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H1 2026 Results 10 September 2026
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H1 2026 Results Overview Financial Review and Outlook Strategic Priorities Chris McGinnis Chief Financial Officer Mor Weizer Chief Executive Officer Mor Weizer Chief Executive Officer Agenda 2
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H1 2026 Results Strategic transformation and execution drives exceptional H1 profit and cash flow 3A B2B business with significant investment income 1Adjusted EBITDA from operations (margin excludes investment income) 2Excluding impact of Caliente Interactive revised terms removes the additional B2B services fee from revenue and removes associated direct costs in H1-25. 3Constant currency Adj. EBITDA €163m ▲ +77% YoY Adj. EBITDA margin 1 30% ▲ H1-25: 19% Free cash flow €101m ▲ Significant cash generation Regulated B2B revenue +21% ▲ YoY, underlying2 growth US & Canada revenue +176% ▲ YoY³, boosted by Hard Rock Digital Net cash position €39m ▲ Flexibility for investment & returns
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Financial Review and Outlook Chris McGinnis Chief Financial Officer
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H1 2026 Results € millions1 H1 2026 H1 2025 % Group revenue 425.1 387.0 10% Adjusted EBITDA from operations 128.3 71.8 79% Adjusted operating EBITDA margin 30.2% 18.6% Adjusted EBITDA from investment income 2 34.2 19.8 73% Group Adjusted EBITDA 162.5 91.6 77% Free Cash Flow 3 101.0 6.6 1430% Net cash4 39.2 77.1 (49%) Significant Adjusted EBITDA margin expansion and step change in Free Cash Flow Financial highlights 5 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 including Hard Rock Digital. 3Free 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. 4Net cash excludes IFRS 16 lease liabilities. • Group Adj. EBITDA of €163m; third upgrade of 2026 driven by strong Americas performance • Strength of strategic investments showcased by significant investment income of €34m • Adjusted EBITDA from operations: 30.2% margin • Exceptional FCF performance • Net cash of €39m despite repurchasing 1.8% of equity capital for €25m in H1 2026
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H1 2026 Results B2B performance 6 1Excluding impact of Caliente Interactive revised terms removes the additional B2B services fee from revenue and removes associated direct costs in H1-25. CC denotes constant currency. Underlying1 € millions H1 2026 H1 2025 %. CC%.. %. US and Canada 56.9 21.8 161% 176% 161% Latin America 99.9 87.7 14% 7% 29% Europe ex-UK 104.5 102.0 2% 3% 2% UK 59.0 64.2 (8%) (5%) (8%) Rest of World 8.1 6.6 23% 20% 23% Regulated B2B revenue 328.4 282.3 16% 16% 21% Unregulated 66.4 65.3 2% 1% 2% Total B2B revenue 394.8 347.6 14% 14% 17% • Regulated B2B revenue up 21% (on an underlying basis) • Significant growth in US and Canada; driven by strong strategic execution • Underlying growth of 29% from Latin America driven by Mexico and Colombia; benefit of FIFA World Cup customer acquisition to come • Europe ex-UK driven by Poland and Spain; +10% YoY excluding hardware sale in H1-25 • UK impacted by certain customer-specific changes and increased Remote Gaming Duty • SaaS revenue +20% YoY; now 17% of B2B Excellent underlying growth in our priority markets
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H1 2026 Results B2B costs 7 • B2B costs decreased by 3% YoY; optimisation measures deliver €20 million of annual run rate costs • Reinvested into growth areas, e.g. the Americas • Strong cost control in Live through table optimisation initiatives and operational efficiencies • Hardware costs related to non-recurring sales in H1 2025 • R&D expenses down driven by certain optimisation measures while maintaining core R&D investment • Cost efficiency remains a focus going forward € millions H1 2026 H1 2025 % Total Operations 152.7 154.7 (1%) Live operations 70.1 69.5 1% Structured agreement and managed services 19.6 16.5 19% Other operations 62.3 64.5 (3%) Hardware costs 0.7 4.2 (83%) Research & Development 58.6 61.4 (5)% Sales & Marketing 10.4 10.4 0% General & Administrative 45.0 47.8 (6)% Total B2B costs 266.7 274.3 (3)% €20 million of annualised cost savings; continued investment into growth B2B Adjusted EBITDA 128.1 73.3 75% B2B Adjusted EBITDA margin 32.4% 21.1%
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H1 2026 Results 0 20 40 60 80 100 120 140 160 180 38 Exceptional FCF generation in H1 2026 8Adjusted EBITDA to Free Cash Flow bridge • Exceptional Free Cash Flow generation of €101 million • Demonstrates step change in cash generation from B2B operations • Supported by €38 million¹ in dividend income Adj. EBITDA Capitalised development costs Share of income from associates IFRS16 Capital expenditure Free Cash Flow 163 € millions Tax paid (12) (21) (7) (28) 101 (21) Net finance costs (11) Dividend income 1Dividends paid by Caliente Interactive equivalent to €37.4m (gross) and dividends paid by LSports equivalent to €0.2m in H1 2026 are excluded from Adjusted EBITDA, while dividends from Hard Rock Digital of €4.4m are included in Adjusted EBITDA.
