Allwyn AgATHEX: ALWN

Allwyn International 2025 Annual Report

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2025

Annual Report and Accounts

Allwyn International AG Annual Report and Accounts 2025

Strategic Report

Consolidated Financial Statements

Governance

Financial Review

2

Chair's introduction

Building a leading global gaming entertainment company

Karel Komarek

Chair of the Board

The lottery and gaming sector is transforming rapidly, driven by technological change, new content formats, and the ever-increasing expectations of players and regulators. In this environment, scale, diversification and operational excellence matter more than ever. As a result of the continued successful execution of our strategy, Allwyn enters 2026 as a strong and agile business, equipped and positioned to lead the next phase of our industry's evolution.

A pivotal development was the announcement of our combination with OPAP, building on more than a decade of partnership that has delivered sustained growth and value creation at OPAP since our initial investment in 2013 (TSR >500% over this period). This move strengthens our platform for growth, enhances our ability to invest and innovate, and reinforces our position as a diversified multi-national operator. It also establishes Allwyn as the second-largest listed lottery and gaming company in the world.

In parallel, we continued to grow in high potential markets, notably through the agreement to acquire a majority stake in PrizePicks, the category-leading daily fantasy sports platform in the U.S., which completed post year end. PrizePicks has demonstrated strong growth, owing to its innovative product development, which has attracted a highly engaged user base. Its capabilities support our ambition to expand into new and attractive digital entertainment products, and to broaden Allwyn's U.S. footprint.

Another significant milestone was our global brand strategy launch. We announced partnerships with Formula 1 and the McLaren F1 Racing Team, powerful platforms to expand Allwyn's global reach and reinforce our brand values. They also allow us to engage millions of

fans worldwide with a positive and responsible message about safe play, and support our growth and brand ambitions.

In January 2026, our Cypriot, Czech and Greek markets transitioned their consumer-facing brands to Allwyn, marking a significant step in our global brand strategy. This move strengthens our relevance with younger generations and unifies the customer experience across markets, while elements of our localised brand identity preserve the heritage and trust associated with longstanding domestic brands. The successful adoption of the Allwyn brand reflects its global resonance, growing player recognition and potential to support long-term growth.

Responsibility remains central to our strategy. We continued investing in safer play capabilities and strengthening tools and technologies that protect our players. This commitment is fundamental to maintaining the trust of regulators, partners and communities we serve. Responsibility also underpins new initiatives such as the F1 Allwyn Global Community Award, through which community initiatives in three countries have already benefited from

€400,000 of funding, reflecting our belief that growth and responsibility go hand in hand.

Allwyn's ability to scale with efficiency and innovation - fuelling sustained organic growth - is central to our success. This strength helped us secure the Italian Lotto licence as part of the LottoItalia consortium, and enabled successful delivery of the largest technology upgrade in UK National Lottery history. Over 43,000 retail partners transitioned to a modern platform followed, by our launch of a refreshed digital platform and migration of 18 million online

players. These achievements are critical steps in

2025 was a landmark year, defined by major strategic milestones and operational progress as we advance towards our vision of being the leading global gaming entertainment company."

our transformation plans and support the long-term health of The National Lottery and

essential funds it generates for UK communities.

Today's Allwyn benefits from market-leading positions in a wide and growing range of lottery and gaming entertainment segments, sophisticated technology and content capabilities, a focused, disciplined and proven approach to inorganic growth, and an increasingly global brand, underpinned by our deep commitment to responsibility and community engagement. These strengths give me great confidence in Allwyn's next chapter.

I am sincerely grateful to all colleagues for their hard work, creativity and dedication during this important year, as well as partners, regulators, investors and retailers for their continued trust and collaboration. We enter 2026 with clear momentum and purpose, focused on creating value for all our stakeholders and on delivering engaging, responsible entertainment to millions of players worldwide.

Karel Komarek



Chair of the Board, 9 April 2026



Allwyn International AG Annual Report and Accounts 2025

Strategic Report

Consolidated Financial Statements

3

Governance

Financial Review

Allwyn at a glance

Who we are

Allwyn is a leading global gaming entertainment company, lottery-led with complementary, scaled sports betting, iGaming and daily fantasy sports ("DFS") operations.

We operate a broad portfolio of games across a geographically diversified footprint. In Europe, we operate lotteries, primarily under exclusive, long-term licences and concessions, in Austria, Cyprus, the Czech Republic, Greece, Italy1 and the United Kingdom, which comprise the majority of European countries where lotteries are privately operated. This is complemented by scaled sports betting and iGaming

Allwyn Betano5

~70%

Where we operate

What sets us apart

Leader in lottery

Scaled multi-national operator in a highly attractive product.

Expertise in sports betting, iGaming and casual gaming

High quality businesses in their own right, highly complementary to lottery.

B2C focus

Greatest opportunity to create value.

Highly diversified

By geography, product and channel, also providing strategic optionality.

Scale

Increasing returns to scale as sector globalises, innovation accelerates and competition intensifies.

Value-creative M&A Identifying and integrating high quality, strategically additive assets.

Strategic optionality

Multiple organic and inorganic growth levers, expertise across verticals and markets, strong cash flows to fund growth.

In-house tech and content Significant capabilities and progressive rollout to accelerate innovation and growth, and deliver cost efficiencies.

Global brand strategy

A competitive and cost advantage.

Track record of delivering organic growth, value-creative M&A and significant shareholder distributions





~30%

businesses in most of our lottery markets.

In the United States, we hold a leading position in the DFS market through our recently acquired

of Adjusted EBITDA3: Unique multi-national lottery portfolio with synergistic sports betting and iGaming operations

of Adjusted EBITDA: Complementary, market leading, high growth assets

subsidiary, PrizePicks, we manage the Illinois Lottery under a private management agreement and we are a market leader in provision of e-instants to state lotteries through our subsidiary IWG.

We have further exposure to sports betting and iGaming products through our interest in Betano, which has strong market positions across Latin America and Europe including the leading position the important Brazil market2.

In addition, we have significant capabilities across key parts of the technology stack including the production of best-in-class

e-Instant content in-house, which we also

#1

operator in 7

lottery markets4

#1

sports betting

operator in Cyprus

#1

sports betting and

iGaming operator in Greece

#1

iGaming operator

in Austria

PrizePicks:

#1

U.S. DFS operator

IWG:

Leading

U.S. e-Instant

provider

Betano:

Strong

market positions

across Latin America and Europe

supply to lotteries globally. These capabilities enable an enhanced player experience and a differentiated customer proposition, representing a key competitive advantage.

Underpinned by proprietary technology, best-in-class content and global brand strategy

  1. In Italy, Allwyn holds a 32.5% interest in LottoItalia, a joint venture with Brightstar Lottery PLC.

  2. Based on publicly available website-traffic rankings (December 2025-February 2026).

  3. Based on 2025 Adjusted EBITDA pro forma for PrizePicks.

  4. 7 markets includes Austria, Cyprus, the Czech Republic, Greece, Illinois (United States), Italy and the United Kingdom.

  5. Allwyn holds a 36.75% stake in Betano. Betano also present in certain of Allwyn's countries of operation.

    Allwyn International AG Annual Report and Accounts 2025

    Strategic Report

    Consolidated Financial Statements

    Governance

    Financial Review

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    Chief Executive Officer's review

    A pivotal year of progress and performance

    Robert Chvatal

    Chief Executive Officer

    Successful execution of strategy and two landmark transactions

    2025 was a pivotal year for Allwyn. We delivered on all dimensions of our strategy, driving good financial performance, and agreed two landmark transactions - strengthening our positioning for sustainable, long-term growth and an exciting future as a listed company.

    During the year, we were pleased to renew lottery licences in Greece and Italy, progress our M&A agenda, including the significant acquisition of PrizePicks, and launch our one brand initiative. In addition, we announced the combination of Allwyn and OPAP, creating the world's second-largest listed lottery and gaming operator, which completed after year end.

    Another good financial performance1 We achieved top-line growth across markets and products against a very strong prior year performance, with momentum driven by continued progress in digital. On an underlying basis, i.e., excluding from both years our

    Germany casino operations disposed of during 2025, Net Revenue increased by 4%

    year-on-year to over €4.1 billion.

    We also delivered profit growth across all our businesses, excepting the impact of the new incentive and profitability mechanism on the UK National Lottery, and the Adjusted EBITDA margin2 remained stable at a strong 39%.

    Organic growth

    We achieved solid organic growth in 2025, with good performance in Lottery and double-digit iGaming growth across all major markets.

    Sports Betting performance was also good, in the context of very strong prior year

    comparatives and some exceptionally customer-friendly sports results. Momentum was driven by digital, with online Net gaming revenue increasing by 11% year-on-year to reach 37% of the total and was supported by the dedication of our teams to delivering an outstanding customer proposition.

    Our one brand initiative launched with high profile global partnerships with Formula 1 and the McLaren F1 Team, significantly raising awareness of the Allwyn brand. Shortly after year end, our domestic brands SAZKA in the Czech Republic and OPAP in Greece and Cyprus were rebranded to Allwyn, with strong early reception from customers and retail partners.

    Inorganic growth

    In 2025 we agreed to acquire a majority stake in PrizePicks, the leading daily fantasy sports operator in the U.S., which completed after year end. This marks our entry into the fast-growing

    U.S. online sports entertainment market. PrizePicks' strong profitability, cash generation, differentiated technology and highly engaged customer base provide a compelling platform for long-term growth.

    We also agreed the landmark combination with OPAP, bringing together two industry leaders. This transaction builds on our long-standing partnership with OPAP's shareholders and resulted in Allwyn listing on the Athens Stock Exchange in March 2026, further elevating our profile and creating new growth opportunities.

    Elsewhere, we acquired a minority stake in Next Lotto, an online reseller of draw-based games offered by state lotteries across Germany, and acquired the remaining minority interest in Stoiximan, the leading online sports betting and igaming business in Greece and Cyprus.

    2025 was a pivotal year. We delivered on all dimensions of our strategy and agreed two transformative transactions

    - further strengthening our positioning for an exciting future as a listed company."

