Playtech: 2025 Full Year Results Presentation

26 March 2026

Mor Weizer

Chief Executive Officer

Chris McGinnis

Chief Financial Officer

Mor Weizer

Chief Executive Officer

Agenda

2

‌Overview

3

Year of strategic transformation; Adjusted EBITDA ahead of expectations

• Sale of Snaitech for

  €2.3bn in April 2025;

  >3x cash return on investment

• Revised Caliente agreement; 30.8% direct equity ownership

• Focused B2B business with valuable assets

Strategic reset;

back to B2B roots

1

• FY 25 Adjusted EBITDA of €197m; c.20% ahead of consensus at the start of the year

• Net cash position of

€29m even after repurchasing 8.3% of equity capital for

€77m in H2-25

Upgraded profit;

strong balance sheet

2

• Strong underlying1 growth; regulated B2B revenue up 6% YoY

• Excellent performance in the Americas; underlying revenue growth of

17% YoY

Growth powered

by key markets

3

• On track to deliver

  FY 26 Adjusted EBITDA ahead of current market expectations

• Board is confident in Playtech's ability to execute its strategy

and deliver medium-term financial targets

Confident

outlook

4

1Excluding impact of Caliente Interactive revised terms removes the additional B2B services fee from revenue and removes associated direct costs in FY25 and FY24. Our share of income from associate related to the 30.8% shareholding in Caliente Interactive is also excluded from Adjusted EBITDA.

Chief Financial Officer

‌Financial highlights

5

Good overall performance; results reflect the revised Caliente Interactive terms

• Adjusted EBITDA of €197m; upgrade delivered in Feb-26, driven by strong Americas performance

• Financials reflect impact of the revised Caliente Interactive agreement; rebasing from FY 25

• Material investment income of €62m; highlighting value of strategic investments

• Net cash position delivered despite repurchasing 8.3% of equity capital in H2-25 for €77m

• Strong FCF performance after excluding impact of revised Caliente agreement

  1From continuing operations, therefore excluding contributions from Snaitech during the periods in which it was owned by Playtech.

  2Investment income comprises our share of profit or loss from associates, including Caliente Interactive and other entities detailed in the Appendix, as well as dividends received from equity investments, namely Hard Rock Digital.

  3Net debt excludes IFRS 16 lease liabilities.

  4Free Cash Flow is calculated as Adjusted EBITDA less IFRS 16 operating leases, capex and capitalised development costs, net financing costs, and normalised cash taxes paid. It also reflects any differences between dividends received from associates and the amounts recognised in the P&L as share of income from associates.

  ‌B2B performance

  6

  
  
  

  Strong underlying growth in our core markets

  Underlying1

  € millions		FY 25	FY 24	%	CC%		%
  Americas		209.9	251.6	(17%)	(10%)		17%
  US and Canada		48.0	29.8	61%	71%		61%
  Latin America		161.9	221.8	(27%)	(21%)		8%
  Europe ex-UK		207.4	198.7	4%	4%		4%
  UK		128.3	136.2	(6%)	(4%)		(6%)
  Rest of World		13.8	11.9	16%	16%		16%
  Regulated B2B revenue		559.4	598.4	(7%)	(4%)		6%
  Unregulated		128.9	155.9	(17%)	(17%)		(17%)
  Total B2B Gambling revenue		688.3	754.3	(9%)	(6%)		1%
  B2B Adjusted EBITDA*		141.4	222.0	(36%)			(10%)

  • Regulated B2B revenue up 6% (on an underlying basis)

  • Very strong growth from US and Canada; executing our strategy

  • Underlying growth of 8% from Latin America despite Colombia VAT impact; Brazil market within Regulated as of 1-Jan 2025

  • Solid Europe ex-UK driven by growth in Poland and Spain

  • UK impacted by regulatory headwinds and certain contractual changes

  • Unregulated revenue decline reflects Brazil's reclassification into Regulated markets

1Excluding impact of Caliente Interactive revised terms removes the additional B2B services fee from revenue and removes associated direct costs in FY25 and FY24. CC denotes constant currency.

