Slides
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Allwyn AG Q2 2026 Results 27 August 2026 For further information on our company, please visit our website: www.allwyn.com
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Today’s presenters 2 Robert Chvatal CEO Kenneth Morton CFO Kresimir Spajic CEO Allwyn Digital
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Today’s agenda 3 01 0302 04 Financial update Update on current trading and key takeaways AppendixBusiness and strategic update
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Business and strategic update1
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Q2 2026 highlights Note: Unless otherwise indicated, the comparative financial information in this presentation reflects the financial information of “Allwyn International” adjusted for 100% ownership of the key Greece and Cyprus entities (formerly OPAP S.A., “OPAP”) and to exclude the historical contribution from Allwyn International’s German Casinos, which were sold in 2025. Comparative i nformation is presented on this basis to enhance comparability and provide a clearer view of the underlying performance of the enlarged Group formed through the combination of Allwyn International and OPAP in March 2026. PrizePicks f inancial information is consolidated from 16 January 2026, unless otherwise indicated, with the acquisition having a material impact on the consolidated metrics for Q2 2026 and on comparability with the prior period. “Allwyn International” re fers to KKCG Entertainment International AG, formerly Allwyn International AG. 1. As of 21 August 2026. 2. Net Revenue growth of mid -to-high 20%s before one-off impacts equivalent to c.€60 million, as indicated previously. 3. % of Net Revenue. +27% Net Revenue YoY +29% Adjusted EBITDA YoY +43% Adjusted EBITDA - CAPEX YoY 5 CAPITAL RETURNS €0.20 / share FY26 interim distribution; to be paid Q4 2026 €89m of €150m share buyback completed1 GROWTH PROFITABILITY CASH GENERATION 2026 OUTLOOK RE-AFFIRMED Mid-to-high 20%s Net Revenue growth2 ~37% Adjusted EBITDA margin3
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Consistent execution of strategy across our geographies continued in Q2 1. Allwyn holds a non-controlling 36.75% interest in Kaizen Gaming International Limited (Betano ). 2. Next Lotto is a licensed online reseller of German lottery draw based games. During Q2 2026, the Group acquired an additio nal interest in Next Lotto, increasing its shareholding from 34.65% to 42.04% for consideration of €4m. Following the quarter end, the Group agreed a series of additional transactions, including the exercise of certain Next Lotto shareholders’ put options, to increase its shareholding to 64.53% and secure a controlling interest in the business for aggregate consideration of €16m. 3. Launch of blended line-ups enabled daily fantasy sports PlayerPicks to be combined with a prediction market selection TeamPick within a single-line-up; fully-blended line-ups enable greater flexibility in combining daily fantasy sports PlayerPicks and prediction market selection CulturePicks and TeamPicks within line-ups. 4. Potential extension of private management agreement (“PMA”); extension is subject to agreement of commercial terms. 5. “World Cup” refers to FIFA World Cup 2026 TM; in Europe and South America. 6 North AmericaContinental Europe United Kingdom Betano1 Online GGR +21% YoY Official Supporter of World Cup5 Key initiatives delivered in Q2 by business and strategic pillar Launched Allwyn brand in Austria Fully-blended line-ups launching soon3 Launched enhanced Lotto game Launched Powerball (July) Increased Next Lotto2 stake Illinois legislation enacted enabling potential 3-year lottery extension4 Launched “blended line-ups”3 €4.5m donation to Penteli Children’s General Hospital Accelerate organic growth Leverage technology, content, brand Selective inorganic growth Accelerate organic growth Accelerate organic growth Leverage technology, content, brand Accelerate organic growth Leverage technology, content, brand Commitment to responsible gaming, CSR Strategy pillar
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Further enhancing and expanding products and user experience Lottery draw-based games innovation across markets and sportsbook / instant games updates 7 Enhanced Lottoplus format launched, offering two additional chances to win Following March 2026 launch of Allwyn FunPark, a gamified eInstant platform in Czech Republic, 80% of new players are aged 18-39 Relaunched scratchcard portfolio with refreshed designs following successful licence renewal in early 2026 New online sportsbook interface Powerball draw launched post quarter end, the UK’s first GBP1bn+ jackpot game Enhanced Lotto format launched, expecting to double the number of Lotto millionaires each year 20 Mega new daily lottery launched with a clear proposition: CZK20 to win CZK20 million Accelerate organic growth United Kingdom United Kingdom Austria Czech Republic Greece Greece Czech Republic
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1. Prediction market volumes represent the total amount staked by customers on prediction market contracts and do not represent notional contract value. Strong operating momentum supported by strategic marketing investment 8 PrizePicks’ positioning to unlock prediction markets growth, and progress in Q2 Strong operating trends in Q2, supported by launch of blended DFS / predictions line-ups and app enhancements – Amounts staked (combined DFS entry fees and prediction market volumes 1): >+35% YoY – Prediction market volumes: >30% growth QoQ – Average DFS entry fees / player: strong double-digit growth YoY Strong momentum exiting the quarter – Strong World Cup engagement: >26m associated line-ups in Jun/Jul – Customer acquisition / engagement supported by strategic marketing investment – Compelling customer acquisition economics / expected paybacks Well-placed