Growth Opportunities (1) Enhanced positioning New charity Targeted M&A Expansion in contract lottery o
Slide 17: Acquisition In Time Provides Exposure To The Attractive US iGaming Market
Acquisition Overview Strategic Rationale iGaming Deep Dive Lottery Deep Dive Financials 4 Acquisition Market In Time Provides Exposure To The Attractive US iGaming US iGaming Market TAM (€bn) Commercial Arrangement Between Intralot and Bally’s NAI (Subject to Regulatory Approvals) Bally’s North Amer
Slide 18: New Market Case Study: iGaming As A B2B2C Offering
Acquisition Overview Strategic Rationale iGaming Deep Dive Lottery Deep Dive Financials 4 New Market Case Study: iGaming As A B2B2C Offering In An Existing Intralot Market Example: Current and Proposed Scope Why the Arrangement Could be Advantageous for All Parties? Lottery Advantage for Operator Lo
Slide 19: Acquisition Expected To Deliver Sustainable Growth Opportunities: Market Case Study
Acquisition Overview Strategic Rationale iGaming Deep Dive Lottery Deep Dive Financials 4 Acquisition Expected To Deliver Sustainable Growth Opportunities: Market Case Study New Market Opportunity with Attractive iGaming & OSB TAM (€1bn+) Overview of Go-to-Market Strategy • Establish a partnership w
Slide 20: Resilient, Recurring Lottery Sales Proceeds Supported By Robust iGaming Revenues
Acquisition Overview Strategic Rationale iGaming Deep Dive Lottery Deep Dive Financials 5 Resilient, Recurring Lottery Sales Proceeds Supported By Robust iGaming Revenues… High Level Of Visibility On Future Sales Proceeds For Intralot (Lotteries) …Combined With Robust BII (iGaming) Profits From Lead
Slide 21: Exceptional Margins And Cash Flow Generation Enhanced By Cost Synergies
Acquisition Overview Strategic Rationale iGaming Deep Dive Lottery Deep Dive Financials 5 …With Exceptional Margins And Cash Flow Generation Enhanced By Material Cost Synergies From Proposed Acquisition Improving Margin Profile For The Post-Acquisition Group Focused On …Coupled With Modest Maintenan
Slide 22: Longstanding Regulatory Relationships With A Strong Commitment To Responsible Gaming
Acquisition Overview Strategic Rationale iGaming Deep Dive Lottery Deep Dive Financials 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 Marke
Slide 23: Proposed Acquisition Benefits – Accretive To Growth, Earnings And Cash Flow
Acquisition Overview Strategic Rationale iGaming Deep Dive Lottery Deep Dive Financials Proposed Acquisition Benefits – Accretive To Growth, Earnings And Cash Flow ✓ Enhanced scale and diversification with highly complementary tech stack Truly global business with attractive positions in developed m
Slide 24: iGaming Deep Dive
intralot §—§ Bly ao iGaming Deep Dive
Slide 25: Robeson Reeves
Acquisition Overview Strategic Rationale iGaming Deep Dive Lottery Deep Dive Financials Robeson Reeves CEO Bally’s
Slide 26: An Online Gaming Champion
Acquisition Overview Strategic Rationale iGaming Deep Dive Lottery Deep Dive Financials An Online Gaming Champion Player-Centric Approach €270m FY24A Adj. EBITDA(1) Culture, DNA & People Data & Insights Enhanced Player Journey 39% FY24A Adj. EBITDA Margin(1) Sustainability Technology & Products Net
Slide 27: A Leading Position In iCasino And iBingo
Acquisition Overview Strategic Rationale iGaming Deep Dive Lottery Deep Dive Financials A Leading Position In iCasino And iBingo Market Leading Hero Brands… …Driving Stable Market Share Position UK Casino Competitor Market Shares By Brand Evolution Of BII’s UK NGR (€m) And Market Share(1) (FY 2024,
Slide 28: Best In Class Financial Performance
Acquisition Overview Strategic Rationale iGaming Deep Dive Lottery Deep Dive Financials Best In Class Financial Performance Industry Leading EBITDA Margins… …Support Robust Financial Position BII’s UK EBITDA Margin(1) Compared To Key Peers(2) 45% 38% 35% EBITDA margin has increased from ~29% in 2019
Slide 29: Sizable And Growing iCasino And iBingo TAM
