Slides
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Q3 26 Results Presentation November 4, 2026
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Agenda Highlights Business Overview Financial Position Outlook & Conclusion 2
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73 consecutive quarters of growth Highlights | Q3 2026 – Another quarter of sustained growth 3 / Q3 2026 Results with double digit growth ▪ Net Revenues€628m, +12.0% y-o-y ▪ Adjusted EBITDA1 reaching€203m, +11.1% y-o-y ▪ Solid Adjusted EBITDA Margin of 32.4% ▪ Adjusted Net Profit of€57m, +20.0% y-o-y / Strong growth in all our business units ▪ Solid organic growth in Net Revenues and Adjusted EBITDA of +8.1% and +6.6%, respectively ▪ Online business continues to gain scale rapidly, with turnover growing +32.5% in the quarter ▪ August & September with unfavorable scores in sports results, (€10m) impact in EBITDA ▪ Cirsa Q3 2026 Adj. EBITDA growth excluding pay-out impact: +17% Q3 2026 Net Revenues €628m +12.0% Q32026 Adjusted EBITDA (1) €203m +11.1% Q3 2026 Adjusted Net Profit €57m +20.0% Notes that apply to the entire document: (1) Reported EBITDA adjusted for non-recurring expenses of €7.9m including Lottomatica’s merger related expenses
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Fully on track to reach the high end of our 2026 guidance Highlights | 2026 is set again to be a record year for Cirsa 4 Net Revenues (% Growth) 9.5% 7.0% Adjusted EBITDA (% Growth) 9.0% 6.0% 10,0% 2026 Guidance YTD 2026 9,3% 2026 Guidance YTD 2026 / Strong operating performance for YTD 26 ▪ Net Revenues of €1,888m, +10.0%,(+8.7% ex-FX) ▪ Adjusted EBITDA of €599.4m, +9.3%, (+8.0% ex-FX) ▪ Adjusted EBITDA Margin of 31.6% / Diversified sources of growth ▪ 62% of Net Revenuesgeneratedin Europe, up +5.6% ▪ Latam Net Revenuesup +15.5% as of September 2026 ▪ Bolt-on M&A delivering strong accretive growth with good pipeline for coming quarters / CIRSA on track to reach the high end of FY 2026 guidance ▪ Delivered above July-25 IPO commitments ▪ Growing shareholder remuneration. FY26 dividend to increase up to €100m (+33%) driven by strong increase in adjusted net profit
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Sept 2026 Merger announcement Highlights | Accelerating growth through the Lottomatica-CIRSA combination 5 Scale & leadership ▪ #2 largest listed gaming and sports betting operator globally; ▪ #1 in Italy and Spain Diversified geographical footprint ▪ 80% of EBITDA from Italy & Spain, 2 of the largest and most stable gaming markets in Europe ▪ 97% of EBITDA from #1 Market Positions Returns & liquidity ▪ Accretive financial profile, increased free float ▪ Up to €4.0bn of continued shareholder distributions + … to create a global gaming champion Proposed merger - Next Steps Oct 2026 Merger files publication Nov 2026 Merger to be approved by shareholders Proposed deal … All share Combination ▪ Cirsa shareholders to own c. 32.5% of the combined entity Transaction ▪ 1 CIRSA share for 0.668 newly issued Lottomatica shares ▪ Extraordinary dividend pre-merge of €1.62 per share Q2 2027 Expected Closing ✓ ✓
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Agenda Highlights Business Overview Financial Position Outlook & Conclusion 6