for start of NFL season in September and for H2 – peak season for DFS – Exited Q2 with significantly larger player-base YoY: +18% – Further product enhancements to coincide with NFL season start Player base and brand Millions of highly engaged, sticky MAUs and loved national brand Agile team with player-first mindset Redefined and achieved market leadership in DFS Best-in-class tech platform In-house tech, agile development team … PrizePicks has the platform to capture the opportunity Highly incremental Ability to pick teams consistently #1 request from PrizePicks’ customers Expands TAM Better fit for certain sports vs. DFS (college basketball, F1, boxing etc) Synergy with core DFS product Blended Team and PlayerPick line-ups strengthen user proposition Prediction markets significantly expand PrizePicks’ TAM Strong operating trends during and exiting Q2 + + + Accelerate organic growth
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Further product enhancements to coincide with NFL season start Continued product development expands how customers engage and play 9 Recent product developments FCM registration secured First fantasy sports operator registered as a Futures Commission Merchant Fully blended line-ups Launching to coincide with start of NFL season Team and Culture Picks launched Prediction markets available in-app from day one Blended line-ups introduced Ability to include a prediction market selection within line-ups September 2025 Launching September 2026 November 2025 May 2026 Launching September 2026 Enhanced product features to coincide with start of American football season Ability to fully blend Player, Team and Culture Picks within a single line-up consistent with strategic focus on product innovation and providing more ways to engage and play NFL line-up Accelerate organic growth Blended game page Play-by-play feed Blended checkout
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Deliver operational efficiency Commitment to responsible gaming and CSR Accelerate organic growth Selective inorganic growth 10 Summary: continued strong momentum in strategic execution in Q2 Examples of delivery on our proven strategy 21% Continental Europe online GGR growth YoY Leverage technology, content, and brand across strategic priorities One tech, one brand, one team 37% EBITDA margin2 Kaizen Foundation children’s hospital modernisation Go-live of next-generation content delivery platform Continued progress in successful rebranding to Allwyn in Greece and Czech Republic Launched Allwyn brand in Austria For further detail on our strategy, please see: Capital Market Update - 28 November 2025 Announced increase of Next Lotto stake to 65%1 1. See slide 6. 2.% of Net Revenue. CSR IN ACTION ONE BRAND Successful Allwyn brand activation in Greece, Czech
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Petra Ehmann Board Member Bossard AG and DKV Mobility Services, former Chief Innovation & AI Officer at Ringier, ex-Google, WEF Young Global Leader To be proposed for election at next General Meeting, subject to receipt of necessary regulatory approvals Cherrie Chiomento Previously Independent Non- Executive Member of the OPAP Board and Chair of the Audit Committee, Audit Partner at Ernst and Young Switzerland Since 2025 Independent Non-Executive Director Petra Ehmann to be proposed to join Board, adding to digital and AI expertise 11 Chair Director Executive Director Independent Non-Executive Director Independent Non-Executive Director Independent Non-Executive Director Director Karel Komarek Founder of KKCG Since 2016 Lord Sebastian Newbold Coe CH KBE President of World Athletics, IOC Member, Former Member of Parliament in the UK, Chair of the London Olympic Games, Former Chair of the British Olympic Association Since 2021 (1) Katarina Kohlmayer Group CFO of KKCG Since 2019 Pavel Saroch CIO of KKCG Since 2016 Paul Schmid Member of the Board of Directors and CFO of ATAG Private & Corporate Services Ltd Since 2020 (1) Robert Chvatal CEO of Allwyn Since 2019 Independent Non-Executive Director 1. Board of Allwyn AG. Since 2024, joined the Board of Allwyn International.
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Financial update2 Download the Allwyn financial databook at allwyn.com/investors-results Unless otherwise indicated, the comparative financial information in this presentation reflects the financial information of “Allwyn International” adjusted for 100% ownership of the key Greece and Cyprus entities (formerly OPAP S.A., “OPAP”) and to exclude the historical contribution from Allwyn International’s German Casinos, which were sold in 2025. Comparative information is presented on this basis to enhance comparability and provide a clearer view of the underlying performance of the enlarged Group formed through the combination of Allwyn International and OPAP in March 2026. PrizePicks financial information is consolidated from 16 January 2026, unless otherwise indicated, with the acquisition having a material impact on the consolidated metrics for Q2 2026 and on comparability with the prior period. “Allwyn International” refers to KKCG Entertainment International AG, formerly Allwyn International AG.