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H1 2026 Results 0 20 40 60 80 100 120 140 Strengthened balance sheet position 9Net cash bridge from FY 2025 to H1 2026 1Net 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. The net cash of €39 million is after taking into account cash outflows relating to Snaitech disposal of over €60 million. 2Net cash from operating activities is after excluding changes in jackpot balances, security deposits and client funds. 3Includes cash dividends received from Caliente Interactive, Hard Rock Digital and LSports, offset by contingent consideration paid for AUS GMTC Pty Ltd and certain other investments. *Figures may not exactly equal the components of net cash due to rounding. • €39m net cash position at period end driven by strong operating cash generation and dividend income • €300m bond maturing in June 2028 • €225m 5-year RCF remains undrawn • Repurchased 1.8% of equity capital in H1 2026 at an average price of £3.77 per share; total consideration of c.€25m Net cash1 at 31/12/2025 Capital expenditure & capitalised development Interest, FX & lease liability payments Net cash from operating activities2 Acquisitions, investments & contingent consideration3 Net cash1 at 30/06/2026 29 € millions Share buybacks 64 28 (25) (15) 39 (42)
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H1 2026 Results Prioritising growth, maintaining flexibility, and returning surplus to shareholders 10Capital allocation policy ; strong balance sheet provides flexibility Strategic investment into growth1 2 3Maintaining flexibility Returning capital 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 • 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 • Intention to return structural surplus capital to shareholders • €1.8 billion special dividend distributed in H1 2025 • 1.8% of equity capital bought back in H1 2026 for €25m; c.10% repurchased in LTM for c.€100m • Continuing to review returns, including dividends and buybacks
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H1 2026 Results Delivering on all levers; growth , profitability and addressing underperformance 11Levers to achieve top end of our medium -term targets FY 24 Adjusted EBITDA¹ Medium-term Adjusted EBITDA target Address underperforming businesses c.€20m Adjusted EBITDA losses from underperforming businesses Capture growth from other exciting regulated markets Deliver best-in-class products and services Partner with leading operators c.€150m €250m to €300m Turn US business profitable Reach profitability in 2026 1 Pro forma FY 24 Adjusted EBITDA for the revised Caliente Interactive agreement (continuing operations)
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H1 2026 Results Strong start to H 2 2026; FY 2026 Adjusted EBITDA guidance maintained 12Current trading and outlook 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. Strong start to H2 20261 2 3Forecasts Confident outlook • Excellent performance in the Americas has continued • Strategic investments expected to continue delivering material returns • Contribution from Hard Rock Bet to normalise during H2 2026 • Rapid progress towards upper end of our medium- term target range: o Adjusted EBITDA1 range of €250m - €300m o Free Cash Flow2 range of €70m - €100m • FY 26 Guidance unchanged: Adjusted EBITDA of >€270m o FY 26 capex and capitalised development expected to total c.€90m - €95m o FY 26 effective tax rate expected to be c.20 - 25%
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Strategic Priorities Mor Weizer Chief Executive Officer
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H1 2026 Results A high growth B2B business combined with € 1bn+ portfolio of high -quality assets 14A highly focused, valuable B2B business with ambitious targets *Book Value implies associate equity stake at balance sheet carrying value for Caliente Interactive and LSports, minority equity stake at fair value for Hard Rock Digital, loan value for Galerabet and equity call option at fair value for Wplay. All values measured as at 30 June 2026 1Sum of outstanding loans to Galerabet of €85.9m gross of ECL 2LSD stands for low single digit percentage Commitment to delivering shareholder value, including shareholder distributions Highly valuable assets: BV* > €1bn €706m €247m €90m €57m €86m1 40.0% 50.0% 49.0% Book Value and ownership LSD2 H1-26 revenue growth (YoY): Option on equity H1-26 dividend: Option on equity 9% €4.4m 30.8% Equity Equity Other Assets: Equity stake High growth B2B business Delivering market leading content In the fastest growing markets Using value accretive business models Partnering with the biggest brands Strategic agreements €250m to €300m Adjusted EBITDA €70m to €100m Free Cash Flow Medium-term targets SaaS Conventional licences Highly valuable assets: BV* of c.€1.2bn 40.0% 50.0% 49.0% Book Value and ownership LSD2 Option on equity Option on equity 30.8% Equity Equity Other Assets: Equity stake High growth B2B business Delivering market leading content In the fastest growing markets Using value accretive business models Partnering with the biggest brands Strategic agreements €250m to €300m Adjusted EBITDA €70m to €100m Free Cash Flow Medium-term targets SaaS Conventional licences
