Allwyn Ag · ATHEX:ALWN
Allwyn — Q3 2025 Earnings Presentation
25 slides from Allwyn's earnings presentation, Nov 26, 2025
Slide 1: Q3 & 9M 2025 Financial Results
Q3 & 9M 2025 Financial Results 26 November 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 ▪ Strong Q3 performance on the back of Tzoker’s record-breaking jackpot in August ▪ Q3 EBITDA margin 35.5%, bringing 9M margin to c.35% ▪ Strong cash position and low leverage with Net Debt/LTM EBITDA at 0.2x ▪ 9M’25 solid profitability leads to confidence in deliver
Slide 4: Q3 & 9M 2025 Financial Review
Q3 & 9M 2025 Financial Review Pavel Mucha, Chief Financial Officer
Slide 5: Q3 2025 Overview
Q3 2025 Overview Strong Q3’25 performance reflecting strong Online growth Revenues (GGR) EBITDA +6.6% +0.5% • Online GGR posted solid increase 603 (+4.5% ΥοΥ) demonstrating our 566 • EBITDA margin at 35.5% commitment to enhancing digital 173 181 experiences and expanding our product portfolio 213 21
Slide 6: 9M 2025 Overview
9M 2025 Overview Online records robust growth alongside solid Retail performance Revenues (GGR) EBITDA +6.5% +4.4% • Online recorded strong growth 1,756 (+10.8% ΥοΥ), mainly due to robust 1,648 iLottery growth (+29% ΥοΥ) 531 • Margin remained strong at c.35% 479 levels • Retail GGR increased (+4.8%
Slide 7: Key Quarterly Financials 2022-2025
Key Quarterly Financials 2022-2025 Strong performance reflected across all key metrics Revenues (GGR) EBITDA recurring Net Profit recurring 648 595 603 581 566 239 541 527 550 558 144 533 499 498 213 216 130 204 207 127 126 442 481 123 457 198 197 198 192 191 119 118 184 115 175 178 110 106 110 170
Slide 8: Revenues (GGR)
Revenues (GGR) 9M – Q3 2025 GGR analysis Last 4 quarters GGR breakdown per product & channel 9M Q3 iGaming Online Numerical Lotteries Retail (Online Casino) 15% 6.5% 6.6% 15% 14% 36% 30% 1,756 32% 603 14% 35% 31% 1,648 566 15% Q4’24 252 +17.2% 90 +14.4% 15% 31% 30%32% 215 79 VLTs 15% Q1’25 15% 262 +
Slide 9: EBITDA bridge
EBITDA bridge Higher variable costs due to revenue OpEx increase to support increased operating increase needs 13 9 37 10 3 5 1 4 12 108 1 587 613 0 EBITDA 9M'24 GGR GGR Agents' Other Direct Other Other Income related Payroll Marketing Other EBITDA 9M'25 0 contribution Commissions costs Operating Op
Slide 10: Profitability (recurring figures)
Profitability (recurring figures) 9M – Q3 EBITDA* 9M – Q3 Net Profit** +1.2% +4.3% +2.9% +4.4% 45,0% 37,7% 40,0% 35,8% 35,7% 35,0% 430 22,3% 25,0% 21,5% 20,7% 35,0% 21,1% 380 30,0% 20,0% 330 25,0% 280 15,0% 614 20,0% 230 589 15,0% 180 348 363 10,0% 10,0% 130 213 216 80 5,0% 126 130 5,0% 30 0,0% Q3 2
Slide 11: Cash Flow & Net Debt
Cash Flow & Net Debt Cash Flow Bridge Net Debt Strong financial position with Net Debt at €167m* *as of 30.09.2025, pre IFRS 16 basis 23 ▪ 0.19x Net Debt / LTM 218 EBITDA 521 (or 0.23x incl. leases) €295m dividend ▪ 34.2x Interest Coverage distributions & based on LTM figures €201m for 15.51% stake
Slide 12: Operational & Business Update
Operational & Business Update Jan Karas, Chairman & Chief Executive Officer
Slide 13: OPAP & Allwyn Business Combination
OPAP & Allwyn Business Combination Transaction Timeline Creating the 2nd largest listed lottery & gaming operator globally Leading to materially enhanced growth profile Resulting to material accretion to Adj EPS and FCF per share Maintaining Annual minimum dividend policy of €1 per share October Nov
Slide 14: OPAP is rebranding to Allwyn