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Another quarter of strong growth 13 Q2 2026 financial highlights • Net Revenue +27% YoY — Good underlying growth: +5%YoY1 — In line with Q1 despite favourable jackpot cycles in multiple markets in Q2’25 — Strong growth in iGaming (+24% YoY) and Sports Betting (+12% YoY), which benefited from start of World Cup — Double-digit growth in digital channel — Continued momentum in Continental Europe • Adjusted EBITDA +29% YoY — Strong organic development of 9%, part- offset by higher Austria gaming taxes and LottoItalia higher licence fee amortisation 2 — Operating expense development broadly in line with Net Revenue — Share of profit of equity method investees lower YoY, mainly due to LottoItalia • Net debt / PF Adjusted EBITDA3 of 3.5x Consolidated P&L (€m) Q2’25 Q2’26 ∆ vs. Q2’25 Total Revenue 2,241 Of which: GGR 2,155 Gaming taxes/Good Causes contribution (1,262) % of GGR 58.6% Net Revenue 979 Of which: NGR 893 Other operating income 61 68 +11% Operating expenses (826) (1,022) +24% Share of profit of equity investees 80 69 -14% Operating EBITDA 294 361 +23% Adjusted EBITDA 355 Adjusted EBITDA margin 36.3% 2,376 +6% 2,286 +6% (1,130) -10% 1,246 +27% 1,156 +29% 458 +29% 49.4% -9.1p.p. 36.8% +0.5p.p. Consolidated entities – attributable to shareholders of the Company 246 324 Consolidated entities – attributable to non-controlling interests 29 65 Share of profit of equity method investees 80 69 Adjusted EBITDA 355 458 +29% 4 4 1. Before impact from higher gaming tax rates in Austria and acquisition of PrizePicks. 2. Higher licence fee amortisation following LottoItalia’s successful renewal of the Italian Lotto concession for nine years, effective November 2025. 3. LTM Adjusted EBITDA on a “look-through basis” (see definition in Q1 2026 preliminary unaudited financial results), presented pr o forma for the PrizePicks acquisition. 4. Simplified calculation provided for illustrative purposes on a look -through basis, presented pro forma for the OPAP -Allwyn business combination. Based on the Company’s period end economic interest in key operating entities by market, multiplied by the Adjusted EBITDA thereof. +32%
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1. Effective 1 July 2025, Austria increased certain taxes affecting the gaming industry, including increase in gaming tax for lo tteries from 16% to 17.5% of stakes and an increase in concession fee for electronic lotteries from 40% to 45% of GGR. Additionally, effective 1 January 2026 gaming tax for gaming machines outside casinos and electronic lotteries via video lott ery terminals increased from 10% to 11%. 2. Higher licence fee amortisation following LottoItalia’s successful renewal of the Italian Lotto concession for nine years, effective November 2025. 0 50 100 150 200 250 300 350 400 450 500 Adjusted EBITDA Q2 2025 Austria gaming taxes LottoItalia licence fee amortisation Organic EBITDA development PrizePicks contribution Adjusted EBITDA Q2 2026 Strong organic EBITDA development with growth enhanced by PrizePicks 14 Q2 Adjusted EBITDA waterfall 355 (13) (9) 31 458 Record jackpots in EuroMillions, Austria Lotto and Czech Sportka in Q2’25 94 1 2 Adjusted EBITDA +29% YoY PrizePicks consolidated from 16 Jan ‘26 -4% -3% 9% 26%
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Q2 performance by business and product 15 Summary of consolidated Net Revenue and Adjusted EBITDA performance €m Q2’25 Continental Europe 701 North America 54 Q2’26 cFX %∆ %∆ Q2’25 Q2’26 %∆ 731 +4% 303 293 -3% 294 n/m 9 104 n/m United Kingdom 232 236 +2% 6 23 n/m Betano (share of net profit of equity method investee) 63 Corporate and eliminations (8) (15) +88% (26) (23) -12% Total consolidated 979 355 Lottery Sports Betting iGaming Daily Fantasy Sports VLTs and Casinos of which; Net Revenue Consolidated Adjusted EBITDA 1,246 +27% 458 +29% Revenue from non-gaming activities 507 130 119 - 137 86 498 -2% 145 +12% 147 +24% 231 n/m 135 -1% 90 +5% +3% 61 -3% 1 2 3 4 Lottery: record jackpots in EuroMillions, Austria Lotto and Czech Sportka in Q2’25 +6% Sports betting: performance part- benefitted from World Cup 1. Constant currency change (cFX Δ) reflects performance in local currency. 2. Includes Italy share of net profit (equity method investee). 3. Financial metrics are based on unaudited management accounts. 4. Corporate represents the residual contribution to consolidated metrics. It comprises the operating results of headquarter fun ctions, certain other immaterial non-operating entities as well as including intragroup eliminations.
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1. Financials are on a look-through basis, pro forma for the acquisition of PrizePicks (included for LTM). Excludes significant equ ity method investees LottoItalia and Betano, and excludes Corporate. 2.As of 31 December 2025, including Italy. Highly diversified by geography, product, channel and licence type 16 LTM revenue mix 62% 38% Product split LTM Q2 2026 pro forma NGR (%)1 LTM Q2 2026 pro forma Net Revenue (%)1 Geographic split Channel split LTM Q2 2026 pro forma NGR (%)1 45% 13% 12% 18% 12% 49%51% 17% 8% 35% 22% 19% Land- based Online >50% including Betano, pro rata to Allwyn’s interest Licence exclusivity split Exclusive Non- exclusive LTM Q2 2026 pro forma NGR (%)1 Lottery Sports Betting iGaming DFS VLTs and Casinos Greece and Cyprus Czech Republic AustriaUnited Kingdom United States >100k points of sale2 11 exclusive licences
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303 317 325 298 303 293 325 337 361 358 Q1'24 Q1'25 Q1'26 Q2'24 Q2'25 Q2'26 Q3'24 Q3'25 Q4'24 Q4'25 682 719 754 673 701 731 690 729 796 811 Q1'24 Q1'25 Q1'26 Q2'24 Q2'25 Q2'26 Q3'24 Q3'25 Q4'24 Q4'25 Continued strong growth momentum in Continental Europe 17 Q2 2026 financial highlights – Continental Europe • Net Revenue growth +4% YoY — Strong underlying growth of +6% YoY before impact of higher gaming tax rates in Austria — Strong performance in iGaming (+24% YoY) and Sports Betting (+12% YoY) — Lottery lower YoY: favourable jackpot cycles Q2’25 — Digital channel growth supported top-line trend: online GGR +21% YoY • Adjusted EBITDA -3% YoY — Higher Austria gaming taxes and LottoItalia higher licence fee amortisation1 — Excluding these factors, Adjusted EBITDA +4% YoY €m Adjusted EBITDA -3% +5% +3% +4% 2024 2025 2026 Net Revenue €m 303 29312 Adjusted EBITDA Q2 2025 Austria gaming taxes LottoItalia licence fee amortisation Organic EBITDA development Adjusted EBITDA Q2 2026 +4% -3% (9) (13) -4% 1.Higher licence fee amortisation following LottoItalia’s successful renewal of the Italian Lotto concession for nine years, effective November 2025.
