H1 2025 Interim Results - Investor Meet Company Presentation - Presentation

13 August 2025

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Significant transformation of the Group showing results with H1 2025 delivering strong profitable growth and deleveraging, increasing confidence in VCP

• Fourth consecutive quarter of revenue growth

  • International strong double-digit growth driven by core markets

  • Retail back to growth in Q2 following successful rollout of new machines

  • UK online revenue -1% but sequentially improving; step change in profitability with Adjusted EBITDA +37%

• Significantly improved profitability with Adjusted EBITDA +44% and LTM Adjusted EBITDA of £363m

  • Enhanced gross margin, better return on marketing spend, more efficient operating model

  • Continue to drive operating leverage with further opportunity for cost reduction

• Continued progress in deleveraging, with 1.7x reduction year-over-year to 5.0x at 30 June 2025

• Well-placed for further strong growth in H2 2025 and beyond as we enhance the Group's capabilities and

deliver the value creation plan

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Sean Wilkins, CFO

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Constant currency Revenue growth of 4% driven by core markets and double-digit gaming growth Adjusted EBITDA of £166m, +44% YoY, with underlying efficiency improvements and operating leverage

Revenue

• UK&I Online: gaming +4% driven by strong William Hill performance, offset by a decline in 888 due to focus on profitability, with 888 contribution up double digit

• International: +13% (+15% cc1) with +22% cc1 growth across core markets

• UK Retail: back to growth in Q2 following successful rollout of new gaming machines (completed March; gaming +3% H1; +7% Q2)

  Adjusted EBITDA

• Adjusted EBITDA +44% to £166m driven by improved gross margins, more effective marketing returns (revenue higher on lower marketing) and operational efficiency from cost savings

• UK&I Online: EBITDA +37% despite flat revenue driven by focus on improved marketing returns as well as cost saving programmes

• International: +111% with strong growth in core markets on lower marketing, as well as improved gross margins driven by exiting US B2C, migrating to in-house platforms, and optimising bonuses

• UK Retail: -22% driven by gross margin reduction due to product mix changes with additional revenue share and duty on gaming growth, as well as higher operating costs from NIC/NLW increases

• Corporate: slight increase driven by inflation and investment in long-term capability build up more than offsetting cost savings

5 1. Constant currency growth calculated by translating both current and prior year performance at the 2025 exchange rates

Significantly improved profitability, with further step-up expected in the second half driven by operating leverage on revenue growth, together with further cost savings and phasing

+£40-50m

+£5-10m

£203-217m

+£15-20m

£166m

-£20-30m

• Gross margin improvements primarily driven by closure of US B2C, platform migrations, and bonus cost optimisation

• Marketing lower YoY primarily due to prior year front-loading of marketing, with a more balanced approach this year

• Other opex down £4m with cost savings more than offsetting underlying inflation (including NIC/NLW increases) and investment in long-term capability build up, including AI and Automation teams

• Marketing lower HoH in line with normal seasonality profile

• Other opex expected to be higher in H2 given timing of NIC/NLW increases, salary increases, Romania tax increase, and phasing

• Expected step up in revenue in H2, to deliver 5-9% for the full year, will drive improved operating leverage

• Further cost savings identified as part of ongoing efficiency drive

  
  
  
  
  
  

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  ‌CASH FLOW

  £101m underlying free cash flow generation

Small cash outflow in the period primarily driven by timing of working capital and FX, with full year guidance for a small inflow unchanged and significant deleveraging driven by growth in LTM EBITDA

• Tax: inflow driven by tax repayment for prior years

• Working capital: driven by timing with inflow still expected for the full year

• Capex: disciplined investment to improve products, support growth, and enhance capabilities

• Exceptionals: primarily integration & transformation costs

• Interest: in line with expectations for FY of £175-180m

• Other: Includes £9m FX translation effect, £2m $TLB amortisation, and £2m 888AFRICA funding

7 1 Gross debt includes borrowings, transaction fees, and the fair value of the hedging swaps. See appendix slide 21 for further info

Current trading in line with plans and reiterating guidance for the year

Current trading

• H2 started in line with plans, with July growth muted given lapping Euros

• Confidence in plans for H2 with continued International growth, retail benefitting from machines, and UK&I online benefitting from a strong product pipeline and improved marketing returns

  
  
  

• Final One Standing launched on William Hill with well over 200K signups ahead of the Premier League starting

  FY2025 outlook

• Reiterating guidance of 5-9% revenue growth and at least 20% Adjusted EBITDA Margin

• Remain confident in medium-term targets as we deliver the value creation plan

  
  
  
  
  
  

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  ‌Strategic performance

  Per Widerström, CEO

  
  
  
  
  
  

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  ‌VALUE CREATION PLAN

  Focus on driving execution to ensure operational excellence and deliver value creation

  • Drive profitable and sustainable revenue growth [5-9% p.a.]

  • Improve profitability and efficiency through operating leverage [+100bps p.a.]

  • Deleverage through disciplined capital allocation [<3.5x by FY27]

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What we will do

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How we will drive execution

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Where we will do this

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Bold decisive actions taken to transform the business, driving profitable growth

• • Radically transforming almost every

    area of the business

  • More effective and efficient operating model

    
    
    

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• Return to growth and improved profitability supports rapid deleveraging

  
  
  
  
  
  

• Target < 3.5x by 2027

Executing short-term turnaround with sustainable revenue growth and high contribution growth, while transforming the business to build long-term capability and drive competitive advantage

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Successful rollout of new gaming machines is driving market share gains in gaming, with planned improvements to sports in H2 to address competitive gaps, focusing on SSBTs and IPTV content increase

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Revenue impacted by focus on improved profitability together with short-term headwinds from suboptimal customer compliance journeys. H2 focus on product and brand to drive growth

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Strong double-digit performance across core markets

15 1. In Constant currency. Growth calculated by translating both current and prior year performance at the 2025 exchange rates

• Continued evidence the turnaround and transformation is working
• Great fundamental strengths with leading brands in attractive markets
• Clear strategy with laser focus on execution and value creation
• Continued revenue growth and accelerating momentum
• Significantly improved profitability and continued focus on deleveraging
• On track to deliver FY25 guidance of 5-9% revenue growth and 20% Adjusted EBITDA Margin
• Unchanged medium-term targets of 5-9% annual revenue growth, c.100bps of Adjusted EBITDA

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Presenters

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