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Business Overview | Multiple growth drivers across businesses 7 Online growth drivers Retail growth drivers ▪ Turnover growth above expectations (+32%) showing excellent customer engagement and successful acquisition campaigns ▪ Growing Online Casino to deepen cross selling across the existing customer base ▪ Focus on elevating customer experience through seamless mobile first journeys and continuous product innovation ▪ Sustained organic growth across all regions ▪ Strong operating leverage in Slots Spain supporting further margin expansion ▪ Strong profitability supports CIRSA’s competitive advantage to self-fund future growth M&A ▪ Proven bolt-on strategy across existing geographies ▪ Strong pipeline of accretive growth opportunities ▪ Further omnichannel opportunities in Spain
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560 628 (3) 45 25 Q3 2025 Colombia Earthquake Organic Growth M&A Bolt-on Q3 2026 Business Overview | Double digit growth underpinned by market leadership 8 / Leadershipand diversificationunderpin sustainablegrowth ▪ 73 consecutive quarters of consistent y-o-y growth ▪ Strong Adjusted EBITDA margin of 32.4%, supported by continued cost discipline across businesses ▪ Continued macroeconomic and social stability in our selected Latam countries, in a year where there were elections in Peru and Colombia / Strong Q3 2026 performance ▪ Strong growth: Net Revenues +12.0% and Adjusted EBITDA +11.1% ▪ Adjusted EBITDA with normalizedpay-outs grows up to +17% ▪ 2025 & 2026 bolt-on M&A supporting further growth and margin accretion Net Revenues -(€m) Adjusted EBITDA –(€m) +8.1% var. +12.0% var .+4.5% var. 183 203 (3) 12 11 Q3 2025 Colombia Earthquake Organic Growth M&A Bolt-on Q3 2026 +6.6% var. +11.1% var .+5.9% var. 32.4% EBITDA Margin +17.0% var Norm payout
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Business Overview | Strong retail performance Q3 2026 9 Retail Activities – EBITDA bridge (€m) Retail Activities – Net Revenues bridge (€m) / Revenuegrowth remains strong across the retail portfolio ▪ Net revenuesgrew +7.6%, including +3.8% organic growth ▪ EBITDA grew +9.8%, outpacing revenue growth ▪ EBITDA margin expandedto 37.6% (+73 bps) ▪ Bolt-on acquisitions continue to drive accretive growth / Casinos delivering strong growth ▪ EBITDA growth +9.1% with EBITDA margin of 42.0% / Slots Spain continue its strong delivery of growth ▪ EBITDA grew +11.8% with a margin of 53.6% 451 486 (3) 17 20 Q3 2025 Colombia Earthquake Organic Growth M&A Bolt-on Q3 2026 +3.8% var. +7.6% var .+4.5% var. 166 183 (3) 11 8 Q3 2025 Colombia Earthquake Organic Growth M&A Bolt-on Q3 2026 +6.8% var. +9.8% var .+4.5% var. 37.6% EBITDA Margin
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Business Overview | Online performance Q3 2026 10 Online G&B– EBITDA (€m) Online G&B – Turnover (€m) Online G&B – Net Revenues (€m) / Strong quarter of growth despite customer-friendly sports results in all regions ▪ €10m EBITDA one-off impact from customer-friendly sports results ▪ Strong business growth, with EBITDA up +43.6% and a solid 21.5% margin (normalized pay-out) / Successful World Cup marketing campaign to significantly enlarge customer base ▪ Q3 26 turnover +32.5%: Casino +39% & Sports Betting +17% ▪ Q3 26 Normalizednet revenuesgrowing +30.5.% 2.472 3.274 Q3 2025 Q3 2026 121 144 158 Q3 2025 Q3 2026 Q3 2026 Normalized Pay-out 24 24 34 Q3 2025 Q3 2026 Q3 2026 Normalized Pay-out +30.5% var . 21.5% Margin +32.5% var . +43.6% var . 16.5% Margin 19.5% Margin +0.2% var . +18.9% var .