    Commitment to our responsible gaming and CSR

    Our actions are guided by our purpose of making play better for all. Player safety is central to how we operate and, during the year, we strengthened our approach through the launch of the Allwyn Player Protection Lab, supporting research and innovation in safer play. We remain focused on conducting our business responsibly and sustainably for the benefit of all stakeholders.

    Concluding thoughts and outlook

    I wish to extend my sincere thanks to all my colleagues for their ambition, dedication and performance throughout this exceptional year. Their hard work and delivery bring us ever closer to our vision - to be the leading global gaming entertainment company.

    We are well positioned for the opportunities ahead as we continue to execute our proven strategy and enhance the experience we deliver to players.



    Robert Chvatal

    Chief Executive Officer, 9 April 2026

    1. Discussion of performance is based on financials for 2024 and 2025 that exclude the contribution from our Germany casinos (which were sold in 2025).

    2. % of Net Revenue.



    Allwyn International AG Annual Report and Accounts 2025

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    Governance

    Financial Review

    Combination with OPAP

    On 24 March 2026, Allwyn and OPAP1 completed their combination

    - announced in the final quarter of 2025 - creating the second-largest listed lottery and gaming operator globally2

    Highlights

    Strengthened competitive positioning

    Leverages trust and track record with OPAP

    Streamlines governance

    • Simplifies corporate structure

      The combination brings together two highly successful businesses and builds on a

      long-standing partnership dating back to 2013, when KKCG Group first invested in OPAP.

      Allwyn AG (ATHEX: ALWN), the combined company is now listed on the main market of the Athens Stock Exchange, a major milestone in our evolution, and intends to pursue an additional listing on another leading international exchange.

    • Increases Scale

    • Unlocks access to equity capital markets

    • Elevates profile of our global platform

      shareholders

    • TSR of 560% since initial investment in 20135

      Preserves Greek Heritage

    • Listing on Athens Stock Exchange

    • Significant development centre in Athens

    • Maximises alignment of interest with OPAP shareholders

    • Continuity in management team

€1.9bn

Adjusted EBITDA3

52%

online NGR4

€1

per share minimum

annual dividend policy maintained

This is a significant step in Allwyn's mission to become the leading global gaming entertainment company.

The combination positions the business to continue to

achieve strong organic growth and pursue complementary inorganic growth opportunities, at the same time as delivering attractive returns to shareholders, including material cash distributions.

The combined strength and scale of these multi-billion dollar businesses, massive customer base and Allwyn's continued investment in technology and content,



will accelerate innovation and fuel significant international growth. We're on a mission

to build the world's leading global gaming entertainment company."

Karel Komarek

Founder and Chair of Allwyn

  1. Formerly OPAP S.A. renamed Allwyn AG.

  2. Based on LTM Sep-25 EBITDA pro forma for the acquisition of PrizePicks.

  3. Pro forma for PrizePicks.

  4. 2025 Net gaming revenue. Pro forma for PrizePicks and including Allwyn's non-controlling 36.75% interest in Kaizen Gaming International Limited (Betano) and 32.5% non-controlling interest in Italy (LottoItalia). Betano and Italy on a pro rata basis. Betano Total Revenue.

  5. Investment by predecessor entities; from initial investment to announcement of combination on 13 October 2025.

Allwyn International AG Annual Report and Accounts 2025

Strategic Report

Consolidated Financial Statements

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Governance

Financial Review

Our investment highlights

We have a unique multi-national lottery portfolio with synergistic, scaled sports betting and iGaming operations in a number of lottery markets, which are complemented by market-leading high growth assets such as PrizePicks, IWG and Betano. We benefit from clear competitive advantages, multiple growth levers, a strong financial profile and strong regulatory relations.

1. Leading market positions

We enjoy #1 market positions across a large number of geographies and products.

We are #1 in multiple lottery markets through exclusive licences or as the incumbent with high market share. We have synergistic #1 positions in adjacent products in a number of lottery markets, as well as holding #1 positions in DFS in the US, through PrizePicks, and in further online sports betting and iGaming markets through our interest in Betano.

€180bn

2025E global gaming entertainment

market1

2.

Highly diversified by geography, product, channel

We benefit from a broad geographic footprint across Europe and North America in addition to having exposure to high-growth markets such as Latin America. We offer multiple products across gaming entertainment, both online and through third-party physical retail outlets, and we also operate a broadly balanced mix of exclusive and non-exclusive business.

Our diversification provides optionality as well as supporting the resilience of our cash flow while our multi-jurisdictional capabilities in lottery and other products set us apart and enable us to leverage best practice sharing across markets.

28%

Of Net Revenue from

largest market2

Clear competitive advantages,

3. includingadvancedtechnology and innovation capabilities

Our multi-product offerings in a number of markets are synergistic and, across products, we have deep market knowledge, operational expertise, strong safer play credentials and are a trusted partner to regulators and stakeholders. In lottery, where winner-takes-all, licences are often exclusive, while our product brands and extensive POS networks are difficult to replicate. Our investment in in-house technology and content supports innovation and growth, while our one brand initiative represents a competitive and cost advantage.

>100k

Points of sale

(including Italy)

4.

Multiple organic and inorganic growth levers

We have a strong track record of delivering a balance of organic and inorganic growth.

We compound organic growth by driving product innovation and rapid growth in the digital channel, in particular in higher growth products such as online sports betting, iGaming and DFS.

Our inorganic growth strategy comprises selective bolt-on and strategic acquisitions, entering new markets via tenders and privatisations, and increasing our ownership in existing operations.

19%

Net Revenue CAGR

2019 to 20253

5. Strong financial profile

We are highly profitable and benefit from strong, stable margins.

We have a favourable cost structure, with the vast majority of our cost base being variable or discretionary in the short or medium term.

We also benefit from high cash flow generation and low ongoing capital expenditure requirements, supporting our financial resilience and giving us the resources to grow.

17%

Adjusted EBITDA CAGR

2019 to 20253

6.

Strong regulatory and other stakeholder relationships, responsible gaming credentials

Responsible gaming principles flow through everything we do and we embed corporate social responsibility and ESG into all of our operations and decision-making.

Indeed, our position as a preferred partner for governments is underpinned by our relentless commitment to safe, responsible play.

In lottery, our deep market knowledge, multi-jurisdictional operational expertise and proven track record of making lotteries larger, better and safer position us as the trusted partner of choice for regulators and other stakeholders.

WLA Level 4

Certification of our lottery operations in Austria,

Czech Republic, Greece, Italy, UK, U.S.

  1. (GGR; according to H2 Gambling Capital March 2026).

  2. 2025 Net Revenue. Pro forma for PrizePicks and including Allwyn's non-controlling 36.75% interest in Kaizen Gaming International Limited (Betano) and 32.5% non-controlling interest in Italy (LottoItalia). Betano and Italy on a pro rata basis. Betano Total Revenue.

  3. Financials for 2024 and 2025 exclude the contribution from our Germany casinos (which were sold in 2025).

Allwyn International AG Annual Report and Accounts 2025

Strategic Report

Consolidated Financial Statements

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Governance

Financial Review

Our businesses

We report our performance across four businesses, reflecting our three primary geographic regions: Continental Europe, North America and the United Kingdom, in addition to our interest in Betano, a global online sports betting and iGaming operator.

Continental Europe1

#1 positions in Europe across lottery, sports betting and iGaming

€3.0bn

Lottery

Sports Betting

Net Revenue 2025

5%

iGaming

VLTs and Casinos

Net Revenue CAGR 2022-25

North America

#1 position in daily fantasy sports2, a leader in e-Instants content, and operator of one of the best-performing U.S. lotteries

€1.1bn

Lottery

Daily Fantasy Sports

Pro forma Net Revenue 20253

30%

Prediction Markets

Pro forma Net Revenue CAGR 2023-253



United Kingdom

Operator of The National Lottery, one of the world's largest privately-run lotteries

€1.0bn

Lottery

Net Revenue 2025

5%

Net Revenue CAGR 2022-254

One of the largest and fastest growing sports betting and iGaming operators globally with a best-in-class technology platform and global brand strategy

€2.8bn

Sports Betting

iGaming

Total Revenue 2025

55%

Total Revenue CAGR 2022-25



  1. Financials for 2024 and 2025 exclude the contribution from our Germany casinos (which were sold in 2025).

  2. By cumulative app downloads from 1 January 2024 to 31 December 2025.

  3. Pro forma for PrizePicks in 2023, based on management accounts, and 2025; 2023 includes Camelot LS Group for period prior to Allwyn acquisition in March 2023.

  4. Constant currency; 2022 reflects Camelot UK for 52-weeks ended 24 December 2022 based on management accounts, prior to Allwyn acquisition in February 2023.

    Allwyn International AG Annual Report and Accounts 2025

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    Governance

    Financial Review

    Our markets

    Continental Europe

    #1 positions in Europe across lottery, sports betting and iGaming

    31% Online1; 39% Online eligible2

    Austria

    #1

    Lottery, iGaming and casino operator

    Exclusive licences to operate numerical and instant lotteries, iGaming and land-based casinos

    Other gaming operations include sports betting and VLTs

    >5,000 points of sale ("POS")3

    Cyprus

    #1

    Lottery and online sports betting operator

    Exclusive licence to operate numerical lotteries

    Market leader in online sports betting

    >200 POS3

    Czech Republic

    #1

    Lottery operator

    Market leader for both numerical and instant lotteries

    Other gaming operations include online sports betting and podium position in iGaming

    >10,000 POS3

    Product brands

    Greece

    #1

    Lottery, sports betting and iGaming operator

    Exclusive licences to operate numerical and instant lotteries, land-based sports betting and VLTs

    Market leader in online sports betting and iGaming

    >7,000 POS3

    Italy

    #1

    Numerical lottery operator

    Exclusive licence to operate fixed odds numerical lotteries

    ~34,000 POS3

    32.5% stake in LottoItalia



    1. 2025 Net gaming revenue, does not include minority stake in Italy.

