Slide 1: Lottomatica 9M 2025 Results Presentation
Lottomatica 9M 2025 Results Presentation 4Confidential November 2025 |
Slide 2: Highlights and Business Update
Highlights and Business Update Guglielmo Angelozzi, Chairman and CEO
Slide 3: Strong Q3 financial and competitive performance
Strong Q3 financial and competitive performance: Ebitda double-digit growth; market share growth… Adjusted EBITDA(1) Like for Like YoY growth (%) +32% Continued double-digit +17% +18% Adj. EBITDA Positive payout growth Q1 Q2 Q3 ▪ Record-high market share in September 2025 at 32.0% (vs 30.3% in Septe
Slide 4: Further improvement expected from PWO integration, product innovation and online regulatory backdrop
…and further improvement expected from completion of PWO integration, product innovation and online regulatory backdrop 1 2 PWO integration Product/Tech Online regulatory completed innovation backdrop ▪ Migration completed ahead of plan, with ▪ Broadening of iGaming offering and ▪ New Online concess
Slide 5: Very strong market share growth for historical brands; PWO on path to recovery
1 Very strong market share growth for Lottomatica historical brands. PWO on path to recovery after completion of migration GGR Market share - Overall Online +3.2 p.p. (-) Pre/during-migration market share attrition due to: Migration/Relaunch 25% 24.8% ▪ Freeze of product implementation and innovatio
Slide 6: Acceleration of PWO integration brought forward revenues impact and synergies
1 Acceleration of PWO integration has brought forward both revenues impact and synergies, with no effect on Group’s EBITDA Strong growth of historical brands, PWO revenues Synergies brought forward in 2025 (€m) impacted by integration are starting to improve Online GGR Sep YTD Like for Like YoY grow
Slide 7: Product innovation - Increased speed in iGaming
2 Product innovation - Increased speed in iGaming… Total Casino Titles 2025 New Content Launch 617 324 3,389 2,967 2,416 2,161 6,285 7,226 1,233 Slot Live Casino Other Casino Total 2021 2022 2023 2024 YTD Sep 25 Exclusive Content Launch ▪ 86.9% of casino portfolio consists of slot games 331 ▪ Averag
Slide 8: Product innovation - also with the use of exclusive content
2 Product innovation - …also with the use of exclusive content Using suppliers as a development lab for new content The know how in: has enabled us to ▪ Extend slot games’ lifecycle → 3x the market average (30 days) Online Product Omnichannel ▪ “Phoenix Gold Blitz” (April 2024) → 18x turnover vs pro
Slide 9: Lottomatica Core MarTech onboarding on PWO
2 Lottomatica Core MarTech onboarding on PWO 450M+ Customer Signals Every Behavior and Business Driven Journey Replays to Remove Modern Infrastructure to ignite Month Personalization Friction SEO performance Indicative trend of customer signals Post-Login Access for Casino VIPs Only Deposit Journey
Slide 10: Opportunity for further potential market share growth
3 Opportunity for further potential market share growth ▪ Recovery post migration ▪ Product/tech in place; brand now fully operational on the new platform ▪ Benefit from long tail redistribution ▪ Unexpressed potential in iSports ▪ Gradual ▪ Continued redistribution from advancements in 13th of Nove
Slide 11: Capital allocation - Strong growth in operating cash flows
4 Capital allocation - Strong growth in operating cash flows coupled with strong discipline on capital allocation (focus on shareholder returns) Operating cash flow(1) (€m) Capital allocation principles ▪ Dividend policy: 30% of Adj. Net Profit ▪ Financial policy: 2.0-2.5x net financial leverage 504
Slide 12: Capital allocation - Disciplined approach to M&A
4Capital allocation - Disciplined approach to M&A, measured on value creation benchmarked vs share buybacks Lottomatica M&A Funnel - in the last 5 years Targets assessed ▪ Focus: Europe, Regulated markets, 57 Business-to-Consumer, segments of operation of Lottomatica ▪ Very selective approach focuse