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n.m. 103 98 n.m. 141 104 n.m. 34 n.m. Q1'24 Q1'25 Q1'26 Q2'24 Q2'25 Q2'26 Q3'24 Q3'25 Q4'24 Q4'25 60 61 54 63 55 63 239 236 235 231 147 247 n.m. 299 297 n.m. 289 294 n.m. 202 n.m. 310 Q1'24 Q1'25 Q1'26 Q2'24 Q2'25 Q2'26 Q3'24 Q3'25 Q4'24 Q4'25 Adjusted EBITDA Series2PrizePicksRest of North America Strong operating trends offset by exceptional prior year sports outcomes 18 Q2 2026 financial highlights – North America (pro forma 100% basis1) • cFX Net Revenue growth of +6% YoY pro forma for PrizePicks — PrizePicks cFX Net Revenue +3% despite exceptionally operator-friendly sports outcomes in Q2’25, supported by strong operating trends – H2’26 expected to benefit from: Significantly larger active player-base exiting Q2’262: +18% YoY Further product enhancements More favourable YoY sports outcomes comparator vs. H1’26 — Rest of North America: double-digit cFX growth • Adjusted EBITDA €37m lower YoY – Strategic marketing investment by PrizePicks to support player acquisition and engagement during World Cup – Higher variable costs associated with strong growth in PrizePicks activity levels Combined DFS entry fees and prediction market volumes3 >+35% YoY €m Net Revenue (pro forma 100% basis1) Adjusted EBITDA (pro forma 100% basis1) €m -1% -26%-5% 2024 2025 2026 cFX +5% +2% cFX +6% Exited Q2 with significantly larger active player-base YoY 1. Pro forma 100% basis includes PrizePicks (acquired 16 January 2026) from the start of 2025 to aid comparability. 2. June 2026 paying monthly active users 3. Prediction market volumes represent the total amount staked by customers on prediction market contracts and do not represent notional contract value.
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18 9 4 5 6 23 6 9 6 10 Q1'24 Q1'25 Q1'26 Q2'24 Q2'25 Q2'26 Q3'24 Q3'25 Q4'24 Q4'25 209 218 224 211 232 236 236 250 253 262 Q1'24 Q1'25 Q1'26 Q2'24 Q2'25 Q2'26 Q3'24 Q3'25 Q4'24 Q4'25 • cFX Net Revenue growth +3% YoY — Strong comparative quarter (EuroMillions) and effects related to digital re-platforming: cFX GGR 14% lower YoY — Net Revenue performance reflects economic model of licence and start of recovery of a portion of ~£450m invested in transforming The National Lottery — H1’26 Net Revenue growth +2% YoY; FY2026 expected to be below the mid-to-high single-digit range initially anticipated • Significantly improved profitability and cash flow profile — Adjusted EBITDA €17m higher YoY, supported by start of recovery of investment Step up in United Kingdom profitability 19 Q2 2026 financial highlights – United Kingdom Net Revenue cFX +3%€m cFX +7% €m Adjusted EBITDA 2024 2025 2026 +3% +2% n/m-56% 27 40 54 62 32 37 38 33 18 13 3 74 57 93 80 53 45 52 41 23 12 2019- 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 CAPEX Transformation Opex €3m average quarterly CAPEX during last 5 years of prior licence1 1. 2019-2022 Capex data based on Camelot UK accounts for FY2020 -2023 March year ends. Allwyn acquired and consolidated Camelot from February 2023. Further step down in CAPEX and transformation costs €m
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1. Total Revenue shown on 100% basis. Betano is accounted for as an equity method investee, with the Group’s share of Betano’s net income reflected in consolidated EBITDA. 2. Betano EBITDA based on unaudited management accounts and may subject to closing adjustments, corrections or other changes. • cFX Total Revenue growth +26% YoY — Good growth momentum continued in Q2 • EBITDA growth: +24% YoY • Share of net income -3% YoY — Reflects more favourable phasing of below- EBITDA items in comparative quarter and one-off below-EBITDA headwind in Q2 2026 • Dividend of €351m paid in Q2 — Allwyn share: €129m — H1’26 dividend €551m (100% basis), +57% YoY — Reflects continued strength and cash generation 26 42 60 35 63 61 72 34 54 153 Q1'24 Q1'25 Q1'26 Q2'24 Q2'25 Q2'26 Q3'24 Q3'25 Q4'24 Q4'25 525 619 788 636 770 972 606 655 723 764 Q1'24 Q1'25 Q1'26 Q2'24 Q2'25 Q2'26 Q3'24 Q3'25 Q4'24 Q4'25 Continued strong growth at Betano 20 Q2 2026 financial highlights – Betano Share of net income1 Total Revenue (100% basis1) €m €m +27% +43% -3% 2024 2025 2026 Non- recurring tax items cFX +31% +26% cFX +26% EURm2 Q1’26 Q2’26 Operating EBITDA 200 257 Change YoY 19% 24%
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2.0% 6.0% 6.3% 3.0% Q2'23 Q2'24 Q2'25 Q2'26 Group excl. UK Capex % of Group Net Revenue UK Capex % of Group Net Revenue Cash generation supported by step-down in CAPEX and EBITDA adjustments 21 • CAPEX reduced to normalised run rate of 2.5-3.0% of Net Revenue during the quarter — Reflects completion of UK technology transformation — Ongoing CAPEX requirement remains low • EBITDA adjustments stepping down from temporarily elevated level (full detail in appendix each quarter) — Q2 adjustments primarily consist of: — Substantial majority of remaining transaction costs (business combination with OPAP, PrizePicks acquisition) — Global brand strategy, including rebranding of physical retail CAPEX EBITDA adjustments Q2 2026 financial highlights – CAPEX and EBITDA adjustments €m 61 73 80 107 97 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 IWG non-cash acquisition accounting UK transformation costs Transaction costs Global brand strategy Other