Acquisition Overview Strategic Rationale iGaming Deep Dive Lottery Deep Dive Financials Sizable And Growing iCasino And iBingo TAM Underpinned By Robust Growth Factors Online Casino TAM (€bn)(1) Key Drivers Of Growth Spain Current geographic €196.3bn €200bn UK presence Technological advancements are
Slide 30: Proprietary Technology Platform Has Driven Market Leading Results
Acquisition Overview Strategic Rationale iGaming Deep Dive Lottery Deep Dive Financials Proprietary Technology Platform Has Driven Market Leading Results By Optimising The Player Experience… Delivering Enhanced Customer Journey’s Via Data, AI/ML, Marketing And Tracking Data-informed Predictions • Pr
Slide 31: Utilising A Highly Tailored Personalised Approach
Acquisition Overview Strategic Rationale iGaming Deep Dive Lottery Deep Dive Financials … Utilising A Highly Tailored Personalised Approach • This player typically deposits £150+ • The player has just played Big • Betting behaviour is analysed Bass Splash • The ‘Game Shuffle’ is a fun, • The present
Slide 32: Players Across A Broad Demographic With Significant Customer Loyalty
Acquisition Overview Strategic Rationale iGaming Deep Dive Lottery Deep Dive Financials Players Across A Broad Demographic With Significant Customer Loyalty Gender Age Tenure Key Points Strong diversification Largest revenue across age bands contribution from £160m longstanding NGR Split (2024, % /
Slide 33: New Market Growth Opportunities
Acquisition Overview Strategic Rationale iGaming Deep Dive Lottery Deep Dive Financials New Market Growth Opportunities Market 1 Market 2 Market 3 2026 2027 2027 Target Launch Target Launch Target Launch B2C B2C B2C (iGaming & OSB) (iGaming & OSB) (iGaming, OSB & Keno) Scope/Partner – Partnership wi
Slide 34: iGaming Deep Dive Summary – Key Takeaways
Acquisition Overview Strategic Rationale iGaming Deep Dive Lottery Deep Dive Financials iGaming Deep Dive Summary – Key Takeaways Leading Technology and Data Capabilities Strong Market Position in the UK and Spain • Proprietary platform with advanced AI/ML for High Customer Engagement and Loyalty pl
Slide 35: Lottery Deep Dive
intralot §—§ Bly ao Lottery Deep Dive
Slide 36: Nikos Nikolakopoulos
Acquisition Overview Strategic Rationale iGaming Deep Dive Lottery Deep Dive Financials Nikos Nikolakopoulos Group CEO, Intralot 36
Slide 37: Global Leader In Lottery Solutions
Acquisition Overview Strategic Rationale iGaming Deep Dive Lottery Deep Dive Financials Global Leader In Lottery Solutions FY24A Sales Proceeds Net Of Winners’ FY24A Sales Proceeds Net Of Winners’ Payouts By Product Payouts By Geography 49 Contracts IT Products & Services, 37% 11% RoW, 28% FY24A Adj
Slide 38: Overview Of The Lottery Division
Acquisition Overview Strategic Rationale iGaming Deep Dive Lottery Deep Dive Financials Overview Of The Lottery Division Lottery iLottery VLT Monitoring Sports Betting • Provides technology for traditional • Provides technology to state • Cutting-edge technology to monitor • Provider of fully integr
Slide 39: Strategically Targeting Attractive Markets With Growing Digital Penetration
Acquisition Overview Strategic Rationale iGaming Deep Dive Lottery Deep Dive Financials Strategically Targeting Attractive Markets With Growing Digital Penetration Cutting-Edge Technology Platform Enables Flexible Global Operations… … Supported By Strong iLottery Growth As Digital Penetration Increa
Slide 40: Strong Track Record Delivering Recurring Revenues
Acquisition Overview Strategic Rationale iGaming Deep Dive Lottery Deep Dive Financials Strong Track Record Delivering Recurring Revenues Diversified, Long Dated Contract Base… …Underpinned By Impressive Track Record Maturity / Renewal Country Contract Type % Of Revenue(2) Year(1) Turkey 2029 Sports
Slide 41: iLottery As A Key Driver Of Future Growth
Acquisition Overview Strategic Rationale iGaming Deep Dive Lottery Deep Dive Financials iLottery As A Key Driver Of Future Growth Leading Technology And Regulatory Relationships Allow Intralot… … To Take Advantage Of The High Growth iLottery Opportunity 2025F Total Lottery 2025F iLottery Country 202
Slide 42: Lottery Deep Dive Summary – Key Takeaways