OPAP is rebranding to Allwyn Gradual approach connecting the two brands together and then re-branding to Allwyn Before Now January 2026 Are you ready for the new era? New era is here OPAP is part of Allwyn OPAP is now Allwyn 14
Slide 15: As part of Allwyn bringing more
As part of Allwyn bringing more Retail Online McLaren F1 roadshows and in-store F1 Mission Calendar for opaponline.gr activations for high speeds! Bringing the excitement of Formula 1, via a gamified 5 city stops and 80 stores hosted McLaren F1 race loyalty experience, during every Grand Prix weeken
Slide 16: Our retail estate
Our retail estate Creating experiences that last OPAP estate end of Q3’25 Digitalization In-store events & promos in Q3’25 OPAP stores Play Stores Indirect POS & Smart Digital Audio solution OPAP Stores PLAY Stores Street vendors Infrastructure Greece Cyprus Greece Greece 2,971 201 347 >200 c.5,000
Slide 17: OPAP Store App
OPAP Store App Share of digitalized Retail Revenue at high levels of 26% Accelerate Retail Players deanonymization Increase engagement per visit by spending more +18% +10% 32 € 33 € 35 € 34 € 35 € 36 € 477K 510K 457K 487K 27 € 29 € 415K 440K 416K 415K 2023Q4 2024Q1 2024Q2 2024Q3 2024Q4 2025Q1 2025Q2
Slide 18: VLTs showcase strong growth in Q3'25
VLTs showcase strong growth in Q3’25 Performance overview €39.9 (GGR €m) 88 GGR / VLT / 83 day Q3’25 Q3'24 Q3'25 VLTs Estate Upgrade Driving Progress €34.7 Spending per Visit (+6.3% vs Q2’25 & +3.7% vs Q3’24 ) Offering 116 minutes Avg Visit duration Q3’25 vs 115 minutes in Q2’25 261 exciting VLT >15
Slide 19: Online GGR contribution remains high
Online GGR contribution remains high Online revenues per brand (€m) Online product mix & performance (9M’25 GGR) +5% y-o-y Δ% Mix 6.7% OPAP 30 181 Stoiximan 32 iBetting 3% 27 30 25 21 21 23 15 18 47.4% 19 17 15 iGaming 15 46% 17% 15 177 (Online Casino) 135 138 146 147 149 149 113 126 106 107 104 110
Slide 20: We continue to lead with purpose and responsibility
We continue to lead with purpose and responsibility Together for a Good Cause continue to create significant impact, One Community at a Time Local Impact, Collective Strength Supporting Local Communities Commitment to Sensitive Social Groups Together for a Good Cause OPAP in the Neighborhood School
Slide 21: OPAP Grand Sponsor of the 42nd Athens Authentic Marathon
>75K Athletes participated, setting a new Record! 42nd Athens Authentic Marathon OPAP GRAND SPONSOR of the Unique experiences by OPAP to all runners and visitors at sponsors’ village 21
Slide 22: Appendix
Appendix
Slide 23: Consolidated Statement of Financial Position
Consolidated Statement of Financial Position Consolidated Statement of Financial Position ('000 € ) 30.09.2025 31.12.2024 Current assets Cash and cash equivalents 771,032 490,099 Receivables 63,954 86,715 Other current assets 48,409 63,460 Total current assets 883,395 640,274 Assets Non - current as
Slide 24: Consolidated Income Statement
Consolidated Income Statement Consolidated Income Statement ('000 € ) 30.09.2025 30.09.2024 Δ Δ% Revenue (GGR) 1,755,893 1,648,347 107,546 6.5% GGR contribution and other levies and duties -558,045 -521,376 -36,669 7.0% Assets Net gaming revenue (NGR) 1,197,847 1,126,971 70,876 6.3% Agents’ commissi
Slide 25: Consolidated Cash Flow statement
Consolidated Cash Flow statement Consolidated Cash flow statement ('000 €) 30.09.2025 30.09.2024 OPERATING ACTIVITIES Operating Activities before WCC 614,213 587,977 Changes in Working Capital Inventories 1,755 -2,826 Receivables 21,963 68,997 Assets Payables (except banks) 3,624 -24,692 Interest pa