    2. Excludes VLTs and land-based casinos.

    3. POS as at 31 December 2025.

    Allwyn International AG Annual Report and Accounts 2025

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    Governance

    Financial Review

    Our markets continued

    North America

    #1 position in daily fantasy sports, a leader in e-Instants content, and operator of one of the best-performing U.S. lotteries

    United Kingdom

    Operator of The National Lottery, one of the world's largest privately-run lotteries

    53% Online1

    Betano

    One of the largest and fastest growing iGaming and sports-betting operators globally

    100% Online2

    U.S. daily fantasy sports

    #1

    U.S. DFS operator

    Acquired PrizePicks, the leader in U.S. daily fantasy sports,

    in January 2026

    Launched prediction market products in November 2025

    e-Instants

    Leader

    in provision of e-Instants to U.S. lotteries through Instant Win Gaming

    Supplies content to nearly all states in the U.S. that offer

    e-Instants

    A leader in supplying e-Instants globally to members of the World Lottery Association and North American Association of State and Provincial Lotteries

    State of Illinois

    #1

    Lottery operator

    Operator of Illinois Lottery under a private management agreement

    >6,000 POS in Illinois3

    Product brands

    United Kingdom

    #1

    Lottery operator

    Exclusive licence to operate The National Lottery

    >43,000 POS3

    #1

    Online sports betting and iGaming operator in Brazil

    Market leadership positions in multiple regulated and high-growth markets across Latin America and Europe

    Best-in-class technology platform and global brand strategy

    36.75% stake in Betano



    1. 2025 Net gaming revenue.

    2. 2025 Total Revenue.

    3. POS as at 31 December 2025.

    Financial Review

    Governance

    10

    Allwyn International AG Annual Report and Accounts 2025

    Our history

    Since 2011, Allwyn has grown from a single country, single product operation to a leading global gaming entertainment company.

    We have entered eight lottery markets and diversified and grown across product verticals including sports betting, iGaming and daily fantasy sports. Our evolution across markets and products reflects a deep understanding of local player needs and an ability to deliver a best-in-class customer proposition, while maintaining an unwavering focus on safer play.

    Allwyn ownership evolution

    Key:

    2011

    single product & single geography operator

    2011

    2012

    2013

    2014

    2015

    2016

    2017

    2018

    2019

    2020

    2021

    2022

    2023

    2024

    2025 2026 YTD Current

    Lottery

    Sports betting and iGaming DFS / Casual gaming

    Current

    multi-product and multi-geography operator









    50% 100%

    100%

    Czech Republic Czech Republic



    15%

    24% 32% 36% 41% 50% 51% 52% 55% 100% 100%

    Continental Europe

    Greece & Cyprus 1



    11% 38%

    60%

    60%

    Austria



    33%

    33%

    Italy



    United Kingdom

    2





    United Kingdom



    North America

    United States - Illinois





    Betano

    3

    1. Excluding treasury shares from the share count to reflect our economic and voting interest.

    2. Represents percent owned by OPAP.

    3. Represents pro rata ownership through OPAP until acquisition in Q4 2022.

      Greece & Cyprus











      Austria



      37%

      85%

      100%

      100%









      Italy

      25%

      35%





      100%

      100%



      United Kingdom



      100%

      100%



      9%

      37%

      37%

      United States - Illinois

      70%

      70%



      62% 62%





      Allwyn International AG Annual Report and Accounts 2025

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      Our purpose, vision and values

      Our Purpose

      'Making play better for all' guides everything we do - how we design and operate our games, how we support our partners and communities, and how we build a sustainable, responsible business for the long term. It reflects our belief in fun that gives back, and in the role we play

      in contributing to society.

      What does 'making play better for all' mean in practice?

      1 For players - best play experience, seamlessly delivered

      2 For colleagues - meaningful work and real impact

      3 For stakeholders - a trusted brand and sustainable growth

      Playing the lottery captures our imagination not only because it offers the chance of a life-changing win, but also because of the entertainment and positive social value lotteries provide.

      Our Vision

      Our ambition is clear: to be the leading global gaming entertainment company, lottery-led and renowned for our commitment to social responsibility.

      This aspiration inspires us to be at the forefront of shaping the next era of lottery-led entertainment.

      Our Values

      Making play better for all

      To be the leading global gaming entertainment company

      We think differently

      We win together

      We do what is right

      a



      Our values define who we are and how we operate. They underpin how we work across markets, collaborate with partners and serve players and communities. They reflect the culture we are committed to building.

      O

      O

      u

      u

      r

      r

      v

      v

      i

      s

      i

      i

      s

      io

      o

      n

      u

      r

      p

      u

      r

      p

      o

      s

      e

      We do what is right - Acting with integrity, taking accountability and accepting responsibility. We take decisions guided by ethics, build trust through transparency, and uphold the highest standards of responsible gaming.

      n

      O

      We think differently - Daring to innovate, striving for improvement and delivering with passion. We learn from feedback, embrace change, and push boundaries to create better products, better experiences

      and better outcomes for players and stakeholders.

      v

      r

      u

      O

      s

      e

      u

      l

      We win together - Valuing our differences, respecting each other and working as one team to create business value. We celebrate collaboration and shared success - across markets, functions and cultures - to unlock collective strength.



      Allwyn International AG Annual Report and Accounts 2025

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      Governance

      Financial Review

      Responsible gaming

      We aspire to deliver the highest standards of player protection in the world, and responsible gaming sits at the heart of our strategy for growth.

      Our approach is underpinned by a commitment to:

      • Global leading practice: developing global leading practice, including working with researchers and experts to further enhance our approach, and striving for the highest standards in player protection across

        our markets.

      • Innovation: investing in research and new approaches that enhance player protection, and using technology to make play better for all.

      • Player Education: applying an evidence-based approach to player education to empower players to stay in control.

    Our lotteries operate under the European Lotteries ("EL") or World Lottery Association ("WLA") responsible gaming standards. All our markets that operate lotteries have a Level 4 Responsible Gaming Certification1, the highest level issued by the WLA.

    Our responsible gaming policy sets out our overall strategic vision and principles. We coordinate across our markets and facilitate the sharing of best practices.

    Future focus areas

    Responsible gaming is fundamental to fulfilling our purpose of making play better for all. We therefore implement voluntary safer gaming initiatives over and above regulatory requirements in areas such as risk detection, the use of affiliates to promote responsible gaming, and retailer education programmes.

    In 2026, our responsible gaming strategy is focused on further tailoring protection for different players. This includes implementing player education approaches targeted to specific demographics, such as Gen Z, and understanding the effectiveness of resulting interventions. Another key element of our strategy is further developing our digital capabilities

    within player protection, such as the use of artificial intelligence and detection tools, including greater alignment of capabilities and approaches across different markets. We also continue to drive high standards of compliance

    with underage prevention requirements, for example through retailer education programmes and mystery shopper visits, and to signpost access to treatment

    and support in both the online and retail channels.

    Player protection lab

    The Allwyn player protection lab was launched in September 2025 and is our research and innovation programme dedicated to fostering new approaches, concepts and studies in the field of player safety. From digital innovation to player engagement, we are committed to working in collaboration with academics, experts and researchers to enhance the body of evidence and analysis as we seek to protect players globally. In 2025, we identified three categories for research funding: digital innovation, responsible gaming tools and positive play messaging. 41 applications were received and we expect the first applicants to be awarded funding

    in spring 2026.



    Global leading practice

    As part of our commitment to developing global leading practice, we convened a record number of responsible gaming events across our markets in 2025.

    A key highlight was our annual responsible gaming conference in Austria, the Playsponsible Academy, while we also hosted events in Greece and the UK. The conferences focused on collaboration with researchers, government and those working in prevention and treatment of gambling-related harm. Key themes included the protection of minors in the retail environment as well as the use of artificial intelligence to enhance risk detection and interventions.



    (1) Greece only, in Greece and Cyprus segment.

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    Governance

    Financial Review

    Government entities

    National or local government, regulatory and/or fiscal bodies

    Players

    Best practice sharing

    Game portfolio and product innovation

    Responsible gaming

    Data analytics, CRM and marketing

    Physical

    retail sales

    In-house technology and content development

    Brand management/ ownership

    In-house technology and content

    Technology and content procurement

    Third-party POS management and optimisation

    Technology and content suppliers

    Retailers and agents

    Convenience stores, supermarkets, etc. selling physical tickets to end customers

    it



    Our business model

    i

    L

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    As a B2C operator, we are able to maintain a constant focus on responsible gaming

    g

    and keeping our players safe.

    We are focused on delivering the best user experience to players across our markets.

    We seek to do so by leveraging best practices from across our international operations,

    our capabilities in key areas of the technology stack, and our in-house content. This allows us to differentiate and innovate our customer proposition, which is to the benefit of all

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    our stakeholders.

    Allwyn International AG Annual Report and Accounts 2025

    Strategic Report

    Consolidated Financial Statements

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    Governance

    Financial Review

    How we create value

    Cash from operating activities

    and received

    fro od

    m equity meth

    investees

    €812m

    Net external capital raised

    €1,041m

    Value creation and income for shareholders + dividends to minorities

    Gaming taxes and Good Cause contributions

    Investment in organic growth

    €254m

    Investment in tech and content

    Investment in inorganic growth

    €675m



    Our business comprises a unique multinational lottery portfolio with synergistic sports betting and iGaming operations, as well as complementary, market leading, high growth assets.

    We deliver sustainable growth and generate significant cash flow, benefiting from leading market positions, diversification across geographies, products and channels and an asset light B2C business model. This also represents a strong platform for raising capital, which we deploy to drive organic growth and for M&A and tenders.

    We have acquired all of our existing business through a combination of M&A, tenders and privatisations and we have a strong track record of delivering a balance of organic and inorganic growth over time.

    We drive organic growth through improved revenue and operating performance of acquired businesses and expanding our product portfolio within existing categories and in new verticals, applying our operational expertise as well as sharing knowledge and best practices from across our geographies. In addition, we are investing in our technology and content capabilities to accelerate innovation and further differentiate our customer proposition, and in our global brand strategy.

    711

    675

    572

    234

    Investment in M&A/Tenders over the past four years (€m)*

    800

    700

    600

    500

    400

    300

    200

    100

    0

    2022 2023 2024 2025

    * Inclusive of scrip dividends and acquisitions of economic interests by Allwyn International that cancel on consolidation; excludes share buybacks; M&A spend is not net of cash acquired.