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3.0x 3.4x 3.0x 3.6x 3.6x 2.6x 2.1x 1.6x 1.5x 1.5x 1.5x 1.6x 1.2x 1.8x 1.7x 1.6x 2.1x 2.1x 2.2x 2.2x 2.0x 2.3x 2.3x 2.7x 2.8x 3.5x Q1'20 Q2'20 Q3'20 Q4'20 Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 - - - 553 599 1,150 - 93 330 560 122 83 67 1,629 465 524 1,034 902 2026 2027 2028 2029 2030 2031 2032 2033 Senior Secured Notes Subsidiary drawn debt Bank loans TLBs Conservative and flexible capital structure 22 Long-dated maturity profile, diversified funding and moderate leverage despite investments in growth and significant shareholder returns Debt maturity profile as of 30 June 2026 Instrument split as of 30 June 2026 28% 12% 29% 31% Senior Secured Notes Subsidiary drawn debt Bank loans TLBs Net debt / LTM Adjusted EBITDA over time 1 Weighted average life: 4.7 years 2 1. Pro forma for the Camelot Acquisitions: In Q1 2023 Allwyn completed the acquisitions of Camelot UK Lotteries Limited (“Camelo t UK”), the operator of the UK National Lottery until 31 January 2024, and the Camelot Lottery Solutions group of companies (“Allwyn LS Group”; formerly referred to as “Camelot LS Group”), the current operator of the Illinois Lottery, USA, under a private management agreement – the Camelot Acquisitions. 2. LTM Adjusted EBITDA on a “look-through basis” (see definition in Q1 2026 preliminary unaudited financial results), presented pr o forma for the PrizePicks acquisition. 1 1 2 H1: significant cash outflows – strategic investments combination related, shareholder returns • €1,050 PrizePicks acquisition • €465m final LottoItalia licence instalment • €80m Greek scratchcard licence • €456m cash exit payment • €583m distribution to shareholders H2: limited cash outflows • ~€150m interim distribution to shareholders • Up to €119m share buybacks
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149 150 216 400 300 500 319 583 130 248 120 303 390 259 225 31 119 89 279 398 336 703 721 878 544 672 886 2019 2020 2021 2022 2023 2024 2025 2026 YTD 2026 YTGAllwyn share buyback consideration OPAP share buyback consideration Dividends and distributions paid to OPAP minorities Distributions to Allwyn shareholders €0.20 interim distribution • €0.80 / share distribution paid 4 May 2026 • €0.20 / share FY2026 interim distribution to be paid in Q4 2026 Capital allocation focused on value-accretive investment and capital returns 23 Capital allocation policy and distributions / share buybacks in 2026 Distributions and share buybacks Remaining SBB2 €1.00 / share minimum dividend Special dividends / buybacks • Special dividends / buybacks considered, while preserving flexibility for investments • Up to €150m share buyback (~€0.19 per share1) announced June 2026 • 6.5m shares purchased to date for aggregate consideration €89m2 2 Capital allocation Selective inorganic growth • Highly targeted, focusing on lottery, complementary products, technology and content • Strong financial and investment returns profile on a standalone basis • Flexibility to exceed target net leverage of ~2.5x for value accretive inorganic growth with a clear path to deleveraging €0.92 /share €0.28 /share 1. Based on 773,293,881 total shares outstanding (excluding treasury shares) prior to commencement of share buyback programme. 2. As of 21 August 2026.
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Update on current trading and key takeaways 3
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Current trading and outlook Trading update and outlook1 • Since the start of the year our business has continued to perform and develop well, and trading overall is in line with our expectations overall • Our Group outlook for 2026 is re-affirmed: – Consolidated Net Revenue growth of mid-to-high 20%s before one-off impacts of c.-2% in Continental Europe, which is equivalent to c. €60m – Adjusted EBITDA margin of ~37% (% of Net Revenue) Macroeconomic environment and consumer sentiment • No material impact on demand for our products from subdued consumer confidence across a number of markets • In general, demand for our products has remained resilient in periods of weaker economic growth or consumer sentiment: 1 2 Diversification across geographies Diversification across product types Diversification across channels Low price point Low average spend per customer Large number of regular players 25 1. The information contained in this trading update and outlook includes forward -looking statements, which are based on current ex pectations and assumptions and involve risks and uncertainties that could cause actual results to differ materially. These statements relate to, among other things, the Company’s financial outlook and guidance for future periods. Forward-looking statements speak only as of the date of this document, and the Company undertakes no obligation to update them except as required by applicable law. You should not place undue reliance on forward -looking statements. Please s ee the Disclaimer at the end of this presentation for further cautionary information about the forward -looking statements presented in this document.
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Q2 in context: ~3X growth in key financial metrics over past six years… 26 Our track record of growth, profitability and cash flow generation Net Revenue (€m) Adjusted EBITDA (€m) Adjusted EBITDA – CAPEX (€m) +21% CAGR +19% CAGR +18% CAGR pro forma1 pro forma1 pro forma1 1,458 1,356 1,994 2,531 3,602 3,944 4,112 5,044 2019 2020 2021 2022 2023 2024 2025 LTM Q2’26 603 538 967 1,167 1,485 1,527 1,584 1,879 2019 2020 2021 2022 2023 2024 2025 LTM Q2’26 566 492 917 1,099 1,383 1,271 1,330 1,640 2019 2020 2021 2022 2023 2024 2025 LTM Q2’26 1. LTM financials on a “look-through basis” (see definition in Q1 2026 preliminary unaudited financial results), presented pro for ma for the PrizePicks acquisition for the LTM period.
