Allwyn Ag · ATHEX:ALWN
Allwyn — Allwyn International — Q2 2025 Earnings Presentation
39 slides from Allwyn's earnings presentation, Sep 5, 2025
Slide 1: Allwyn International AG Q2 2025 Results
Allwyn International AG Q2 2025 Results 5 September 2025 For further information on our company, please visit our website: www.allwyn.com
Slide 2: Presenting today
Presenting today Robert Chvatal Kenneth Morton CEO CFO 2
Slide 3: Today's agenda
Today’s agenda 01 02 03 04 Business and Financial update Update on Appendix strategic update current trading and Summary 3
Slide 4: Business and strategic update
Business 01 01 and strategic update
Slide 5: Q2 2025 highlights
Q2 2025 highlights Strong growth momentum continued in the second quarter • Total Revenue Consolidated Total Revenue — GGR +6% YoY on a reported basis, +9% YoY excluding one-off GGR benefit in comparative period1; — Benefit from favourable jackpot cycles in Numerical Lotteries; Sports €2,274m +6% /
Slide 6: Strong online momentum, resilience in physical retail
Strong online momentum, resilience in physical retail… Online share of GGR up YoY across majority of markets in Q2’25, with significant growth vs. pre-Covid Austria1 Czech Republic GGR (€m) / Online share of total (%) GGR (€m) / Online share of total (%) 172 182 171 89 160 166 155 158 165 158 140 69
Slide 7: De-anonymised physical retail continues to grow
…de-anonymised physical retail continues to grow Loyalty programmes bring the benefits of online to the physical retail channel Czech Republic: de-anonymised GGR share (%) 1 Greece and Cyprus: registered customer base (‘000) Sazka Klub loyalty programme 1,462 app launched March ‘24 40% 1,422 39% 1,3
Slide 8: Product innovation across physical retail and online
Product innovation across physical retail and online Continuing to expand and improve our product offering, user experience, and technology New and revitalised products / experiences in 2025 NEW Price increase in Joker draw-based game: €1.70 to €2.00; supported by 12 x €12k promo NEW Integration of
Slide 9: Product innovation across physical retail and online
Product innovation across physical retail and online Continuing to expand and improve our product offering, user experience, and technology (cont’d) Digitalisation of physical retail Selected new product launches after Q2 2025 2025 600 self-service touchscreen H2 2025 Implemented biggest tech termin
Slide 10: Key strategic developments - Q2 2025
Key strategic developments - Q2 2025 LottoItalia selected to operate next Lotto licence, acquisition of interest in Next Lotto in Germany Italy: LottoItalia to operate next nine-year Lotto licence • In May 2025, judging commission completed analysis of technical and economic offers and proposed Lott
Slide 11: Key strategic developments - after quarter end
Key strategic developments - after quarter end Stoiximan ownership increased to 100% , sale of land-based casino assets in Germany and Australia Greece and Cyprus: acquisition of remaining 15.51% minority interest in Stoiximan • Stoiximan is the leading online sports betting and iGaming business in
Slide 12: Key strategic developments - after quarter end (cont'd)
Key strategic developments - after quarter end (cont’d) KKCG Group sale of minority interest in Allwyn KKCG Group sale of 4.27% interest in Allwyn International • In August 2025, KKCG Group AG sold a 4.27% equity interest in Allwyn International to J&T ARCH1 for €500m • J&T ARCH is a fund listed on
Slide 13: Focus on Responsible gaming / ESG and communities
Focus on Responsible gaming / ESG and communities Examples of our ongoing commitment to ESG and corporate social responsibility in Q2 2025 Safer play Community Safer play • In the Czech Republic, we introduced • In May, OPAP launched Forward TALKS, • In April, the Illinois Lottery sponsored the Play