    Allwyn International AG Annual Report and Accounts 2025

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    Governance

    Financial Review

    Our stakeholders and partners

    Governments, regulators and good causes

    We offer governments and regulators a reliable partner, with our strict focus on responsible gaming providing confidence to governments and gaming regulators to view us as a trusted operator of important national assets.

    Our track record of making lotteries bigger, better and safer has driven higher returns for governments and good causes, supported by our expertise in physical retail and online channels, constant product innovation, technology and content capabilities, and knowledge of international best practice.



    Players

    We care about the well-being of our players, and we follow not only strict legal requirements but also best-in-class practices to keep them safe. Ensuring safer play is the right thing to do. It is also the smart thing to do, as we look to provide our customers with decades of safe, enjoyable entertainment and retain the trust of broader stakeholder groups.

    Our well-known and much-loved games enjoy a large and loyal customer base, which we seek to retain and grow in a sustainable and responsible manner through product development and innovation, marketing and loyalty programmes.



    Society and

    local communities

    We have a commitment to social responsibility and seek to deliver on this by contributing to society, fostering positive social impact, and ensuring our lottery operations deliver against broader objectives while remaining safe and sustainable in the long term.

    We contribute to society and local communities in two ways: (i) providing funding for good causes through taxes, duties and mandatory contributions; and (ii) directly investing in social projects, supporting local communities and sponsoring sport and cultural activities, funded directly by us and our consumer-facing brands, to maximise

    our impact.



    We believe in making play better for all by building thriving lotteries and gaming products that deliver on our responsibilities to all stakeholders.

    This means ensuring that we are aligned with the expectations of the communities in which we operate and that we engage in a collaborative way in order to achieve this.

    We believe our social licence to operate depends on our protecting players and being considerate of the wider impact of our business, at the same time as successfully raising funds for good causes and national governments.

    €2.0bn

    Good Cause contributions in 20251

    €2.9bn

    Gaming taxes in 2025

    >8k

    Employees as of December 2025

    Retailers and agents

    We have strong, long-standing relationships with tens of thousands of retailers and agents, including kiosks, convenience stores, tobacconists, petrol stations, supermarkets, and post offices that sell our products. In many countries we are among the largest POS networks.

    Our retailers and agents earn a percentage of sales, providing a strong alignment of interests.

    We support our retailers and agents through our focus on digitalisation and modernisation of the physical retail channel, as well as by providing training to their staff, particularly

    in responsible gaming.

    Suppliers

    We maintain strategic relationships with our key technology and content suppliers, alongside in-house capabilities in selective key parts of the technology stack and content generation that are important to the user experience, as we seek to ensure a best-in-class technology solution and to offer a compelling customer experience.

    Our large scale provides high volume and visibility for our suppliers, coupled with the opportunity to grow with us. In many cases we use a compensation scheme based on a percentage of revenue, aligning our interests to provide the best user experience for

    our customers.

    Investors

    Our strong financial profile, track record and conservative leverage policy support our access to capital markets and our ability to invest for growth, as well as providing comfort to governments and other stakeholders that we have the financial resources and resilience to operate important national assets.

    We seek to go beyond our disclosure requirements and market practice with best-in-class disclosure. We seek to maintain an active dialogue with investors and to provide financial transparency, as well as to give visibility on our industry positioning

    and growth strategy to investors, governments and other stakeholders.

    Our people

    Our people are our number one asset, and we place a high premium on attracting and retaining talented, empowered, diverse staff and ensuring their well-being and job satisfaction. To that end, we strive to offer competitive salaries and benefits, opportunities for career development, a safe and attractive workplace and freedom from discrimination in any form.

    We strive for a truly global and inclusive environment where everyone can contribute their best selves, learn, and explore together. Equal opportunity forms the foundation of our approach to empowering and motivating our colleagues.



    (1) Relating to the UK National Lottery.

    Allwyn International AG Annual Report and Accounts 2025

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    Governance

    Financial Review

    Our strategy

    Consistent execution of our simple, multi-faceted strategy has delivered strong financial performance and established an excellent platform for the sustainable compounding of growth and cash flow generation.

    Accelerate organic growth

    We are focused on realising the significant opportunity in digital channels by providing an outstanding customer offer, supported by our technology and content capabilities.

    Across channels we constantly innovate our products and assess opportunities to optimise or expand our offering, aiming to offer a full range of best-in-class lottery, gaming and entertainment products.

    In physical retail, we invest in technology to digitalise the customer experience and in loyalty schemes to deanonymise the player base.

    See spotlight on page 17

    Selective inorganic growth

    Our inorganic growth strategy is focused on targeted bolt-ons and strategic M&A. As well as targeting lottery assets, we are also focused on entering new complementary high-growth markets and verticals, or acquiring key technology and content.

    Acquisitions are subject to a rigorous set of criteria, and are focused on regulated, developed markets.

    We believe that our platform positions us to identify, assess and implement inorganic growth opportunities, including tenders for lottery operations, where we believe that our distinctive capabilities, scale and track record position us as the operator of choice.

    See spotlight on page 18

    Deliver operational efficiency

    We are highly focused on operational efficiency and profitability as drivers of cash flow, and we aim to foster a culture focused on performance and efficiency.

    We target purchasing and cost synergies across our markets and pursue savings in areas such as key technologies and content supplies, leveraging our scale.

    We are able to leverage benefits from sharing best practices across the group, such as product innovations and development, technology and content, CRM initiatives and procurement strategies, in order to drive operational efficiencies and accelerate growth.

    Prioritise responsible gaming and ESG

    We are committed to conducting our business responsibly, with responsible gaming at the forefront of our priorities and. we see a genuine commitment to the principles of ESG as critical for sustainable growth and industry leadership. We have integrated ESG principles into our daily operations through a tailored framework that aligns with our business objectives and regulatory requirements. This approach ensures active engagement with and inclusion of all stakeholders, enabling us to deliver meaningful impact.

    Guided by our framework, we aim to lead in player safety (Play), change lives for the better (Partner), create opportunities for all (People), and minimise environmental harm (Planet), with governance & compliance forming the foundation of how we operate our business with integrity and transparency.

    See spotlight on page 19





    Leverage technology, content, and brand across strategic priorities

    We pursue a unified one tech, one brand, and one team strategy. We have significant in-house capabilities across important parts of our technology stack and content, some of which have been acquired through recent acquisitions, which we leverage across our geographies to deliver best-in-class gaming entertainment, while continuing to invest to accelerate innovation,

    further differentiate our offering and reduce costs and dependence on third-party suppliers. In parallel, we are rolling out Allwyn as a consumer-facing brand to optimise marketing efficiency and build awareness in new markets.

    See spotlight on page 22

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    Spotlight: Organic growth

    We drive organic growth through our focus on constant innovation of our products, capturing digital growth opportunities, and digitalising and deanonymising the retail channel, while targeting an optimal balance of in-house and outsourced content and technology.

    Constant innovation of product

    We aim to enhance the customer experience through product innovation, augmenting existing products, launching new ones, and improving the technology that supports them. In addition to product innovation, we keep our offerings engaging through seasonal promotions and limited-time campaigns, which enhance player interaction and retention. Our games are underpinned

    by a balanced mix of proprietary and third-party content and technology.

    • Lotto Blitz is a new digital instant-lotteries game (an e-Instant) launched in Austria, which offers frequent

      play cycles and low entry stakes, and complements the core lottery portfolio by providing an additional play opportunity between scheduled draws.

    • HotWins is a new draw-based game in Illinois, featuring live draws every four minutes on

      in-store screens in bars, restaurants and convenience stores, extending lottery play into more frequent and social settings.

    • We added popular branded content included "I'm a Celebrity... Get Me Out of Here!" and "Deal or No Deal" themed games to our e-Instant portfolio in the United Kingdom, appealing to fans of these iconic series.

    Drive digital growth

    We optimise, expand and enhance our digital offer by using data analytics to inform our actions, customer relationship management to deepen engagement and online marketing to reach and convert audiences. We complement this

    with gamification and loyalty programmes that reward participation, alongside multi-channel initiatives to connect player journeys, and enhance player protection measures. Allwyn's online Net gaming revenue grew +11% year-on-year in 2025, taking our digital channel share to 37%1. Pro-forma for the acquisition of PrizePicks this will be 52%.

    • Allwyn Joker is a new bonus and engagement feature in the Czech Republic market, integrated across both retail and digital channels. Joker offers additional rewards and experiential prizes, such as Formula 1 trips, for players of lottery and other products.

    • In Greece, we have deployed themed "mission calendars", such as the Formula 1 or Christmas-themed mission calendars, which are used to enhance engagement by offering personalised challenges that encourage repeat visits, broader participation and increased loyalty.

    • In North America, IWG launched its second multi-state

    e-Instant jackpot 'Super Drop Jackpots' in North Carolina and Virginia, later joined by Pennsylvania and Kentucky. Meanwhile, Georgia joined the existing Mega Money Jackpots multi-state network, while the Kansas Lottery became IWG's ninth U.S. lottery partner, further broadening distribution of our digital content.

    Digitalise and de-anonymise retail

    We keep retail compelling through targeted innovation and selective investment. Customer registration and loyalty programmes de anonymise retail play, while digitalisation of the physical environment creates an omni channel experience that captures many of the benefits associated with digital, such as tailored CRM and enhanced player protection measures.

    • In Austria this year we installed ~500 self-service

      touchscreen terminals for draw-based games following an earlier successful pilot. We also added new bespoke point of sale dispensers and piloted 100 small digital screens in retailers.

    • In the United Kingdom we delivered the largest technology upgrade in The National Lottery's history, including delivery of more than 30 new systems, migrating 18 million player records and installing more than 39,000 new terminals. Nearly 99% of outlets were trading on new terminals by year end, improving speed and reliability at point of sale. We also integrated numerical lotteries into

    all Aldi UK store self-checkouts, adding ~7,650 additional points of purchase, and expanded our Snappy Shopper partnership to over 170 local National Lottery retailers, enabling responsible online scratchcard purchases from participating independent retailers.