Acquisition Overview Strategic Rationale iGaming Deep Dive Lottery Deep Dive Financials Lottery Deep Dive Summary – Key Takeaways Recurring Revenue Strength iLottery as the Primary Growth Lever Global Footprint and Market Access • Underpinned by long-dated contracts across • US iLottery is forecaste
Slide 43: Financials – Deep Dive
5 Financials – Deep Dive
Slide 44: Post-Acquisition Group to Deliver Strong Financial Performance
Acquisition Overview Strategic Rationale iGaming Deep Dive Lottery Deep Dive Financials Post-Acquisition Group to Deliver Strong Financial Performance… Robust Cash Flow Generation Structurally High Margins Material Upside Through Predictable Revenue Growth Underpinned By Low Benefiting Operating Lev
Slide 45: Driving an Attractive Financial Model That Creates Shareholder Value
Acquisition Overview Strategic Rationale iGaming Deep Dive Lottery Deep Dive Financials …Driving an Attractive Financial Model That Creates Shareholder Value Self-Reinforcing Cycle Underpins Financial Model De-leveraging High EBITDA Margin & Strong FCF Generation Dividends Low Maintenance Capex Grow
Slide 46: Post-Acquisition Group Pro Forma 2025 Guidance
Acquisition Overview Strategic Rationale iGaming Deep Dive Lottery Deep Dive Financials Post-Acquisition Group Pro Forma 2025 Guidance + Post-Acquisition Group Revenue FY25E(1) €330m - €340m(2) €750m - €765m €1,080m - €1,105m Adjusted EBITDA FY25E €120m - €125m €310m - €320m €430m - €445m (% margin)
Slide 47: Mid-Term Guidance Reiterated
Acquisition Overview Strategic Rationale iGaming Deep Dive Lottery Deep Dive Financials Mid-Term Guidance Reiterated Mid-term • Total revenue growth high-single digit • Lottery: Low-to-mid single digit growth Revenue • iGaming: Mid-single digit growth • New opportunities to drive incremental revenue
Slide 48: iGaming: Solid Growth with Class-Leading Margins
Acquisition Overview Strategic Rationale iGaming Deep Dive Lottery Deep Dive Financials iGaming: Solid Growth with Class-Leading Margins Existing Markets Only ✓ Positioned for steady revenue growth, driven by strategic expansion, diversified revenue streams, and operational efficiencies across core
Slide 49: Lottery: Recurring Revenue Underpinned by Long-Term Contracts
Acquisition Overview Strategic Rationale iGaming Deep Dive Lottery Deep Dive Financials Lottery: Recurring Revenue Underpinned by Long-Term Contracts Existing and Prospective Contracts(1) 70%+ of revenue derived from technology ✓ contracts providing B2B services to state and licensed operators, prov
Slide 50: Identified Growth Opportunities to Create Incremental Upside
Acquisition Overview Strategic Rationale iGaming Deep Dive Lottery Deep Dive Financials Identified Growth Opportunities to Create Incremental Upside Growth Opportunities Illustrative Mid-Term Revenue Growth Build-Up + New B2C market entry High-single digit 200 + Charity lottery (UK / US) 175 Mid-sin
Slide 51: Historical Pro Forma Financials Demonstrate Robust Performance
Acquisition Overview Strategic Rationale iGaming Deep Dive Lottery Deep Dive Financials Historical Pro Forma Financials Demonstrate Robust Performance… (€ in millions) Strong Growth Structurally High Margins Significant Cash Generation Margin: Cash conversion (%)(6) : 40.4% 39.2% 96.3% 95.2% €1,067
Slide 52: Supported by Predictable Capex with Low Maintenance Requirements
Acquisition Overview Strategic Rationale iGaming Deep Dive Lottery Deep Dive Financials …Supported by Predictable Capex with Low Maintenance Requirements (€ in millions) Pro Forma Capex Predictable Capex Requirements €68 ▪ Generally low maintenance requirements Maintenance ▪ Primarily related to inf
Slide 53: Post-Acquisition Business Creates an Attractive Value Proposition to Shareholders
Acquisition Overview Strategic Rationale iGaming Deep Dive Lottery Deep Dive Financials Post-Acquisition Business Creates an Attractive Value Proposition to Shareholders ✓ Diversified, recurring revenue streams with compelling upside ✓ Robust margins and FCF generation support re-investment in the b