*B2B Adjusted EBITDA includes 'Other income' of €0.9m in FY25 (FY24: €0.0m)

‌B2B costs

7

Disciplined cost profile aligned with strategic growth initiatives

• B2B costs increased by 3% YoY, driven by strategic investments in Live and higher G&A expenses

• Strategic investment into Live, including:

  • Expansion of US studios

  • Opening of new studio in Sao Paulo

  • New tables in Peru

• Higher G&A expenses primarily reflect certain non-recurring costs

• Cost efficiency remains a focus going forward

‌B2C performance

8

HAPPYBET wind-down nearing completion

Revenue Adjusted EBITDA

HAPPYBET:

• Adjusted EBITDA loss narrowed to €6.3m, with ongoing wind-down of the German business anticipated to complete during 2026

  Sun Bingo and Other B2C:

• Revenue and Adjusted EBITDA declines reflect the impact of stricter regulatory measures and restrictions on promotional marketing

• Operational review of Sun Bingo is underway, in response to changes in the UK online gambling tax framework

  ‌Net debt bridge from FY 24 to FY 25

  9

  
  
  

  Strengthened balance sheet position following the Snaitech sale

  (100)

  109

  (200)

  (300)

  Net debt1

  at 31/12/2024

  Net cash Acquisitions,

  from investments operating & contingent activities2 consideration

  (301)

  Net proceeds from disposals of Snai and other assets post dividend payment3

  Capital Share

  expenditure buybacks & capitalised

  development

  Interest,

  FX & lease liability payments

  Net debt1 /

  (cash) at 31/12/2025

  Liabilities

  for deferred bonuses, tax on Snai sale

  and dividend on unvested LTIPs

  Pro forma

  net debt / (cash) at 31/12/2025

  31

  77

  0

  (29)

  (28)

  62

  91

  (59)

  100

  143

  200

  300

  Leverage4 0.3x

1Net debt / (cash) is defined as gross debt less cash and cash equivalents excluding cash held on behalf of clients, progressive jackpots and security deposits. Net debt is calculated excluding IFRS 16 lease liabilities.

2Net cash from operating activities is after excluding changes in jackpot balances, security deposits and client funds.

3Completion by Playtech Services (Cyprus) Limited, a Playtech Group company, of the sale of Snaitech's immediate holding company, Pluto (Italia) S.p.A ("Snaitech sale") for €2.3 billion.

4Leverage defined as Net debt divided by Adjusted EBITDA.

*Totals may not exactly equal the components of the total due to rounding.

‌Capital allocation policy; strong balance sheet provides flexibility

10

Prioritising growth, flexibility for uncertainties, and returning surplus to shareholders

• Targeted capital deployment into high-growth product verticals (e.g. Live) and geographies (e.g. Americas)

• Continued investment into new and existing structured agreements

Strategic investment

into growth

1

• Open to M&A in line with our strategy; strengthening our position as a pure-play B2B technology provider

• Maintaining flexibility relating to regulatory matters, contingent liabilities and other uncertainties

Maintaining flexibility for

M&A and uncertainties

2

• €1.8 billion special dividend distributed in H1-25

• 8.3% of equity capital bought back in H2-25 for €77m

• Intention to return structural surplus capital to shareholders

• Continuing to review returns, including dividends and buybacks

Returning capital to

shareholders

3

‌Levers to achieve medium-term Adjusted EBITDA target

11

Delivering on growth, profitability and addressing underperformance

Turn US business profitable

Address underperforming businesses

Adj. EBITDA

Reach profitability in 2026

c.€20m

losses from underperforming businesses

€250m to

€300m

c.€200m

FY 25

Adjusted EBITDA

Capture growth from other exciting regulated markets

Deliver best-in-class products and services

Partner with leading operators

Medium-term Adjusted EBITDA

target

‌Current trading and outlook

12

• On track to deliver FY 26 Adjusted EBITDA ahead of current market expectations

• FY 26 capex and capitalised development expected to total c.€90m - €100m

• FY 26 effective tax rate expected to be c.25%-28%

2 Forecasts

• Excellent performance in the Americas in Q1-26

• Focused on delivering material returns from investments in the US, Mexico and Brazil