    (1) of Group Net gaming revenue

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    Spotlight: Inorganic growth

    About Prizepicks

    Unified mobile app for daily fantasy sports and prediction markets

    $1.5bn initial consideration

    ~2m MAUs1

    Present in vast majority of U.S. states

    62.3% stake

    $361m Adjusted EBITDA2

    >50% Net Revenue CAGR3

    36 states

    35 states

    48 states

    Free2Play

    50 states



    PrizePicks

    The leading DFS operator in the United States

    A strong addition to Allwyn's expanding portfolio in casual entertainment. PrizePicks brings highly complementary capabilities in fast-growing, opportunity-rich markets.

    This investment advances Allwyn's strategy to

    build a diversified global entertainment

    platform and significantly strengthens

    our presence in the United States"

    Robert Chvatal

    Allwyn CEO

    #1

    DFS operator in the U.S2

    Pioneered

    the DFS+ format

    Easy-to-use

    and engaging product

    Product innovation

    supported by in-house technology capabilities

    Our fan offering

    provides fans multiple ways to add

    entertainment to sports and show their

    skill by correctly picking outcomes for player performance, team results or cultural events

    • Paid-entry, peer-to-peer DFS+

    • Free to play contests

    • Prediction markets; Team and Culture Picks

      PrizePicks' Team/Culture Picks - Prediction Markets Product

      In November 2025, PrizePicks launched prediction market offerings across the vast majority of U.S. states (under its CFTC Futures Commission Merchant licence). Customers can access event contracts on sports outcomes, entertainment and other current events directly through the PrizePicks app.

      Notes

      1. Monthly active users for the last twelve months to June 2025

      2. 2025

      3. 2023-2025



      Investment rationale:

    • Aligned with Allwyn's ambition to become the world's leading gaming entertainment company

    • Entry into exciting new product vertical

    • In-house technology and differentiated content

    • Player base, brand and tech create optionality

    • Attractive financial and investment returns profile on standalone basis

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    Spotlight: ESG

    Play: To lead in player safety

    The Play pillar is built on safer play. Our top priority is player safety, and we work hard to promote responsible gaming in all aspects of our business. We aspire to deliver the highest player protection standards in the industry and consider it at the heart of our purpose to protect underage and vulnerable individuals. We are investing in new and novel approaches to player protection, such as the use of AI in detection tools, to detect risks earlier and set a standard for the wider industry. We continue to share best practice and raise awareness of responsible gaming tools and available support.



    Partner: To change lives for the better

    We build purposeful partnerships that create measurable social value in the communities where we operate and beyond. This supports long-term positive change across our pillars of Sport, Culture, Health and Education. Working with trusted partners, we amplify impact through shared expertise, scale and long-term commitment, and help ensure our efforts are targeted where they can make the greatest difference. Our partnerships also strengthen wider areas of our ESG strategy by enhancing inclusion, supporting employee engagement through volunteering opportunities, and contributing to resilient, sustainable communities.



    We are committed to being a responsible business and consider an effective ESG

    strategy to be a prerequisite for success in our industry

    Our purpose, "Making play better for all," guides how we operate and how we show up for players, colleagues and communities. We want Allwyn to be trusted, known for ethical conduct, meaningful community impact and environmental stewardship. Sustainability

    is embedded throughout our operations, enabling us to drive progress and deliver sustainable growth.

    Planet: To minimise environmental harm

    As an expanding company in the gaming and entertainment industry, we are committed to lessening our environmental impact as we grow. We have strengthened our commitment by setting new greenhouse gas (GHG) emission reduction targets that align with the

    1.5°C pathway established in the Paris Agreement - the science-based benchmark for avoiding the most severe climate impacts by limiting global warming to 1.5°C above pre-industrial levels. By working together with our colleagues and partners, we can contribute to the planet's health.



    People: To create opportunities for all

    Our people are our greatest strength. We are a purpose-driven organisation where collaboration, agility, and performance can thrive.

    Our culture is built on trust, shared purpose and ambition, and our teams are united behind a set of common values. We empower our people to make a positive difference by creating workplaces where they feel heard and valued, and by supporting individual ambitions through meaningful opportunities.

    As a global business we apply a consistent approach while respecting local identities, expertise and insights of our teams in the markets.



    Our ESG framework sets out how we create a positive contribution to society while managing environmental and social impacts. It is aligned to our business needs, embedded across the organisation and compliant with regulatory requirements, including ongoing engagement with both internal and external stakeholders.

    Through our framework we focus on four pillars; Play, Partner, People and Planet. We strive to Lead in Player Safety, Change Lives for the better, Create Opportunities for all, and Minimise Environmental harm,

    with Governance & Compliance forming the foundation for operating with integrity, and we adopt governance policies that promote the thoughtful and independent representation of our stakeholder interests.

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    Spotlight: ESG continued



    Play



    Partner

    Safer play is a core principle of our business. Allwyn is committed to ensuring that its broad customer base can enjoy playing in a safe and secure environment while mitigating potential harm through investing in education and support.

    We coordinate across our markets and significant equity method investees to facilitate best practice sharing. In 2025 we convened topical workshops to create group-wide standards, with the outcome resulting in an Underage Prevention Code to further our approach to the protection of minors.

    In 2026 we plan to implement our Group Responsible Gaming Framework for progress measurements, which was developed by the cross-market responsible gaming group in 2025. We will also continue to develop group standards in the areas of artificial intelligence, player engagement and interventions.

    200m+

    The Group's strategy for 2026 is also focused on enhancing our digital responsible gaming capabilities and our approach to player education. Fundamentally, our approach continues to be governed by Allwyn's responsible gaming principles.

    Number of adults in existing lottery markets (including Italy and Germany)

    Our ambition remains to drive world class standards for the industry, ensuring that players can enjoy our products in a safe and secure environment, while providing tools and support to those who potentially experience harm.

    Allwyn's guiding principles are:

    1. Design A risk-based approach to product design, including responsible marketing and advertising and the offering of responsible gaming tools when engaging in play.

    2. Digital Using technology to educate our players and provide them with necessary and transparent information, as well as using age verification technology to drive underage prevention.

    3. Proactive communication Using direct and onsite messaging to encourage responsible gaming behaviour and intervene when customers are identified as at risk of gambling-related harm.

    4. Accreditation Working globally to retain our Level 4 Certifications, the highest provided by the World Lottery Association and adhering to other local responsible standards and best practices.

    5. Investment We dedicate time, resources and funding to training, internal and external awareness, as well as safety-related product development and monitoring.

    Lotteries hold the power to change lives, offering opportunities that extend far beyond the entertainment the game itself provides. At Allwyn, giving back to society and driving positive change in the markets where we operate - and beyond - is part of who we are. Our business is built on trust, responsibility and long-term sustainability, and we recognise our role in ensuring our success contributes positively to society.

    In 2025, we strengthened our investment in communities and used our unique understanding of chance to create meaningful opportunities for people. Our ambition is rooted in the belief that through purposeful action, we can help more people access opportunity, improve wellbeing and feel included in society. Our approach connects local relevance with scalable global programmes, enabling Allwyn to build trust, strengthen our licence to operate and deliver long-term community value alongside partners and nonprofit organisations.

    In May 2025, Allwyn launched its inaugural Make a Difference Month, uniting colleagues across multiple markets to create positive social impact through volunteering and fundraising in local communities. Colleagues supported 25 NGOs and institutions, contributing hands-on help to projects focused on community support, health and education, sport and culture, and the environment. In total, 247 colleagues participated. and the initiative delivered tangible support for beneficiaries. In the UK, colleagues also raised over £4,800 in

    matched donations, reinforcing the value of combining volunteering with fundraising.

    Overall, Make a Difference Month strengthened Allwyn's culture, employee engagement and inclusion through meaningful, shared action on the ground.

    In 2025, Allwyn and Formula 1 launched the F1® Allwyn Global Community Award, a global initiative designed to recognise and promote community projects that deliver meaningful social impact in the world of Formula 1®. The award reflects Allwyn's belief in the power of partnerships to drive positive change, supporting local initiatives in communities hosting Formula 1® Grands Prix. Four community initiatives were supported across three countries, with €100,000 awarded to each winner: Stichting HandicapNL (Netherlands), Girlstart (United States - Austin), The John Langdon Down Foundation (Mexico) and Green Our Planet (United States - Las Vegas). Throughout the season, Allwyn celebrated them by providing global visibility and financial support.

    Together, these initiatives reflect Allwyn's CSR focus on supporting healthier, more inclusive and more resilient communities, with impact areas spanning accessibility and inclusion, education and opportunity, wellbeing, and sustainability. By showcasing local community initiatives on a global stage, the F1® Allwyn Global Community Award demonstrates how a shared platform can amplify social value and inspire further positive change beyond the race weekend itself.

    Allwyn International AG Annual Report and Accounts 2025

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    Spotlight: ESG continued



    Planet

    We are dedicated to implementing strategies that reduce our carbon footprint. As a trusted gaming and entertainment provider, we acknowledge our responsibility in addressing climate change and are taking decisive actions to minimise our environmental impact. To reinforce our ambition, we have established new targets for reducing greenhouse gas (GHG) emissions. As a Group, we aim to reduce absolute Scope 1 and 2 GHG emissions by 42%, and Scope 3 GHG emissions by 25% by 2030 relative to a baseline in 2024, supporting the global objective of limiting warming to 1.5 °C above pre-industrial levels.

    We believe that a thorough understanding of our emissions profile, clearly defined emission reduction targets, along with a comprehensive transition roadmap, will serve as essential elements of our climate impact and risk management strategy, supporting the achievement of our long-term growth objectives. To achieve our ambition, we plan to transition to renewable energy where possible, invest in energy-efficient technologies across retail and digital platforms, and collaborate with partners to decarbonise the supply chain.

    In line with our sustainability objectives, we remain committed to minimizing waste across our operations and ensuring responsible sourcing practices. In particular, we prioritise obtaining paper products from certified suppliers, supporting sustainable forestry and reducing our overall environmental footprint. To ensure transparency, we will regularly report on progress that we make in our sustainability disclosures.



    People

    In 2025, our people remained at the heart of Allwyn's progress. We focused on strengthening our culture across our markets-rooted in shared values, shaped by local voices, and powered by collaboration.

    We continued to invest in the attraction, development, and retention of talent, creating a consistent backbone for core people management processes.

