Ballys Intralot S.a. · ATHEX:BYLOT
Ballys Intralot — Intralot — Merger or Acquisition (July 2025)
25 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 Creating A Global Gaming Champion J U LY 2 0 2 5
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: Today's Presenters – Management Team
Today’s Presenters – 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: Transaction Overview And Indicative Timeline
Transaction Overview And Indicative Timeline ▪ Bally’s Holding Limited, the Bally’s International Interactive (“Bally’s II” or “BII”) business to be acquired by Intralot S.A. (“Intralot”) (the “Proposed Transaction”) ▪ Transaction Enterprise Value of €2.7bn, comprising of: Asset Being Acquired & Key
Slide 5: 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 6: 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 7: 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 8: Expanded Player Service in a Rapidly Growing iGaming & Lottery Market
2 Expanded Player Service in a Rapidly Growing iGaming & Lottery Market, With Significant Scale Advantages 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 an
Slide 9: Holistic Omni-Channel Product Offering Driven By 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 10: Resilient, Recurring Lotteries Revenue Supported By Growing iGaming Revenue
Resilient, Recurring Lotteries Revenue Supported By A 4 Robust Growing 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 Res
Slide 11: Exceptional Margins And Cash Flow Generation Enhanced By Cost Synergies
…With Exceptional Margins And Cash Flow Generation 4 Enhanced By Material Cost Synergies From Proposed Transaction Improving Margin Profile For The Post-Acquisition Group Focused On …Coupled With Modest Maintenance Capex Requirements Driving 92%+ Constant Profitability… Operating FCF Conversion... P
Slide 12: Proposed Transaction Expected To Deliver Sustainable Growth Opportunities
Proposed Transaction Expected To Deliver Sustainable 5 Growth Opportunities Standalone Growth Opportunities Aggregated Growth Opportunities (1) Enhanced positioning New charity Targeted M&A Expansion in contract lottery opportunities ✓ Securing new high margin-contracts New market into new extension
Slide 13: Aggregated Tech Stack Enhances Competitiveness In Renewals And New Opportunities
5 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 14: Further Potential Value Creation Through Geographic And Product Expansion
5 Further Potential Value Creation Through Geographic And Product Expansion Opportunities Selected New Market Expansion Opportunities Charity Lottery Expansion 2026 2026 2027 2027 Target Launch Target Launch Target Launch Target Launch Utilise B2C and B2B experience to tap into the Charity Lottery m
Slide 15: Longstanding Regulatory Relationships With 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 16: Proposed Transaction Benefits – Accretive To Growth, Earnings And Cash Flow
Proposed Transaction Benefits – Accretive To Growth, Earnings And Cash Flow ✓ Enhances diversification and scale Truly global business with 90%+ revenues from developed markets and diversified across various gaming verticals ✓ Additive to growth Elevated positioning across the gaming value chain pre
Slide 17: Guidance And Financial Policy
Guidance And Financial Policy Mid-term (post-2025) • 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 growth expected in 2026 • Group margin mid-to-high 30% including growth op
Slide 18: Appendix | Additional Information
Appendix | Additional Information
Slide 19: 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 20: 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 21: 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 22: 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 23: iGaming | Operations Are Well-Diversified Across Products
iGaming | Operations Are Well-Diversified Across Products, With Premier Brands 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 Revenue
Slide 24: iGaming | Proprietary Technology Platform Optimising The Player Experience
iGaming | Proprietary Technology Platform Has Revolutionised iGaming Success By Optimising The Player Experience Delivering Enhanced Customer Journey’s Via Data, AI/ML, Marketing And Tracking Data-informed Predictions Marketing Campaigns Designed over many years by iCasino experts • Predictions acro
Slide 25: Intralot FY24 EBITDA Reconciliation
Intralot FY24 EBITDA Reconciliation Amounts in €m FY24 Operating Profit / (Loss) Before Tax 18.0 Profit / (Loss) to net monetary position (6.3) Profit / (Loss) from equity method consolidations (0.4) Exchange differences (0.6) Interest and similar income (4.6) Interest and similar expenses 45.7 Inco