Slide 14: Financial update
Financial 02 01 update
Slide 15: Q2 2025 financial highlights
Q2 2025 financial highlights Strong performance in Q2’25, sustaining positive momentum • Total Revenue +6% YoY Consolidated P&L (€m) — GGR +6% YoY on a reported basis, +9% YoY excluding one-off GGR Q2’24 Q2’25 ∆ vs. Q2’24 benefit in comparative period1; Total Revenue 2,146 2,274 +6% — Strong growth
Slide 16: Business highlights - Summary
Business highlights - Summary Summary of GGR and Adjusted EBITDA performance Consolidated GGR Adjusted EBITDA Adjusted EBITDA build €m Q2’24 Q2’25 cFX % ∆1 %∆ Q2’24 Q2’25 cFX % ∆1 %∆ Q2’24 Q2’25 Austria 387 403 4% 70 72 3% 70 72 Czech Republic 122 133 9% 9% 32 30 (5)% (6)% 32 30 Greece and Cyprus 53
Slide 17: Business highlights - Austria
Business highlights - Austria Good start to year continued in Q2’25 • GGR growth +4% YoY Gross Gaming Revenue — Strong growth in Numerical Lotteries, +6% YoY, €m supported by favorable jackpot cycles in Lotto and +6% +4% EuroMillions 410 403 427 386 387 393 382 — Online channel, +7% YoY, also a key
Slide 18: Business highlights – Czech Republic
Business highlights – Czech Republic Strong GGR growth across all major product lines • GGR +9% YoY on a reported and a cFX basis Gross Gaming Revenue — Double-digit growth in Numerical Lotteries, +12% €m cFX +3% cFX +9% YoY, supported by both favourable jackpot cycles and Q4’24 price increase in Sp
Slide 19: Business highlights – Greece and Cyprus
Business highlights – Greece and Cyprus Good GGR growth, supported by online • GGR +5% YoY Gross Gaming Revenue — Strong growth in online (+9% YoY) and solid €m performance in physical retail channel (+3% YoY) +8% +5% — Double-digit growth in iGaming (+25% YoY), while 594 648 550 559 566 581 growth
Slide 20: Business highlights – United Kingdom
Business highlights – United Kingdom Strong top-line growth • First quarter in which new licence in operation Gross Gaming Revenue1 throughout comparative period, making results €m comparable YoY cFX +4% Adjusted2 cFX +14% Of which included in consolidated +6% • GGR growth +14% YoY on a cFX basis, a
Slide 21: Business highlights – Italy
Business highlights – Italy Consistent performance • Steady Net Revenue growth +2% YoY Net Revenue1 • Adjusted EBITDA +2% YoY €m +2% - Adjusted EBITDA margin2 in line YoY at 80% -2% • In Q1’25, growth rate in prior year was strong 121 128 125 121 124 124 129 117 116 113 Q1'23 Q1'24 Q1'25 Q2'23 Q2'24
Slide 22: Strong free cash flow generation
Strong free cash flow generation Reflects asset light business model and high profitability • EBITDA adjustments €m Consolidated FCF — Increase YoY primarily driven by non-cash items Adjusted EBITDA CAGR related to acquisition of IWG in Q3’24 and costs +11% associated with Allwyn brand initiative 49
Slide 23: Leverage
Leverage As of 30 June 2025, post-IFRS 16, €m LTM Adjusted EBITDA 1,574 Cash and cash equivalents (1,278) Gross debt 4,710 Leases 169 Net debt (incl. leases) 3,601 Consolidated Net Debt / Adjusted EBITDA 2.3x Consolidated priority Net Debt / Adjusted EBITDA (0.3)x Consolidated Net Debt / Consolidate
Slide 24: Key financing transactions - Q2 2025
Key financing transactions - Q2 2025 No material financing transactions in Q2 2025 Changes in indebtedness since Q1 2025 Principal amount as of 30 March 2025 (€m) 4,781 USD 625m TLB due 2031 – amortisation (2) CASAG syndicated bank loan due 2026 – repayment (6) OPAP €200m fixed loan due 2027 – repay
Slide 25: Key financing transactions - after period end
Key financing transactions - after period end Continuing to actively manage our capital structure, reducing cost and extending maturities Allwyn International • In July 2025, Allwyn International and Allwyn Entertainment Financing (UK) plc entered into a new €2,150m SFA — 5-year maturity across comp