    A key milestone was the launch of our global Employee Value Proposition (EVP), A Winning Career Awaits. It defines our ambition as an employer, uniting our people behind one culture while respecting the diversity and identity of each market. Shaped through collaboration with all our markets, EVP provides a shared global framework aligned with our Equal Opportunities Framework and rooted in our strategy. Its core pillars together define an employee experience where people are connected by shared purpose and values, supported in their development, and empowered to contribute at their best.

    Our brand as an employer is evolving in step with Allwyn's one brand initiative. It is embedded in the rebranding of local umbrella brands in the Czech Republic and Greece, and forms the foundation for the introduction of the Allwyn employer brand in the UK. This approach supports consistency across markets while enabling strong local expression.

    Alongside this, we continue to evolve our approach to employee engagement across markets. In 2025, we introduced the Allwyn Index-a consistent way of understanding how our core values are reflected in employee engagement survey results. It makes another step towards more consistent, data-led approach to listening to our people and driving meaningful action.

    We hosted our first Allwyn global panel discussion focused on equal opportunities, delivered in collaboration with More than Equal- exploring how sport can help people thrive and develop their careers. Later in the year, we held our first-ever

    Global Responsible Gaming Panel, a live-streamed virtual event bringing together expert voices from across our markets.

    >8k

    Employees at end of 2025

    We are sustaining our position as employer of choice in our markets. Our operations in Greece were certified as a Top Employer for the fourth consecutive year (Top Employers Institute) and recognised Employer of Choice in Tech. In the Czech Republic, we were announced the Top Czech Employer for 2025; and in Austria, North America and Allwyn Lottery Solutions, we achieved the Great Place to Work certification. We have also been recognised as the best place to work in locally relevant platforms, including Allwyn Lottery Solutions award for Best Workplaces in Tech and Best Workplaces for Women in Greece.

    40%

    Female employees across Allwyn.

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    Financial Review

    Spotlight: Brand

    In 2025 we launched our one brand initiative alongside high-profile partnerships with Formula 1 and the McLaren F1

    Team, transforming awareness of Allwyn on the global stage and marking the start of our long-term strategy to establish Allwyn as the key consumer facing brand. In early 2026, we rebranded our operations in the Czech Republic and Greece to Allwyn.

    We see the introduction of a single brand as an important enabler of our growth strategy that will enable us to connect with new audiences in new and existing markets, to achieve marketing synergies across the group, and to elevate the profile of Allwyn globally, creating additional growth opportunities. The

    individual product brands, many of which have great local consumer resonance, will remain unchanged and each market continues to preserve its own spirit and cultural nuances.

    Mexico Grand Prix, 2025



    This balance strengthens our connection with players and communities and reinforces the values that make each market unique.



    Global activation

    The launch year of our global brand strategy and of Allwyn as a consumer facing brand saw an exciting series of high profile partnerships and events, capturing attention, amplifying visibility and reinforcing Allwyn's position as a modern, forward looking brand. In February, Allwyn launched partnerships with global icons Formula 1 and the McLaren F1 team. Together we share a commitment to innovation, technology, and driving positive change in the communities where our organisations operate.

    In July Allwyn joined McLaren Racing Live at London's Trafalgar Square, hosting the Allwyn Race Zone to translate Formula 1 energy into engaging, prize-led moments for thousands of visitors during the two-day takeover.

    In November Allwyn launched the Allwyn x McLaren Scratch Car, an interactive activation live in Las Vegas and online, which translated Formula 1 excitement into instant win mechanics, while at the Sphere, we delivered an immersive showcase of the Allwyn identity.



    Rebranding the Czech Republic and Greece

    In January 2026, we transitioned our consumer-facing umbrella brands in the

    Las Vegas Grand Prix, 2025



    Czech Republic and Greece to Allwyn, from SAZKA and OPAP, respectively. We are now progressively rebranding the third party retail estate, with retailers and agents excited for the change.

    Impact and Outlook

    Our indicators point to strong traction with consumers, with growing brand awareness across key markets and positive engagement metrics. Equally important, the Allwyn brand

    serves as a unifying force for our organisation, while also symbolising innovation. Looking ahead, we will leverage global assets across our footprint and enhance our relevance

    with the next generation of consumers who increasingly engage digitally. By unifying how we show up - globally consistent, locally resonant - the Allwyn brand strengthens our connection with players and communities,

    supports commercial execution across channels, and underpins our long-term growth strategy.

    Governance

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    Consolidated Financial Statements

    Strategic Report

    Chief Financial Officer's review

    Another year of good financial performance alongside significant strategic progress

    I am pleased to report another year of good financial performance, delivered alongside significant strategic progress.

    Our financial results1 for the year once again demonstrated the key strengths of our business

    Another year of good financial performance alongside significant strategic progress - reflected in strong support from capital markets as we start our journey as a listed company."

    from the financial perspective, including our ability to consistently deliver organic growth, diversification both geographically and by product, high profitability, strong cash flow generation and diversified access to capital markets - underpinning our ability to make significant distributions to shareholders as well as to invest in value-creative bolt-on M&A.

    In 2025, we reported Net Revenue growth of 4% year-on-year to €4,112 million, on an underlying basis1 (i.e. excluding Germany casinos disposed of during 2025 from both years). This was achieved against a very strong prior year comparative. We delivered solid profitability, with an Adjusted EBITDA margin of 39% of Net Revenue, which was stable year-on-year. Two significant transactions announced during the year - the acquisition of a majority stake in PrizePicks, the leading daily fantasy sports operator in the U.S.2, and the combination of Allwyn with OPAP, were both completed in the first quarter of 2026, and I believe we are well positioned to deliver significant growth, value creation and cash distributions to shareholders as a listed company.

    Net Revenue growth

    We delivered another year of top-line growth and solid profitability - against a backdrop of weak consumer confidence and economic uncertainty related to international trade policies and, more recently, geopolitical events, as well as strong performance in the comparative period. Our results once again demonstrate the resilience of demand for our products, the benefits of our diversification across products and geographies, and of course the focus of our great teams on executing our strategy and delivering a

    best-in-class customer experience and constant innovation.

    The increase in Net Revenue reflects good performance across all our businesses, particularly in Lottery and iGaming, and continued strong digital growth. Sports Betting delivered more modest growth against a very strong prior year comparative, which included Euro 2024, despite exceptionally customer-friendly sports results affecting operators across the industry in September and October 2025.

    Solid profitability and cash flow generation

    Adjusted EBITDA increased 4% year-on-year, to €1,584 million, on an underlying basis1. This

    performance was driven by positive momentum in Continental Europe, strong growth in North America supported by a full year's contribution from IWG and higher profitability in our equity method investee Betano, reflecting improved underlying performance despite the introduction of regulation and a taxation framework in Brazil as well as a benefit from non-recurring tax items.

    These effects more than offset slightly lower profitability in the United Kingdom, related to the start of the new licence during the first quarter of the prior year, and an increase in Corporate costs related to the prior year simplification of group structure which saw certain costs previously incurred by Allwyn International's parent, but funded by Allwyn International, now directly incurred by Allwyn International.

    Excluding the impact of these factors, Adjusted EBITDA increased by 2% year-on-year.

    Kenneth Morton

    Chief Financial Officer

    1. Excluding the contribution of Germany casinos, disposed of during 2025, from both 2024 and 2025 financials.

    2. By cumulative app downloads from 1 January 2024 to 31 December 2025.



    24

    Consolidated Financial Statements

    Allwyn International AG Annual Report and Accounts 2025

    Strategic Report

    Governance

    Financial Review

    Another year of good financial performance alongside significant strategic progress

    I believe we are well positioned to deliver significant growth, value creation and cash distributions to shareholders"

    We continued to deliver strong free cash flow generation, with Adjusted EBITDA - CAPEX equal to 84% of Adjusted EBITDA, despite elevated investment in the United Kingdom (€140 million out of total CAPEX of €254 million) as we invested to upgrade the technology of The National Lottery. This programme was subsequently completed in Q1 2026, while ongoing CAPEX requirements for our markets remain consistently low.



    Inorganic growth

    Our strong cashflow generation and diversified access to capital allowed us to make several strategically and financially compelling investments during the year. We deployed a total of €675 million on M&A and tenders during the year during the year, including:

    1. Our 32.5% share of contributions towards the first two instalments of the LottoItalia licence fee and related CAPEX, equating to

      €278 million.

    2. The acquisition of the remaining 15.5% minority interest in Stoiximan, the leader in the fast-growing online sports betting and iGaming market in Greece, for consideration of €201 million.

    3. The acquisition of 10.2 million OPAP shares for consideration of €186 million, increasing our economic interest in OPAP to 54.63% at year end.

    4. The acquisition of a total 34.7% stake in Next Lotto, a licensed online reseller of draw-based games offered by state lotteries across Germany, for total consideration of

    €10 million in addition to certain put and call options.

    We also disposed of non-core casino assets in Germany during the year for gross proceeds of

    €67 million.

    Shareholder distributions

    Strong cash flow generation supported distributions of approximately €300 million to Allwyn shareholders during the year, alongside dividend payments of €233 million to historical minorities of the OPAP group. These minority dividends will not recur following the acquisition of the remaining minority interest in Stoiximan and Allwyn's combination with OPAP.

    Financing

    2025 was an active year for financing, with our strong financial and strategic momentum creating a favourable backdrop and enabling strong support across capital markets. We refinanced several instruments, as a result of which we have no significant maturities until 2029 and we achieved meaningful cost savings, most notably our bank loan where the margin on key facilities was reduced by 150bps.

    We also completed our debut issuance in the Euro institutional loan market. Over recent years we have built a presence across all key debt markets, and the Euro Term Loan B market was the final material pool of debt capital that we had not previously accessed. In addition we put in place several new facilities to fund investments in the first half of 2026 (including the acquisition of PrizePicks and the final payment for the new LottoItalia license). With the completion of the combination with OPAP in the first quarter of 2026, we have added access to equity capital markets, underscoring the breadth of our funding options.

    My thanks go to all our partners for their strong support throughout the year, and I look forward to our next chapter as a listed company.