1 Very strong start to 2026

Confident outlook

3

Strong momentum; FY 2026 Adjusted EBITDA to be ahead of market expectations

• Well-positioned to achieve our medium-term targets:

• Adjusted EBITDA1 range of

  €250m - €300m

• Free Cash Flow2 range of

€70m - €100m

1 Reflects the new structure of the Caliente Interactive agreement and includes share of income / loss from associates within Adjusted EBITDA.

2 Free Cash Flow defined as Adjusted EBITDA less IFRS 16 lease costs, capex and capital development costs, net financing costs,

and normalised cash taxes paid as well as taking into account any differences between dividends received and amounts recognised in the P&L.

Chief Executive Officer

‌We offer solutions across the value chain

14

Leveraging our position to capitalise on market growth

‌A highly focused, valuable B2B business with ambitious targets

15

Highly valuable assets: BV* > €1bn

Book Value and ownership

High growth B2B business

A high growth B2B business combined with €1bn+ portfolio of high-quality assets

Medium-term targets

Adjusted EBITDA Free Cash Flow

Partnering with the biggest brands Delivering market leading content

In the fastest growing markets Using value accretive business models

Strategic agreements Conventional licences

SaaS

€709m

30.8% Equity stake

€179m

LSD2

Equity

FY 25 dividend: €10.3m

€81m1

40.0% Option on equity

€76m

50.0% Option on equity

€61m

49.0%

Equity

FY 25 revenue

growth:

10%

Other Assets:

Free Cash Flow

€70m to €100m

Adjusted EBITDA

Partnering with the biggest brands Delivering market leading content

In the fastest growing markets

Using value accretive business models

Strategic agreements Conventional licences

SaaS

Commitment to delivering shareholder value, including shareholder distributions

*Book Value implies associate equity stake at cost for Caliente, minority equity stake at fair value for Hard Rock Digital, loan value for Galerabet, equity call option at fair value for Wplay, associate equity stake at cost for LSports, all values measured as at end of 31 December 2025

1Sum of outstanding loans to Galerabet of €80.9m gross of ECL

2LSD stands for low single digit percentage

‌Medium-term strategic priorities

16

A focused B2B player; well-positioned to deliver our medium-term financial targets

• Deploying AI to enhance

productivity and automation

• Addressing underperformance

• Delivering cost efficiencies

‌Unlocking Mexico's growth engine

17

Well-positioned to accelerate growth following the reset Caliente Interactive terms

• Market set to double in the next 5 years

• c.100m adult population1

• 59% online penetration2

• GGR per adult

Mexico $35 vs Brazil $642

• Undisputed market leader

• Brand heritage since 1916

• Sponsors 13 of 18 Liga MX football teams

• Multi-decade local market expertise

• Adjusted EBITDA contribution of c.€55m via our share of income

• Dividends of c.€45m received in relation to FY25

• Continuing momentum in 2026

• Mexico co-hosting FIFA World Cup

• Official sponsor of Mexican football team

• 64% of Mexicans are football fans3

• 104 matches broadcasted in a favourable time zone4

Sources:

1 NEXT.io iGaming Market in Focus Mexico report

2 H2GC estimates; Online penetration calculated by dividing Interactive GGR ex. Lotteries by Total GGR ex. Lotteries; GGR per adult calculated by dividing Interactive GGR ex. Lotteries by adult population

3 Nielsen.com The future of Sport: Nielsen's 2025 report reveals growth drivers

4 FIFA.com 500 days to go: excitement builds for FIFA World Cup 2026

‌Strong US growth; well-positioned to continue

18

Realising meaningful returns from our investments and driving profitability

Playtech iGaming iGaming Sports only

>55%

Revenue growth

• Highly attractive margin profile combined with scaling demand

• Valuable bespoke game development and branded content offering

• Launched in Connecticut in March-26; High-growth state with $705m GGR in 2025 (6.6% of Nationwide GGR)1