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Key takeaways 27 Another quarter of strong growth Continued momentum in Continental Europe and digital channel Excellent performance in Sports Betting and iGaming Step-up in profitability and cashflow in the United Kingdom 1 2 3 Consistent strategic execution across geographies Multiple lottery game innovations and launches across markets, and enhanced PrizePicks product offering Progressed roll-out of global brand Agreed transactions to acquire controlling stake in Next Lotto Group outlook for 2026 re-affirmed Trading is in line with our expectations overall 4 1. Based on total announced distributions of €1.00 per share and €0.19 per share of announced buybacks calculated as €150m over 773,293,881 total shares outstanding (excluding treasury shares) prior to commencement of share buyback programme. Unique, scaled asset with leading market positions Combination of growth and shareholder distributions Why invest? Highly diversified with multiple growth levers Sustainable, compounding growth and cash flow Q2 extends track record of growth and shareholder distributions Adjusted EBITDA +29% YoY Announced FY2026 interim distribution of €0.20 per share, to be paid in Q4 2026; total capital returns of €1.19/share1 announced in 2026 including buyback
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Q&A
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Appendix4
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Summary of adjustments to EBITDA 2022 2023 2024 2025 Q1 2026 Q2 2026 Operating EBITDA Continental Europe 1,176 1,207 1,313 1,285 318 289 North America - 27 24 (16) 11 71 United Kingdom3 - 164 (73) (17) (1) 24 Corporate3 (43) (150) (44) (230) (74) (84) Adjustments to Operating EBITDA Continental Europe (1) 11 (26) 30 7 4 North America - 1 21 58 872 33 United Kingdom - 18 108 51 5 (1) Corporate 36 142 37 130 53 61 Adjusted EBITDA Continental Europe 1,175 1,218 1,287 1,315 325 293 North America - 28 45 42 98 104 United Kingdom - 181 35 34 4 23 Corporate (8) (7) (7) (99) (21) (23) Standalone, 100% (€m)1 EBITDA Adjustments Breakdown4 2022 2023 2024 2025 Q1 20262 Q2 2026 Intellectual property intra-group transfer - - (20) - - - Casino Linz insurance gain/restructuring costs - - - 6 - - Argentina arbitration (gain) / loss (6) (2) (6) 7 - - COVID-19 related subsidies and extraordinary costs 4 8 - - - - Charitable donations and other - (1) - - - - Change in accounting principles - (5) - - - - Litigation provision and fines 1 25 (6) - - - Derecognition of lease - (13) - - - - Transaction costs - - - 7 1 Allwyn brand initiative - - - 8 5 (1) Other non-recurring costs and write-offs (1) (1) 5 2 1 5 Total Continental Europe adjustments (1) 11 (26) 30 7 4 Preference dividend income - (5) - - - - Non-cash amounts relating to acquisition accounting - - 20 58 4 1 Litigation settlements - - - - - 6 Change in the fair value of a cash-settled incentive plan - - - - - 12 Transaction costs and other - 6 2 - 83 14 Total North America adjustments - 1 21 58 872 33 Expenses related to licence bid and transaction costs - 7 3 - - - The National Lottery transition costs - - 121 51 5 (1) Decommissioning provisions - - (16) - - - Change in accounting principles - 8 - - - - Other - 4 1 - - - Total United Kingdom adjustments - 18 108 51 5 (1) The National Lottery transition costs 21 142 - - - - Business development, financing, transaction costs, other 14 - 3 - 25 25 Elimination of intragroup income and costs - - 34 - - - Allwyn brand initiative - - - 99 28 36 Transaction costs - - - 7 - - Other - - - 24 - - Total Corporate adjustments 36 142 37 130 53 61 30 1. Entities shown on 100% basis; all of 2023 shown for United Kingdom and Allwyn LS Group (formerly Camelot LS Group); all of 2024 included for IWG in North America; all of 2026 included for PrizePicks in North America 2.Of which €42m post acquisition of PrizePicks. 3. Activities related to the fourth licence for The National Lottery in the UK, which commenced in February 2024 and is operated by the Company’s subsidiary Allwyn UK, are reported within Corporate in 2023 (from 2024, in the United Kingdom segment). 4. See additional disclosure relating to EBITDA adjustments in Allwyn AG Q2 2026 Preliminary Unaudited Results.
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#1 position in Daily Fantasy Sports1, leading e-Instants content provider and manager of one of the best-performing US lotteries Allwyn’s four businesses – our segmental reporting framework 31 North AmericaContinental Europe United Kingdom #1 positions in Europe across lottery, iGaming and sports betting Betano2 Lottery Sports betting iGaming VLTs and Casino One of the world’s largest privately-run lotteries Lottery Daily Fantasy Sports One of the largest and fastest growing sports betting and iGaming operators globally, with single best-in-class tech platform and single brand Sports betting iGaming Lottery 1. By cumulative app downloads from 1 January 2024 to 31 December 2025. 2. Allwyn holds a non-controlling 36.75% interest in Kaizen Gaming International Limited (Betano ).
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Appendix – additional information for debt investors 4