    Kenneth Morton

    Chief Financial Officer, 9 April 2026

    25

    Consolidated Financial Statements

    Allwyn International AG Annual Report and Accounts 2025

    Strategic Report

    Governance

    Financial Review

    Our financial track record

    Total Revenue (€m)

    9000

    8000

    7000

    6000

    5000

    8,991*

    7,878

    4000

    3000

    3,988

    2000

    1000

    0

    2,053

    2,161

    2019 2020 2021 2022 2023 2024 2025

    3,221

8,664*

Gaming taxes and Good Cause contributions (€m)

5000

4000

3000

2000

1000

0

2019 2020 2021 2022 2023 2024 2025

595

806

1,228

1,457

4,276

4,720*

4,879*

Net Revenue (€m)

4112

4,112*

3598

3084

3,602*

2570

2056

1542

1028

514

0

2,531

1,994

1,458

2019 2020 2021 2022 2023 2024 2025

1,356

3,944*

Adjusted EBITDA (€m)

1600

1400

1200

1000

800

1,584*

1,167

967

600

400

200

0

603

2019 2020 2021 2022 2023 2024 2025

538

1,485

1,527*

Operating profit (€m)

1200

1000

991*

800

600

400

376

200

0

2019 2020 2021 2022 2023 2024 2025

470

705

871

944

1,114*

Net Leverage (x)

4.0

3.5

3.0

2.5

2.0

1.5

1.0

0.5

0.0

2019 2020 2021 2022 2023 2024 2025

1.6

1.6

1.6

2.2*

2.7*

2.7

3.6

* Financials for 2024 and 2025 exclude the contribution from our Germany casinos (which were sold in 2025).

26

Consolidated Financial Statements

Allwyn International AG Annual Report and Accounts 2025

Strategic Report

Governance

Financial Review

Financial highlights

2025 was another year of good financial performance, reflecting continued growth momentum across all our businesses.

Net Revenue increased by 4% year-on-year, to

€4,112 million1, excluding the results of our casino operations in Germany that we sold in July 2025 from both 2025 and the prior year, for comparability purposes; i.e., on an underlying basis. Total Revenue and GGR, which are before the deduction of gaming taxes and Good Cause contributions, also increased 4%

year-on-year on an underlying basis. Good top-line growth was delivered despite strong growth in the prior year.

The digital channel was a key growth driver, with online Net gaming revenue increasing 11% year-on-year on an underlying basis to represent 37% of Net gaming revenue. Physical retail also performed well across most markets, demonstrating continued resilience of the channel, including good top-line growth in Austria and Greece and Cyprus, and strong growth in the Czech Republic.

Lottery delivered good growth, led by the digital channel, where Net gaming revenue increased 17% year-on-year, and supported by strong performance in jackpot games, reflecting favourable jackpot cycles across several Continental Europe markets. This included the highest ever jackpot in Tzoker, the national jackpot game in Greece, in August. Lottery performance was also supported by strong growth in the United Kingdom where GGR increased 5% year-on-year on an adjusted2, constant currency basis. iGaming recorded strong, double-digit growth across all major markets. Sports Betting achieved modest growth against a very strong prior year

comparative, which included Euro 2024, and despite exceptionally customer-friendly sports results affecting operators across the industry in September and October 2025.

On a geographic basis, Continental Europe delivered good growth in Net Revenue, increasing 4% year-on-year on an underlying basis, driven by Lottery and iGaming, partly offset by higher gaming taxes in Austria. North America Net Revenue increased significantly, by 11% year-on-year, owing to a full year contribution from Instant Win Gaming (IWG), which we acquired in September 2024. IWG achieved strong growth of 20% year-on-year on an underlying, constant currency basis (considering performance against the prior calendar year). This was offset by currency headwinds and lower Net Revenue from the Illinois state lottery private management agreement. In the United Kingdom, Net Revenue increased 7% on a constant-currency basis.

This was driven by GGR growth of 5% year-on-year on an adjusted2, constant currency basis, supported by digital momentum, strong event performance and favourable jackpot cycles relative to the prior year. Targeted promotional and marketing activity reflecting our focus on revitalising The National Lottery also contributed to the positive performance.

Adjusted EBITDA increased 4% year-on-year on an underlying basis, to €1,584 million and the Adjusted EBITDA margin remained stable at 39% of Net Revenue. Performance was driven by positive momentum in Continental Europe despite higher gaming taxes in Austria and additional expenditure in Greece and Cyprus to support digital growth, strong growth in North America, supported by a full year's contribution from IWG, which was acquired in the third quarter of the prior year, and higher profitability in our equity method investee Betano. Betano's performance reflected higher underlying

profitability, notwithstanding the introduction of regulation and a taxation framework for online sports betting and iGaming in the key Brazil market at the start of 2025, as well as a benefit from non-recurring favourable tax items. These effects more than offset lower profitability in the United Kingdom, following the start of the new licence and the introduction of a new incentive and profitability mechanism part way through the prior year, on 1 February 2024, and an increase in Corporate costs, following the simplification in the group structure in the prior year in which Allwyn International was redomiciled to Switzerland. As a result of this simplification, certain costs previously incurred by Allwyn International's immediate parent, but funded by Allwyn International, were incurred directly by Allwyn International from 2025.

Excluding the impact of these factors, Adjusted EBITDA increased by 2% year-on-year.

Operating EBITDA, which is calculated before adjustments for significant one-off items, non-operating items and business

development costs, decreased by 5% year-on-year to €1,315 million on an underlying basis.

CAPEX was €254 million (2024: €256 million), with investment remaining elevated in the United Kingdom in support of our plans to transform the UK National Lottery. CAPEX in Continental Europe and North America remained low at less than 3% percent of Net Revenue, while higher CAPEX in Corporate and eliminations reflected investment in our proprietary technology and content capabilities.

Adjusted EBITDA - CAPEX, on an underlying basis, was 84% of Adjusted EBITDA, representing strong cash flow generation despite the higher level of investment in the United Kingdom at this stage in the licence cycle.

New tenders and licences

In July 2025, the LottoItalia consortium (in which Allwyn's ownership interest is 32.5%) successfully secured renewal of the Italian Lotto concession for a further nine years to November 2034.

In Greece, a subsidiary of OPAP was named preferred operator in the tender for the next 12 year exclusive scratchcard concession, beginning May 2026.

Combination with OPAP

In October 2025, the Boards of Directors of Allwyn and OPAP approved a combination of the two companies, which completed in March 2026, creating the second-largest listed lottery and gaming operator globally3 and resulting in the combined entity becoming listed on the Athens stock exchange. The Transaction brings together two highly successful businesses and builds on a long-standing partnership. Allwyn AG4, the combined company, is a leading, diversified gaming entertainment platform, which benefits from leading market positions, a high degree of diversification, advanced

technology, content and innovation capabilities and a strong financial profile with resilient cash generation.

Majority investment in PrizePicks

In January 2026, shortly after year end, Allwyn completed the acquisition of a majority 62.3% stake in PrizePicks, the leading daily fantasy sports operator in the US5. PrizePicks brings entry into an exciting new product vertical, a highly engaged player base, proprietary in house technology and a strong financial profile. In 2025 PrizePicks delivered Net Revenue growth of 39% year-on-year on a constant currency basis, and Adjusted EBITDA growth of 65%

year-on-year on a constant currency basis, to

€321 million. From 2026, the North America business will include and primarily comprise PrizePicks, which was not consolidated in 2025.

(1) Excluding the contribution of Germany casinos, disposed of during 2025, from both 2024 and 2025 financials. (2) A reserve trust account relating to the previous UK National Lottery licence, which was included in receivables, was released in Q2 2024. This resulted in a €63 million reduction in the prize expense, increasing GGR, and an increase in Good Cause contributions of an equivalent amount; hence, there was no impact on Net Revenue. There was also no impact on the prize payout to players. GGR performance on an adjusted basis excludes this one-off effect. (3) Based on LTM Sep-25 EBITDA pro forma for the acquisition of PrizePicks. (4) Allwyn AG domiciled in Luxembourg when the combination took place.

  1. By cumulative app downloads from 1 January 2024 to 31 December 2025.

27

Consolidated Financial Statements

Allwyn International AG Annual Report and Accounts 2025

Strategic Report

Governance

Financial Review

Management discussion and analysis of results

Management's discussion and analysis of financial condition and results of operations for the year ended 31 December 2025

The financial and operating information contained in this "Management's discussion and analysis of financial condition and results of operations" ("MD&A") comprises information of Allwyn International AG ("Allwyn" or the "Company" and, together with its subsidiaries, joint ventures and associates, the "Group", or "we"). In October 2024, Allwyn International a.s. relocated from the Czech Republic to Switzerland. Effective 1 October 2024, Allwyn International a.s. became a Swiss entity (under the new legal name Allwyn International AG) and transferred its place of business to Switzerland.

You should read the MD&A together with the Group's consolidated financial statements for the year ended 31 December 2025. The audited consolidated financial statements have been prepared in accordance with IFRS Accounting Standards as adopted by the European Union (EU).

This MD&A contains certain forward-looking statements, which are based on assumptions about the Group's future business. The Group's actual results could differ materially from those contained in forward-looking statements as a result of many factors, including, but not limited to, those described under 'Forward-Looking Statements'.

Unless indicated otherwise, all financials and commentary in this discussion and analysis exclude the contribution from our Germany casinos (which were sold in 2025) in all periods presented to aid comparability.

  1. Significant transactions and developments for the year ended 31 December 2025

    1. Strategic

      Acquisition of 34.7% interest in Next Lotto GmbH (Continental Europe)

      In April 2025, the Company acquired a 25.1% interest in Next Lotto GmbH ("Next Lotto"), a licenced online reseller of draw-based games offered by state lotteries across Germany, for consideration of €6 million, in addition to certain put and call options. The transaction expands Allwyn's lottery footprint in Europe.

      In November 2025, the Company subscribed for new shares in Next Lotto, increasing its ownership interest by 9.6% to 34.7%. The consideration for new shares acquired was €4 million.

      LottoItalia selected to operate next Lotto licence in Italy (Continental Europe)

      In July 2025, the Agenzia delle Dogane e dei Monopoli ("ADM") formally awarded the licence for the concession to operate the next Italian Lotto to the LottoItalia consortium. The licence has a term of nine years, to November 2034. Allwyn's ownership interest in LottoItalia is 32.5% and Brightstar Lottery (formerly IGT) has an ownership interest of 61.5%.