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H1 2026 Results A focused B2B player; rapid progress towards our medium-term financial targets Medium-term strategic priorities 15 1. Focus remains on regulated and regulating markets 3. Increased operational efficiency and agility 2. Targeted product investment to drive profitable growth • Delivering cost efficiencies • Addressing underperformance • Deploying AI to enhance productivity and automation Underpinned by our sustainability strategy
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H1 2026 Results Accelerating growth following the reset Caliente Interactive terms 16Unlocking Mexico’s growth engine Sources: 1 H2GC estimates; Online penetration calculated by dividing Interactive GGR ex. Lotteries by Total GGR ex. Lotteries; Average 2025 GGR per adult (across full population) calculated by dividing Interactive GGR ex. Lotteries by adult population 2 NEXT.io iGaming Market in Focus Mexico report 3 NBC Sports: Telemundo and peacock coverage of FIFA World Cup 2026 High-growth market Unrivalled position Strong financials 2026 opportunity • Market set to nearly double in the next 5 years¹ • c.100m adult population² • c.60% online penetration¹ • Online GGR per adult: Mexico $40 vs Brazil $59¹ • Undisputed market leader • Brand heritage since 1916 • Multi-decade local market expertise • Official sponsor of Mexican football team at 2026 World Cup; sponsor of several top Liga MX football teams • Adjusted EBITDA contribution of c.€30m via our share of income • Dividends of c.€37m received in H1-26 • Very strong underlying growth in software fees; momentum has continued in 2026 • Mexico co-hosted FIFA World Cup • 104 matches broadcasted in a favourable time zone • >100% uplift in Mexico’s average audience versus 2022 World Cup3 • Excellent new customer acquisition in June / July
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H1 2026 Results 17Excellent momentum in the US and Canada US business is now profitable; accelerating returns on our investments Solid operational expansion • Live in 6 iGaming states and 4 sports betting-only states • Launched in Connecticut in H1 • Strong demand from Tier 1 customers • US Live revenue up c.25% YoY 176% YoY revenue growth in constant currency Continued investment into our customers • New customer launches in H1; Fanatics in multiple states, FanDuel in WV, Bet365 in MI • Launched iPoker platform with FanDuel (MI, NJ, PA, Ontario) >60 tables across 3 US studios Ongoing innovation and product development • Innovated to develop Games powered by Past Motor Racing solution for Hard Rock Bet • Valuable bespoke game / branded content offering with partners including Banijay, AMC, Sony, Warner Bros. Discovery 15 operators served, >50 brands live with Playtech content Leading PAM+ platform driving customer growth • Trusted, high-value platform; materially higher wallet share • Parx achieved above-market GGR growth powered by our PAM+ solution • Ember continues to scale while delivering standout performance #1 3rd party iGaming platform in the US1 Sources: 1 Eilers & Krejcik Gaming:All States Premium Online Casino GGR By Brand • August 4, 2026
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H1 2026 Results Excellent strategic execution; investment value >3x in three years 18Significant strategic partnership with Hard Rock Digital FOOTPRINT Expanding across the US & Canada INNOVATION Recent product launches with Hard Rock Bet NJ New Jersey Casino and Live MI Michigan Casino and Live FL Florida Games powered by Past Motor Racing ON Ontario, Canada Casino, Live, Sports and PAM+ platform FLORIDA Games powered by Past Motor Racing: a sports betting product offered by the Seminole Tribe of Florida; outcomes based on historical motor-racing events instead of RNG mechanics. NEW JERSEY Atlantic City Live Roulette: dual play tables enabling online players to bet in real-time on the same wheel as players on the Hard Rock Atlantic City casino floor. Playtech's first Live Trivia Game Show, created for HRD. c.€80m ($85m) Invested by Playtech in 2023 for a low single-digit minority equity stake in Hard Rock Digital ▲ €247m Value of investment at 30 June 2026 (31 December 2025: €179m)