Slide 26: Key financing transactions - after period end (cont'd)
Key financing transactions - after period end (cont’d) Continuing to actively manage our capital structure, reducing cost and extending maturities Allwyn UK • In July 2025, Allwyn Entertainment Ltd entered into new loan agreement with HSBC UK Bank plc – Extends current RCF of £60m to July 2028; two
Slide 27: Update on current trading and Summary
Update on 03 01 current trading and Summary
Slide 28: Current trading
Current trading 1 Summary • Since the start of the year our business has continued to perform and develop well • Our trading since the start of the year has been broadly in line with our expectations at the start of the year 2 Macroeconomic environment and consumer sentiment • No material impact on
Slide 29: Summary
Summary Strong strategic and financial momentum continued in the second quarter and since quarter end 1 Continuation of strong growth in Q2, with GGR +9% YoY excluding one-off GGR benefit in prior year 2 Good profitability and sustained strong free cash flow generation 3 Continued progress in inorga
Slide 30: Q&A
Q&A 01
Slide 31: Appendix
04 01 Appendix
Slide 32: Diversified capital structure; access to EUR, USD and local markets
Diversified capital structure; access to EUR, USD and local markets Debt overview as of 30 June 2025 Pro forma split by fixed / floating4 Pro forma split by currency4 x LTM Adj. 22% Amount (€m) Consol. EBITDA Consolidated Subsidiary Net Debt / (Cash) (459) 45% Subsidiary Leases 152 2% Corporate Cash
Slide 33: Proactive maturity profile management, ample liquidity
Proactive maturity profile management, ample liquidity Debt maturity profile pro forma for key transactions Available facilities as of 30 June 2025 (€m) completed after Q2-25 reporting period (€m) Capacity Drawn Undrawn Weighted average life (‘WAL’) for key transactions post Q2-25: 5.0 years1 599 Al
Slide 34: Dividends and distributions
Dividends and distributions Segment or equity Interest at end of €m 2019 2020 2021 2022 2023 20241 H1 2024 H1 2025 method investee June 2025 Dividends and cash upstreamed – 100% basis Austrian Lotteries 9.5%2 120 177 91 120 114 115 115 159 Austria CASAG 59.7% 15 - - 45 130 137 137 149 SAZKA Czech Re
Slide 35: Summary of adjustments to EBITDA
Summary of adjustments to EBITDA Standalone, 100% (€m)1 EBITDA Adjustments Breakdown3 Operating EBITDA 2019 2020 2021 2022 2023 2024 Q1 ’25 Q2 ‘25 2019 2020 2021 2022 2023 2024 Q1’25 Q2’25 Austria 211 147 232 266 278 299 67 67 Intellectual property intra-group transfer - - - - - (20) - - Casino Linz
Slide 36: Alternative performance measures and comparability of information
Alternative performance measures and comparability of information This presentation includes non-IFRS performance measures, including Net Revenue, Net gaming revenue (“NGR”), Operating EBITDA, Adjusted EBITDA, Adjusted EBITDA margin, CAPEX, Adjusted Free cash flow (“Adjusted FCF”), Cash conversion a
Slide 37: Disclaimer
Disclaimer This presentation was produced by Allwyn International AG. This presentation is not to be reproduced or distributed, in whole or in part, by any person other than Allwyn International AG. This presentation does not represent an offer for, or constitute or form part of, and should not be c
Slide 38: Disclaimer
Disclaimer We do not undertake any obligation to review, update or confirm expectations or estimates or to release publicly any revisions to any forward-looking statements to reflect events that occur or circumstances that arise after the date of this document. No warranty or representation of any k
Slide 39: Allwyn offices: Lucerne, Prague, London
London Lucerne – Allwyn HQ Prague 3 Dering Street, 4th Mühlenplatz 9 Evropská 866/71, Vokovice floor 6004 Lucerne 160 00, Prague 6 London W1S 1AA Switzerland Czech Republic United Kingdom