      Allwyn will contribute its pro rata 32.5% share of both the €2,230 million licence fee and capital expenditure. The total licence fee is split into three instalments: €500 million was paid in July 2025 on the formal award of the licence, €300 million was paid in November 2025, and the balance of

      €1,430 million is due in April 2026.

      The Group contributed €130 million to LottoItalia in June 2025, to part fund the payment of the first instalment, and €148 million in November 2025, to fund the payment of the second instalment and licence-related capital expenditure.

      National tax reform package in Austria (Continental Europe)

      In June 2025, the Austrian government approved a package of tax reforms as part of its broader fiscal consolidation strategy. The changes included increases in gaming and gambling taxes, including an approximately 10% increase in taxes applicable to lottery, iGaming and VLT operations, most of which took effect from 1 July 2025. An increase in the effective taxation of betting stakes, from 2% to 5%, was already effective from 1 April 2025.

      The Group has implemented a series of operational measures to partially mitigate the additional tax burden, aiming to limit the overall impact to less than 2% of consolidated Adjusted EBITDA on an annualised basis (before giving pro forma effect to the acquisition of PrizePicks).

      Sale of German casino assets (Continental Europe)

      In July 2025, Allwyn sold its casino operations in Germany, which were part of the Austria segment and consisted of 10 casinos in Lower Saxony. Gross proceeds were €67 million, comprising a dividend of €17 million upstreamed in June 2025 (prior to disposal), and sale proceeds of

      €50 million received in July 2025. In 2024, Total Revenue of the German casino operations was

      €126 million (1% of consolidated Total Revenue).

      The disposal was classified as part of continuing operations, as it does not constitute a major geographical area. Unless indicated otherwise, all financials and commentary in this discussion and analysis exclude the contribution from our Germany casinos (which were sold in 2025) in all periods presented to aid comparability.

      Sale of Australian casino assets (Continental Europe)

      In July 2025, Allwyn agreed the sale of its non-core casino operations in Australia, which are included within the Continental Europe business. The operations consist of the Reef Hotel Casino complex in Cairns, held through Reef Casino Trust ("RCT"), a single-purpose trust listed on the Australian Securities Exchange in which the Group owns a 42% interest, a 50% interest in Reef Corporate Services Limited and a 50% interest in Casinos Austria International (Cairns) Pty Ltd.

      We accepted a bid for the sale of RCT and our other Australian equity method investees, with our subsidiary's proceeds expected to be approximately €58 million. Part of the transaction is structured as an off-market cash takeover bid for RCT. Completion is anticipated in the third quarter of 2026, subject to at least 80% of all RCT unitholders accepting the bid (Allwyn and its partner Accor with a combined unitholding of over 71% have already accepted the offer), anti-trust and regulatory approvals and other customary closing conditions. In 2024, Allwyn's share of net income of these assets was €3 million.

      28

      Consolidated Financial Statements

      Allwyn International AG Annual Report and Accounts 2025

      Strategic Report

      Governance

      Financial Review

      Management discussion and analysis of results continued

      Sale of 4.27% interest in the Company

      In August 2025, KKCG Group AG ("KKCG") sold a 4.27% equity interest in the Company to J&T ARCH INVESTMENTS SICAV, a.s. ("J&T ARCH"). J&T ARCH is a qualified investor fund listed on the Prague Stock Exchange, with a reported net asset value of €5.6 billion as of the time of the transaction, and acquired the equity interest via JTFG Fund IV SICAV, a.s., where it is the majority shareholder.

      The total proceeds to KKCG Group AG were €500 million. The transaction was structured as a sale of equity in Allwyn by KKCG's wholly-owned subsidiary Allwyn AG. After the transaction, KKCG's interest in Allwyn (held via Allwyn AG) was 95.73%.

      In connection with this transaction, the Company waived a loan receivable due from Allwyn AG in the amount of €230 million (including accrued interest), as well as trade receivables of €20 million. A substantial majority of the total amount waived represented amounts upstreamed to Allwyn AG in lieu of dividends in Q2 2025, plus accrued interest thereon.

      Acquisition of remaining 15.5% minority interest in Stoiximan (Continental Europe)

      In August 2025, Allwyn Hellas, Allwyn's key operating company in the Greece and Cyprus market, acquired the remaining 15.5% minority interest in Stoiximan, the leader in the fast-growing online sports betting and iGaming market in Greece, for consideration of €201 million. The transaction increased Allwyn's ownership interest in Stoximan to 100%.

      Acquisition of majority stake in PrizePicks (North America)

      In September 2025, Allwyn and PrizePicks, the leading daily fantasy sports operator in the United States, announced that they had entered into a definitive agreement for Allwyn to acquire a majority stake in PrizePicks. In January 2026, the Company completed the acquisition of a 62.3% stake in PrizePicks; see 'Subsequent events'.

      Combination of Allwyn and Allwyn Hellas

      In October 2025, the Boards of Directors of Allwyn and Allwyn Hellas approved a combination of the two companies, to create a leading listed global lottery and gaming operator. Subsequently in January 2026, an Extraordinary General Meeting of Allwyn Hellas' shareholders approved the steps required to implement the combination transaction, which was successfully completed in March 2026; see 'Subsequent events'.

      Introduction of Allwyn as a consumer-facing brand: one brand initiative (Continental Europe)

      In October 2025, the Group announced the rebranding of certain operations in the Czech Republic and Greece and Cyprus markets. This initiative aligns with the Group's broader objective of introducing the Allwyn brand as the key consumer facing brand across its operations globally. The Group will progressively transition from the use of the "SAZKA" and "OPAP" umbrella brands in the Czech Republic and in Greece and Cyprus, respectively, to an "Allwyn" brand identity across these markets, which commenced in 2026. Product brands will remain unchanged.

      Acquisition of an office property

      In October 2025, the Group purchased an office building in London for GBP 189 million (€214 million at the time of the transaction). Part of the space is used by the Group, with the remaining space leased to third party tenants and KKCG. The transaction was funded with a combination of existing cash reserves, drawings under the Company's revolving credit facility and the roll-over of an existing bank loan of GBP 102 million (€116 million at the time of the transaction).

      Allwyn Hellas declared preferred operator for next instant and passive lotteries licence in Greece (Continental Europe)

      In November 2025, a subsidiary of Allwyn Hellas, Allwyn's key operating company in the Greece and Cyprus market, was named the preferred investor in the tender to operate the next exclusive instant and passive lotteries concession in Greece. The concession will have a term of 12 years, from May 2026, and the consideration for the licence will be €80 million, which is expected to be paid in April 2026.

      Acquisition of remaining 16.5% minority interest in Hellenic Lotteries (Continental Europe)

      In November 2025, Allwyn Hellas acquired the remaining 16.5% minority interest in Hellenic Lotteries S.A., which holds the existing exclusive licence to operate instant and passive lotteries in Greece, for consideration of €50 thousand.

      Purchase of non-controlling interest of Allwyn Hellas (Continental Europe)

      In December 2025, the Company acquired 10,225,192 Allwyn Hellas shares for consideration of

      €186 million via a combination of open market purchases and an accelerated share purchase programme.

    2. Financing

      See 'Net debt' for details.

    3. Subsequent events

      For developments after 31 December 2025 please see Note 35 in 'Consolidated financial statements for the year ended 31 December 2025'.

      29

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      Allwyn International AG Annual Report and Accounts 2025

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      Financial Review

      Management discussion and analysis of results continued

      2.1. Management analysis of consolidated results

      2025

      2024

      abs

      %

      Change

      Depreciation and amortisation

      (292)

      (258)

      (34)

      13%

      2025

      2024

      abs

      %

      Impairment of non-financial assets

      (26)

      (26)

      -

      n/a

      Revenue from gaming activities (GGR)

      8,632

      8,301

      331

      4%

      Other gains and losses

      (6)

      10

      (16)

      n/m

      Revenue from non-gaming activities

      359

      363

      (4)

      (1%)

      Profit from operating activities

      991

      1,114

      (123)

      (11%)

      Total Revenue

      8,991

      8,664

      327

      4%

      Gaming taxes and Good Cause contributions

      (4,879)

      (4,720)

      (159)

      3%

      Interest income

      38

      91

      (53)

      (58%)

      Net Revenue

      4,112

      3,944

      168

      4%

      Interest expense

      (286)

      (300)

      14

      (5%)

      of which: Net gaming revenue (NGR)

      3,753

      3,581

      172

      5%

      Other finance income and expense

      (14)

      (33)

      19

      (58%)

      Finance costs, net

      (262)

      (242)

      (20)

      8%

      Other operating income

      266

      308

      (42)

      (14%)

      Agents' commissions, materials, consumables and services

      (1,951)

      (1,873)

      (78)

      4%

      Profit before tax

      729

      872

      (143)

      (16%)

      Marketing services

      (673)

      (535)

      (138)

      26%

      Income tax expense

      (223)

      (225)

      2

      (1%)

      Personnel and other operating expenses

      (802)

      (719)

      (83)

      12%

      Share of profit of equity method investees

      363

      263

      100

      38%

      Profit after tax from discontinued operation

      2

      9

      (7)

      (78%)

      Operating EBITDA

      1,315

      1,388

      (73)

      (5%)

      Adjustments to Operating EBITDA (see 'Non-IFRS measures

      Profit after tax

      508

      656

      (148)

      (23%)

      - Reconciliation of EBITDA adjustments')

      Adjustments in Continental Europe business

      30

      (26)

      Profit attributable to shareholders of the Company

      219

      323

      (104)

      (32%)

      Adjustments in North America business

      58

      20

      Adjusted profit attributable to shareholders of the Company

      Adjustments in United Kingdom business

      51

      108

      (see 'Non-IFRS measures - Adjusted profit attributable to

      Corporate adjustments

      130

      37

      shareholders of the Company')

      509

      449

      60

      13%

      Adjusted EBITDA

      1,584

      1,527

      57

      4%

      CAPEX

      254

      256

      (2)

      (1%)

      Adjusted EBITDA margin %

      38.5%

      38.7% (0.2)

      p.p.

      Adjusted EBITDA - CAPEX

      1,330

      1,271

      59

      5%

  2. Comparison of results of operations for the year ended 31 December 2025

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