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H1 2026 Results Focus on product development and profitable growth driving margin expansion 19Live Casino: Investing in expansion and innovation Source: 1 H2GC; Global Live Casino market GGR by 2030 2 H2GC; 2025-2030e CAGR by market THE MARKET OPPORTUNITY $75bn Global Live Casino market GGR by 2030¹ MARKET OPPORTUNITY • Global Live Casino market GGR projected to nearly double by 2030¹ • Strong, double-digit growth expected across our priority markets • Live Casino attracts a higher-value, more deeply engaged player base PLAYTECH LIVE IN H1 -26 Revenue growth YoY from regulated markets PLAYTECH LIVE • c.480 tables and 20 studios (including dual-play table venues) • Significant margin expansion; table optimisation measures and US losses narrowing • Launched AI-powered Live ‘Virtual Host’ in July 2026; encouraging feedback to date • Improved bespoke game creation and localisation including at São Paulo studio (opened Dec-25) • Global leadership in dual-play Live segment 22% CAGR - United States² 18% CAGR - Mexico² 10% CAGR - Brazil² 12%
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H1 2026 Results Evolved business model delivering step change in profit and cash generation Excellent H1 reinforces confidence in strategy and outlook 20 • Strong start to H2-26; on track to deliver FY 2026 Adjusted EBITDA of more than €270 million • Excellent momentum in the US; significant opportunity across Latin America and other regulated markets • Strong balance sheet provides flexibility for growth investment and further capital returns • Continued focus on driving efficiencies and progress on addressing underperforming businesses • Highly-focused B2B platform with leading technology capabilities • Rapid progress towards upper end of medium-term targets: Adj. EBITDA of €250-300m and FCF of €70-100m
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Appendix 21
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H1 2026 Results Summary by division € millions H1 2026 H1 2025 % Revenue 394.8 347.6 14% Adjusted EBITDA 128.1 73.3 75% Adjusted EBITDA margin 32.4% 21.1% Revenue 32.0 41.0 (22%) Adjusted EBITDA 0.2 (1.5) n/a Adjusted EBITDA margin n/a n/a n/a Adjusted EBITDA from investment income 1 34.2 19.8 73% Revenue 425.1 387.0 10% Adjusted EBITDA 162.5 91.6 77% Adjusted EBITDA margin 38.2% 23.7% B2BB2CGroup* *Group removes impact of intercompany. 1Investment income includes share of income and / or loss from associates, such as Caliente Interactive and others (see Append ix), and dividends from equity stakes, namely Hard Rock Digital. 22 Inv
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H1 2026 Results H1 2026 excluding impact of the revised Caliente agreement 23 € millions H1 2026 H1 2025 % Group revenue 425.1 387.0 10% Deducting Caliente Interactive additional B2B services fee - 10.0 n/a Revenue excluding Caliente Interactive impact 425.1 377.0 13% Group Adjusted EBITDA 162.5 91.6 77% Deducting Caliente Interactive additional B2B services fee - 9.4 n/a Group Adjusted EBITDA excluding Caliente Interactive additional B2B services fee 162.5 82.2 98% Deducting Caliente Interactive income from associate 30.1 20.3 48% Group Adjusted EBITDA excluding Caliente revised agreement impact 132.4 61.9 114%
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H1 2026 Results Share of income from associates and dividends breakdown 24 1Share of income from associate is included in Adjusted EBITDA, while the dividends paid by Caliente Interactive equivalent to €37.4m and dividends paid by LSports equivalent to €0.2m in H1 2026 (H1-25: €0.2m, all from Algosport) are excluded from Adjusted EBITDA. € millions H1 2026 H1 2025 Caliente Interactive 1 30.1 20.3 LSports (1.5) (1.7) The Sporting News (0.3) (0.2) Galera - - NorthStar (0.7) (1.7) Algosport 123 Ltd 0.1 1.0 Share of Income from associates 27.7 17.7 Hard Rock Digital 4.4 2.1 Dividends 4.4 2.1 Realised gain on partial disposal of equity investment 2.1 - Total 34.2 19.8
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H1 2026 Results B2C performance Revenue Adjusted EBITDA € millions H1 2026 H1 2025 % H1 2026 H1 2025 % HAPPYBET 0.3 7.8 (96%) (1.3) (2.3) 43% Sun Bingo and Other B2C 31.7 33.2 (5%) 1.5 0.8 88% Total B2C 32.0 41.0 (22%) 0.2 (1.5) n/a 25
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H1 2026 Results B2B cost breakdown 26 € millions H1 2022 H1 2023 H1 2024 H1 2025 H1 2026 YoY % Total Operations 146.1 148.6 155.1 154.7 152.7 (1%) Live operations 35.8 45.9 54.1 69.5 70.1 1% Structured agreement and managed services 26.1 26.8 24.6 16.5 19.6 19% Other operations 78.7 71.4 72.7 64.5 62.3 (3%) Hardware costs 5.5 4.5 3.7 4.2 0.7 (83%) Research & Development 42.9 51.6 60.7 61.4 58.6 (5%) Sales & Marketing 8.4 10.4 10.7 10.4 10.4 0% General & Administrative 37.4 42.6 43.4 47.8 45.0 (6%) Total B2B costs 234.8 253.2 269.9 274.3 266.7 (3%) Capitalised development costs 26.6 27.3 22.2 22.3 21.2 (5%) Capitalisation (%) 38% 35% 27% 27% 27%
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H1 2026 Results B2B customer concentration B2B customer concentration H1 2026 H1 2025 Top 3 30% 28% Top 5 39% 36% Top 10 54% 51% Top 15 61% 59% 27
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Thank you 28