>110%

Revenue growth

• Strong strategic growth within dedicated-tables segment

• >60 tables in operation and continuing to expand

• Strong demand from Tier 1 customers with a healthy pipeline

#1

3rd party iGaming platform2

• Trusted high-value platform solution with materially higher wallet share

• Parx achieved above-market GGR growth powered by our PAM+ solution

• Delaware North delivering standout performance while continuing to scale

>€10m

FY25 dividend contribution

• Successful launch of Past Motor Racing sports-betting product offered by Seminole Tribe

• Multi-product expansion in Michigan; HRD #4 in the state since launch

• Further expansion to come

Sources:

1 Eilers & Krejcik All States Premium Online Casino GGR by Brand as of 5 March 2026; Platform market share based on trailing 3 months till January 2026; HRD ranking as of January 2026

‌Capturing Brazil's sizeable market opportunity

19

Driving expansion in Brazil's attractive market through high-impact localised content

‌Live Casino: Investing in expansion and innovation

20

Scaling Live operations to meet surging demand and drive profitable growth

• Global Live Casino market GGR projected to double by 20301

• Strong, double-digit growth expected across our priority markets

CAGR

2025-2030e1

25%

19%

10%

• Live Casino offering attracts a higher-value, more deeply

engaged player base

• 10% Live revenue growth from regulated markets³

• Now operating c.500 tables across 17 Live studios

• Added 45+ tables to meet surging demand

• Opened new Live studios in Sao Paulo and Las Vegas

• Improved bespoke game development & localisation capabilities

• Global leadership in dual-play Live Casino segment

Source:

1 H2GC; 2025-2030e CAGR by market

2 Historical Playtech (internal) data on Average Revenue Per User

3 Excludes the impact of Brazil moving into our regulated market segment

‌Using AI & data to benefit our customers and our bottom line

21

Multiple opportunities to enhance product, revenue and operational efficiencies

‌Sustainability continues to underpin our strategy

22

Achieved several milestones within our 2025 sustainability commitments and targets

• Supported >530,000 people through community programs

• Sustained commitment to the Artificial Intelligence Research (AiR HUB), in partnership with the University of Nevada

• Reduced Scope 1 and 2 location-based GHG emissions by 48% against the 40% target set in 2018

• Recognised across leading external sustainability indices and benchmarks

• Increased female representation in leadership positions to 32% from 23%

  in 2021

• Ranked #1 within Travel & Leisure sector in the 10th annual FTSE 350 Women Leaders Review

Brands in

2020: 2025:

9 28

Jurisdictions 2020: 2025:

2 17

Next 5-year sustainability ambitions and roadmap to be defined in 2026

‌Final remarks

23

Strong momentum and clear path to deliver medium-term targets

‌24

‌Summary by division

25

Excluding Caliente Interactive impact1

*Group removes impact of intercompany.

1Excluding impact of Caliente Interactive revised terms removes the additional B2B services fee from revenue and removes associated direct costs in FY25 and FY24. Our share of income from associate related to the 30.8% shareholding in Caliente Interactive is also excluded from Adjusted EBITDA.

2Investment income includes share of income and / or loss from associates, such as Caliente Interactive and others (see Appendix), and dividends from equity stakes namely Hard Rock Digital.

FY 25 excluding impact of the revised Caliente agreement

26

1Caliente Interactive share of income from associate is included in Adjusted EBITDA, while the dividends paid by Caliente Interactive equivalent to €33.0m in FY 25 (FY 24: €0.0m) are excluded from Adjusted EBITDA.

Share of income from associates and dividends breakdown

27

B2B cost breakdown

28

‌B2B customer concentration

29

*Note: Excluding the impact of the Caliente Interactive revised agreement, B2B customer concentration was broadly stable YoY.

Contingent consideration

30

USA iGaming and Sports regulation - state of play

31

‌32