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Key financing transactions 33 • In April, drew €470m under €500m delayed drawdown term loan and USD 94m under USD 184m accordion facility – Proceeds used primarily to fund final payment for LottoItalia licence and payment of earnout amounts relating to acquisition of IWG • In June, established new €315m accordion facility to Allwyn’s syndicated bank loan – Accordion is due 2031 and remains undrawn • In June, issued USD 100m fungible add-on to USD Term Loan B due 2033, to repay USD 100m of the USD 500m USD Term Loan A due 2031 • Continued positive ratings momentum – In April, Fitch upgraded Allwyn’s issuer rating from BB- to BB (Stable) and its instrument ratings from BB- to BB+ Key financing transactions after the end of Q2 2026 • In July, repriced EUR Term Loan B due 2032 reducing the margin by 50bps from 300bps to 250bps – Repaid €50m and issued a private placement of €55m fungible add-on to the existing 4.625% €550m senior secured notes due 2031 – together with repricing of the EUR Term Loan B, transaction was leverage neutral • In July, drew remaining €30m available under the €500m delayed drawdown term loan, USD 36m under the USD 184m USD accordion facility and €143m under the €143m EUR accordion facility, at the end of their availability period Key financing transactions in Q2 2026
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0% 1% 2% 3% 4% 5% Jan-19 Jan-20 Jan-21 Jan-22 Jan-23 Jan-24 Jan-25 Jan-26 Bond TLB/FRN Bank Loan Key financing transactions – Q2 2026 1. Implied spread % at time of Issuance. For EUR and USD TLB, spread calculated based on 4 -year OID convention; for EUR and USD Bonds, spread calculated based on prevailing 5, 6, or 7 -year swap curve at the time 34 Spread at issuance (%) EUR spreads - reflecting our financial and business performance1 • Strong financial and operational performance reflected in a sustained reduction in cost of funding — 150-200bps tightening in new issue EUR credit spreads over past five years EUR TLB due 2032 repricing – 50bps margin reduction from 300bps to 250bps
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Key financing transactions – Q2 2026 35 Changes in indebtedness since Q1 2026 Principal amount as of 31 March 2026 (€m) 7,638 Allwyn EUR 350m revolving credit facility due 2030 - drawings 25 Allwyn EUR 500m delayed drawdown term loan due 2031 - drawings 470 Allwyn USD 184m accordion facility due 2031 - drawings 80 Allwyn USD 625m S+2.0% TLB due 2031 – amortisation (2) Allwyn USD 1,000m S+2.5% TLB due 2033 – drawings 88 Allwyn USD 1,000m S+2.5% TLB due 2033 – amortisation (2) Allwyn USD 500m bank loan due 2031 – repayment (88) CASAG syndicated bank loan due 2026 – repayment (6) Other (FX) 25 Principal amount as of 30 June 2026 (€m) 8,229
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Diversified capital structure; access to EUR, USD and local markets 1. Comprises accrued interest and arrangement fees 36 Amount (€m) x LTM Adj. Consol. EBITDA Consolidated Subsidiary Net Debt / (Cash) (557) Subsidiary Leases 145 Corporate Cash (180) Total Consolidated Priority Net Debt (592) (0.3x) Senior Bank Facilities €400m Term Loan A due 2030 400 €900m Term Loan B due 2030 900 €350m Revolving Credit Facility due 2030 25 €500m DDTL due 2031 470 €143m EUR Accordion due 2031 - €315m Term Loan B accordion due 5y after utilisation - USD184m USD Accordion due 2031 130 USD500m Term Loan A due 2031 350 £102m Term Loan due 2027 118 Bonds & Loans USD700m 7.750% SSNs due 2029 553 €665m 7.250% SSNs due 2030 599 €600m 4.125% SSNs due 2031 600 €550m 4.625% SSNs due 2031 550 USD625m S+2.00% TLB due 2031 538 €925m E+3.00% TLB due 2032 1,025 USD1,000m S+2.50% TLB due 2033 963 IFRS adjustments to debt1 16 Lease liabilities 11 Total Consolidated Net Debt 6,658 3.5x Split by fixed / floating Split by currency Split by instrument Debt overview as of 30 June 2026 28% 12% 29% 31% Senior Secured Notes Subsidiary drawn debt Bank loans TLBs 37% 63% Fixed Floating 66% 18% 13% 3% EUR USD USD swapped to EUR GBP Including floating to fixed interest rate swap for a principal amount of €345m
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9.2x 5.4x 9.7x 9.9x 7.6x 5.3x 6.2x 7.4x 6.4x Q4'19 Q4'20 Q4'21 Q4'22 Q4'23 Q4'24 Q4'25 Q1'26 Q2'26 Proactive maturity profile management, substantial liquidity 37 Debt maturity profile as of 30 June 2026 (€m) Consolidated net leverage2 Available facilities as of 30 June 2026 (€m) Interest coverage2 Capacity Drawn Undrawn Allwyn International Allwyn International RCF 350 25 325 Delayed Drawdown Term Loan B2 500 470 30 EUR and USD Accordion Facilities1 619 130 489 At Subsidiary Level Subsidiary RCFs 270 0 270 Total undrawn committed facilities 1,114 - - 553 599 1,150 - 93 330 560 122 83 67 1,629 465 524 1,034 902 2026 2027 2028 2029 2030 2031 2032 2033 SSNs Subsidiary drawn debt Bank loans TLBs Weighted average life (‘WAL’): 4.7 years 2.7x 3.6x 1.6x 1.6x 1.6x 2.2x 2.7x 2.8x 3.5x Q4'19 Q4'20 Q4'21 Q4'22 Q4'23 Q4'24 Q4'25 Q1'26 Q2'26 1. Including €315m EUR accordion facility to existing syndicated bank loan, established in June 2026 2. In Q1’26 and Q2’26, LTM Adjusted EBITDA on a “look-through basis” (see definition in Q1 2026 preliminary unaudited financial results), presented pro forma for the PrizePicks acquisition.
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Dividends and distributions from key group entities 38 €m Entity Economic Interest at end of Jun-2026 2021 2022 2023 20241 2025 Q1 2025 Q1 2026 Q2 2026 Dividends and cash upstreamed – 100% basis Continental Europe Austrian Lotteries 9.5%2 91 120 114 115 159 159 176 - CASAG (Austria) 59.7% - 45 130 137 149 149 164 - SAZKA (Czech Republic) 100.0% 81 84 87 89 99 32 32 31 Greece and Cyprus (OPAP) 100.0% 222 599 784 529 466 - - 300 LottoItalia (equity method investee) 32.5% 316 321 288 298 290 - - 203 North America IWG 70.0% - - - - 23 - - PrizePicks 62.3%3 - - - - - - - 89 United Kingdom Camelot UK 100.0% - - 104 36 - - - Betano Kaizen (equity method investee) 36.8% - - 81 252 501 - 200 351 1. Excludes €45.6 million paid by IWG (€31.9 million on a pro rata basis) as part of net consideration of USD242.7 million for a cquisition of a 70% interest 2. 9.45% directly held stake. CASAG also holds a 73.8% stake in Austrian Lotteries 3. Reflects ownership interest after giving effect to potential dilution from share -based payment arrangements recognised and accounted for as equity-settled.