Slide 13: 9M 2025 Financial Highlights
9M 2025 Financial Highlights Laurence Van Lancker, CFO and Deputy CEO
Slide 14: Group financial highlights
Group financial highlights Revenues (€m) Adjusted EBITDA (€m) YoY % reported Bets (€m) 27,789 32,482 +17% Adj. EBITDA 34.1% 37.6% GGR (€m) 3,136 3,454 +10% Margin YoY % +16% reported 1,640(1) 617 +28% 1,417 483 9M 2024 9M 2025 9M 2024 9M 2025 Q3 YoY % Q3 YoY % Q3 YoY % Q3 YoY % reported @norm. PO re
Slide 15: Financial highlights by segment
Financial highlights by segment Revenues (€m) Adjusted EBITDA (€m) Online Sports Franchise Gaming Franchise YoY % YoY % Adj. EBITDA YoY % YoY % reported @norm. PO margin % reported @norm. PO (1) 1,640 +16% +11% 617 37.6% +28% +15% 1,417 570 +2% +2% 136 24.0% +5% +5% 483 561 103 130 27.0% +51% +2% 38
Slide 16: Operating cash flow
Operating cash flow Capex (€m) Operating cash flow(3) (€m) Recurring Concession One-off/Growth Capex as % of revenues(1) 9% 7% Main items include: • Deferred and carry-over 2024 bolt-on (€32m) • Integration (€20m) 169 (2) 504 166 39 Concession capex for FY 2025: 52 • €77m for retail (prorogation 353
Slide 17: Net financial debt and leverage evolution
Net financial debt and leverage evolution Include integration costs of c.€13m 1,856 1,809 (195) 64 30 46 15 87 NFD as of Adjusted Net working Capex Financial Buyback Other NFD as of 30 Jun 2025 EBITDA capital expenses and 30 Sep 2025 leases €271m Cash €221m 2.1x NFD / LTM RR Adjusted EBITDA(1) 2.1x
Slide 18: Appendix
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Slide 19: Bets, GGR, Revenues, Adj. EBITDA and Margin details (Reported)
Bets, GGR, Revenues, Adj. EBITDA and Margin details (Reported) (€m) Q1 2025 Q1 2024 YoY Q2 2025 Q2 2024 YoY Q3 2025 Q3 2024 YoY 9M 2025 9M 2024 YoY Bets Online 7,363 5,055 +46% 7,024 5,661 +24% 7,241 6,405 +13% 21,628 17,122 +26% Sports Franchise 1,046 822 +27% 933 865 +8% 826 813 +2% 2,805 2,501 +1
Slide 20: Bets, GGR, Revenues, Adj. EBITDA and Margin details (LFL)
Bets, GGR, Revenues, Adj. EBITDA and Margin details (LFL) (€m) Q1 2025 Q1 2024 LfL YoY LfL Q2 2025 Q2 2024 LfL YoY LfL Q3 2025 Q3 2024 YoY 9M 2025 9M 2024 YoY Bets Online 7,363 6,418 +15% 7,024 6,083 +15% 7,241 6,405 +13% 21,628 18,906 +14% Sports Franchise 1,046 1,052 (1%) 933 939 (1%) 826 813 +2%
Slide 21: Income statement (Reclassified)
Income statement (Reclassified) P&L (€m) 9M 2025 9M 2024 FY 2024 (1) Revenues 1,640 1,417 2,005 Adjusted EBITDA 617 483 707 (2) Adjusted EBITDA from equity accounted investments (2) - - D&A (exc. PPA) (142) (125) (171) Adjusted EBIT 473 359 536 Financial Charges, Net (excl. Extraordinary costs and o
Slide 22: Cash flow statement (Reclassified)
Cash flow statement (Reclassified) Cash Flow (€m) 9M 2025 9M 2024 FY 2024 Adjusted EBITDA 617 483 707 Adjusted EBITDA from equity accounted investments(1) (2) - - Extraordinary monetary costs not included in Adjusted EBITDA (72) (32) (68) Non monetary costs included in Adjusted EBITDA 2 2 4 Corporat
Slide 23: Net financial debt as of 30 September 2025
Net financial debt as of 30 September 2025 Net financial debt (€m) 30.09.2025 31.12.2024 Gross Financial Debt 2,078 2,046 EUR 400m FRNs due 2031 400 400 EUR 500m SSNs due 2030 500 500 EUR 1,100m SSNs due 2031 1,100 - EUR 500m FRNs due 2030 - 500 EUR 565m SSNs due 2028 - 565 IFRS 16 (leases) 78 81 Ca
Slide 24: Disclaimer
Disclaimer This proprietary presentation (including any accompanying oral presentation, question and answer session and any other document or materials distributed with or in connection with this presentation) (collectively, the “Presentation”) has been prepared by Lottomatica Group S.p.A. (the “Com