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Agenda Highlights Business Overview Financial Position Outlook & Conclusion 11
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Financial Position| Strong cash generation supporting increased investment for growth 12 / Strong profitabilityand cash generation ▪ EBITDA margin consistently above 30% ▪ €431m of Operating Cash Flow generated in YTD 2026 ▪ Cash conversion remained strong above 72% ▪ Free Cash flow growth of +32% driven by reduction in financial interest paid / Disciplined investmentin organic growth ▪ Growth Capex acceleration across retail operations is paying-off ▪ 16 Goldmine initiatives already delivered ▪ Expected ROIC of 25%-40% Strong cash generation enables reinvestment in accretive organic growth at attractive returns (1) Includes the one-off unwind of 2025 deferred payments Cash Flow Statement In €m 9m 2025 9m 2026 % V. Net Operating Revenue 1.716 1.888 10,0% Adjusted EBITDA 548 599 9,3% % Margin 32,0% 31,7% (22 bps) Capex (137) (169) Capex Intensity 8,0% 8,9% Operating Cash Flow 411 431 4,7% Cash Conversion 75% 72% Working capital & other (1) 11,2 9 Income taxes paid (50) (74) Lease payments (62) (69) Interest paid on financial debt (135) (63) Free Cash Flow 176 233 32,4% Other investing activities (182) (107) FCF post-M&A (6) 126 n.m.
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2,74x 2,66x 2,59x Dic-25 Sep-26 Sep-26 EBITDA Proforma Financial Position| Strengthened capital structure supports growth and deleveraging 13 / Clear deleveraging trend ▪ On track towards our steady state commitment of 2.0x-2.5x ▪ Pro forma leverage of 2.59x already close to our long-term target range ▪ Our strong cash generation profile allows Cirsa to self-fund M&A, provide high shareholder remuneration and continued deleveraging Leverage ratio (x) 1 Q3 2026 Proforma Leverage ratio including 12 months contribution of acquired EBITDA 1 / Significant financial expense savings delivered over the last year ▪ €68m of annualized savings, with full impact in 2026, from IPO proceeds and bond refinancings ▪ Q3 2026 financial expenses include €9.4m of non-recurrent expenses related to bond refinancing P&L Financial results (€m) 152 113 103 YTD 25 YTD 26 YTD 26 (Excl. Q3 26 refi expenses)
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/ Continued operating growth driving earnings expansion ▪ Net Revenues +10.0% and Adjusted EBITDA +9.3% in 9m 2026 ▪ EBITDA includes €7.9m of accrued non-recurring advisors' expenses related toLottomatica’s merger / Strong bottom-line progression ▪ Net Profit +73.6% ▪ Adjusted Net Profit +35.9% Financial Position | Strong earnings growth supporting shareholder returns 14 On track to deliver a €100m dividend for FY 2026 Consolidated P&L (€m) 9m 2025 9m 2026 Var % Net Operating Revenues 1.716 1.888 10,0% Cost of Sales (1.167) (1.288) Adjusted EBITDA 548 599 9,3% Non-recurring expenses - (8) EBITDA 548 591 7,8% Depreciation, amort. & impairment (275) (297) EBIT 273 294 7,7% Financial results (152) (113) Foreign exchange results 10 (0) Results on sale of non-current assets 0 (2) Profit before Income Tax 130 179 37,1% Income Tax (57) (50) Net Profit 74 128 73,6% Minority interest (30) (36) Net Profit attributable to parent 44 92 111,3% Adjusted Net Profit: Net Profit 74 128 73,6% PPA depreciation adjustment 75 74 Adjusted Net Profit 149 202 35,9% EPS (€/sh) 0,44 0,76 73,6% Adjusted EPS (€/sh) 0,89 1,20 35,9%
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Agenda Highlights Business Overview Financial Position Outlook & Conclusion 15
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Outlook | Well positioned for continued growth and shareholder value creation 16 / Proven strategy and consistent execution delivering growth across economic cycles ▪ 73 consecutive quarters of EBITDA growth / 2026 delivering strong organic growth while successfully integrating bolt- on acquisitions ▪ 2 acquisitions completed, further strengthening our growth platform / Strong capital structure provides capacity to self-fund M&A and support further growth ▪ Financial flexibility to pursue additional accretive M&A / Lotto – Cirsa management focused on delivering long-term shareholder value ▪ New platform to deliver strong shareholder remuneration and value creation to shareholders / Fully on track to reach the high end of our 2026 guidance / Increasing shareholder remuneration / Leadership in ESG and responsible gaming Net revenues €2,500 – 2,560m +7% -9.5% V. €800 – 820m +6% -9% V. EBITDA 7.0-9.0% Net operating revenues CAPEX
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