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Alternative performance measures and comparability of information 39 This presentation includes non-IFRS performance measures, including Net Revenue, Net gaming revenue (“NGR”), Operating EBITDA, Adjusted EBITDA, Adjusted EBITDA margin and CAPEX, among others. For Net Revenue, Net gaming revenue, Operating EBITDA, Adjusted EBITDA, Adjusted EBITDA margin and CAPEX and other similar non-IFRS measures, please refer to Allwyn AG’s Preliminary Unaudited Financial Results dated around the same date as this presentation, which include definitions of these non-IFRS measures. As there are no generally accepted accounting principles governing the calculation of non-IFRS financial and operating measures, other companies may calculate such measures differently or may use such measures for different purposes than we do, and therefore you should exercise caution in comparing these measures as reported by us to such measures or other similar measures as reported by other companies. These measures may not be indicative of our historical operating results or financial condition, nor are such measures meant to be predictive of our future results or financial condition. Even though the non-IFRS financial measures are used by management to assess our financial position, financial results and liquidity and these types of measures are commonly used by investors, they have important limitations as analytical tools, and you should not consider them in isolation or as substitutes for analysis of our financial position or results of operations as reported under IFRS. Comparability of information Unless otherwise stated, comparative financial information for IFRS and non-IFRS income statement metrics reflects the financial information of Allwyn International adjusted for 100% ownership of the key Greece and Cyprus entities (formerly OPAP S.A., “OPAP”) and to exclude the historical contribution from Allwyn International’s German Casinos, which were sold in 2025. Comparative information is presented on this basis to enhance comparability and provide a clearer view of the underlying performance of the enlarged Group formed through the combination of Allwyn International and OPAP in March 2026. The selected cash flow information for the comparative period presented reflects the financial information of Allwyn International. information is not adjusted for 100% ownership of the Greece and Cyprus entities (formerly, OPAP S.A.; i.e. dividends to minorities is not adjusted to reflect the combination of Allwyn International and OPAP), nor does it exclude the historical contribution from Allwyn International’s German casinos, which were sold in 2025. The consolidated financial information of Allwyn AG for the comparative period prepared in accordance with IFRS differ materially from the financial information presented in this presentation, as it solely comprises OPAP.
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Disclaimer 40 This presentation was produced by Allwyn AG. This presentation is not to be reproduced or distributed, in whole or in part, by any person other than Allwyn AG. This presentation does not represent an offer for, or constitute or form part of, and should not be construed as, an advertisement, recommendation or an invitation to subscribe for or to purchase securities of, Allwyn AG or its subsidiaries. This presentation does not form, and should not be construed as, the basis of any credit analysis or other evaluation, or as providing an investment or lending recommendation, advice or valuation or a due diligence review. The information contained in this presentation is for informational purposes only. The preliminary unaudited results for the period ended 30 June 2026 are an estimate, based on information available to management as of the date of this presentation, and are subject to further changes upon completion of the Company’s standard quarter-end closing procedures. This update does not present all necessary information for an understanding of the Group’s financial condition as of the date of this presentation, or its results of operations for the period ended 30 June 2026 . As the Company completes its quarter-end financial close process and finalises its financial statements for the quarter, it will be required to make significant judgments in a number of areas. It is possible that the Company may identify items that require it to make adjustments to the financial information set forth in this document and those changes could be material. The Company does not intend to update such financial information prior to release of its quarter-end financial statements. We present certain unaudited pro rata financial information. The unaudited pro rata financial information included in this document has been prepared by the Company’s management. The unaudited pro rata financial information is not intended to, and does not represent, historical or future performance for any period. This presentation contains forward-looking statements regarding certain of our plans and our current goals, intentions, beliefs and expectations concerning, among other things, our future results of operation, financial condition, liquidity, prospects, growth, strategies, pending acquisitions or other transactions, financing plans and the industries in which we operate. These forward-looking statements can be identified by the fact that they do not relate only to historical or current facts. Generally, but not always, words such as “may,” “could,” “should,” “will,” “expect,” “intend,” “estimate,” “anticipate,” “assume,” “believe,” “plan,” “seek,” “continue,” “target,” “goal,” “would” or their negative variations or similar expressions identify forward-looking statements. By their nature, forward-looking statements are inherently subject to risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. Please refer to "Risk Factors" in Allwyn International AG's Annual Report and Accounts 2025 for risks and uncertainties relating to the Company, its subsidiaries and its equity method investees. We caution you that forward-looking statements are not guarantees of future performance and that Allwyn’s actual results of operations, financial condition and liquidity and the development of the industries in which we operate may differ materially from those made in or suggested by the forward-looking statements contained in this presentation. In addition, even if our results of operations, financial condition and liquidity and the development of the industries in which we operate are consistent with the forward-looking statements contained in this document, those past results or developments may not be indicative of results or developments in future periods.
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Disclaimer 41 Except as required by applicable law or regulation (including the rules of the Euronext Athens) we do not undertake any obligation to review, update or confirm expectations or estimates or to release publicly any revisions to any forward-looking statements to reflect events that occur or circumstances that arise after the date of this presentation. No warranty or representation of any kind, express or implied, is or will be made in relation to, and to the fullest extent permissible by law, no responsibility or liability in contract, tort, or otherwise, is or will be accepted by us or any of our officers, employees, advisers or agents, or any other party, as to the accuracy or completeness of the information contained in this presentation, including any guidance, opinions, forecasts or projections. Nothing in this presentation shall be deemed to constitute such a representation or warranty or to constitute a recommendation to any person to acquire any securities. Any estimates and projections in this presentation were developed solely for our use at the time at which they were prepared and for limited purposes which may not meet the requirements or objectives of the recipient of this presentation. Nothing in this presentation should be considered to be a forecast of future profitability or financial position, and none of the information in the document is or is intended to be a profit forecast or profit estimate. The financial statements included this presentation have not been subject to any review or audit process by our independent auditors and may be subject to change after a review or audit process. We are not providing any advice herein (whether in relation to legal, tax or accounting issues or otherwise). You should seek legal, tax, accounting and any other necessary advice from your advisors in relation to the contents of this presentation. This presentation has not been approved by any regulatory authority and does not represent financial statements or an annual report within the meaning of applicable law.
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Lucerne – Allwyn HQ Mühlenplatz 9 6004 Lucerne Switzerland Prague Evropská 866/71, Vokovice 160 00, Prague 6 Czech Republic London 3 Dering Street, 4th floor London W1S 1AA United Kingdom