Earnings release
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1 1 “Allwyn” or the “Company” and, together with its subsidiaries, joint ventures and associates, the “Group” or “we”. 2 See ‘Current trading and outlook’ for further details. 3 The comparative period reflects the financial information of Allwyn International; differences compared with Allwyn International’s historical published financial information primarily reflect the exclusion of German casino operations, which were sold in 2025. 27 August 2026 Q2 2026 Preliminary Unaudited Financial Results Allwyn AG 1 (Euronext Athens : ALWN) today announces its preliminary unaudited financial results for the three months ended 30 June 2026. Highlights • Another quarter of strong growth, supported by continued momentum in Continental Europe, strong digital growth and the contribution from PrizePicks , reflecting successful execution of our growth strategies • Net Revenue of €1,246 million, +27% YoY o Growth of 5% YoY, in-line with Q1, before the impact of higher gaming taxes in Austria and the acquisition of PrizePicks, against a comparative period in which multiple markets benefited from favourable jackpot cycles • Adjusted EBITDA of €458 million, +29% YoY with a margin of 37% (% of Net Revenue, +0.5 p.p. YoY) o Growth of 9% YoY before the acquisition of PrizePicks, the impact of higher gaming taxes in Austria and higher licence fee amortisation at LottoItalia • Group financial outlook for 2026 re-affirmed: Net Revenue growth of mid-to-high 20% (before one- off impacts equivalent to c.€60 million 2, as indicated previously ) and an Adjusted EBITDA margin of ~37% • Interim distribution of €0.20 per share, affirming confidence in the Group’s ongoing growth and cash generation, and its commitment to shareholder returns Selected financial data (non-IFRS) € millions Q2 2026 Q2 20253 % Net revenue 1,246 979 27% Adjusted EBITDA 458 355 29% Margin (% of Net Revenue) 36.8% 36.3% 0.5 p.p. Operating EBITDA 361 294 23% CAPEX 38 62 (39%) Adjusted EBITDA - CAPEX 420 293 43% Please download the financials databook here. Unless otherwise indicated , the comparative financial information in ‘Highlights’, ‘Financial review’ and ‘Business review’ 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, with the acquisition having a material impact on the consolidated metrics for Q2 2026 and on comparability with the prior period. The consolidated financial information of Allwyn AG for the comparative period prepared in accordance with IFRS differs materially from the financial information presented in the ‘Highlights‘ and ‘Financial review‘, as it solely comprises OPAP. See ‘Consolidated financial statements’.
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CEO statement 2 Robert Chvatal, Allwyn CEO, commented: “After a very positive Q1, I’m pleased to announce further strong performance in the second quarter, with Group Net Revenue increasing by 27% year-on-year, to €1.2 billion, and Adjusted EBITDA increasing by 29%, to €458 million. This reflects the strength of our strategy and our success in executing it, as demonstrated by sustained momentum in Continental Europe and the contribution from PrizePicks. On an underlying basis, excluding the contribution from PrizePicks and adjusting for higher gaming taxes in Austria, Net Revenue increased by 5% year -on-year despite a strong comparative that benefited from favourable jackpot cycles across several markets. Growth was supported by continued expansion of the digital channel and excellent performance in Sports Betting and iGaming, with Sports Betting benefiting from the 2026 FIFA World Cup. Underlying EBITDA growth was supported by improved profitability in the United Kingdom following completion of The National Lottery’s technology transformation. We also made strong progress against our growth strategy, continuing to invest in our products and player experience and delivering major product enhancements across the Group since the end of the first quarter . These included new or enhanced draw -based lottery games in Austria, the Czech Re public and the United Kingdom, where we are proud to be the first operator outside the US to offer Powerball, one of the world's largest jackpot game s. In addition, in North America we continue to rap idly develop PrizePicks' offering, enabling players to combine PlayerPicks with a TeamPick within a single line -up, integrating prediction markets alongside DFS and helping to deepen engagement and expand the ways in which customers can play. Alongside this operational progress, we completed the final steps of the combination of Allwyn International and OPAP. Following the end of the quarter, we also agreed to increase our interest in Next Lotto, a licensed online reseller of draw-based games offered by state lotteries across Germany, to 65%, giving us a controlling interest. Finally, we are pleased to announce an interim distribution of €0.20/share for financial year 2026 taking total capital returns , including our share buyback , to €1.19/share for the calendar year 2026, reflecting our commitment to delivering attractive cash returns to shareholders in parallel with investment in growth. Looking ahead, overall trading remains in line with our expectations and we are pleased to re-affirm our Group outlook for 2026 . We remain confident in our ability to deliver sustainable growth, strong cash generation and attractive shareholder returns over the long term.”
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Current trading and outlook 3 Current trading and outlook1F 1 Trading update and outlook Since the start of the year, our business has continued to perform well and we have continued to deliver on our strategic priorities, with trading overall in line with our expectations. Top-line growth has been supported by continued strong momentum in Continental Europe, partly offset by more moderate Net Revenue growth in the United Kingdom. At Group level, we re-affirm our outlook for 2026: 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.€60 million) and an Adjusted EBITDA margin of 37% (% of Net Revenue). Although consumer confidence remains subdued across several markets, there has been no material impact on customer demand for our products. In general, demand for our products has remained resilient in periods of weaker economic growth or consumer sentiment, owing to their low price point and low average spend per customer, as well as our large number of regular players and our diversification across geographies and product types. Share buyback programme and dividend policy The Board has declared an interim distribution for FY2026 of €0.20/share, in line with the Company’s previously announced policy of paying an annual minimum distribution of €1.00 per share . The interim distribution is expected to be paid on 12 November 2026, following a cut-off date of 21 October 2026. A scrip option will be available. During the quarter, the Company announced a share buyback programme of up to €150 million, reflecting the Board’s conviction in future growth and cash generation, as well as its commitment to shareholder capital returns as a key element in the Company’s capital allocation framework. As of 21 August 2026, the Company had repurchased 6,538,301 shares for aggregate consideration of €89 million. Preliminary results conference call Allwyn will host a management presentation, which will be followed by a question and answer session for analysts and investors, on 27 August 2026 at 3.00pm CEST. Conference call and webcast details: France: + 33 (0) 170918711 UK Freefone: + 44 (0) 800 368 1063 Germany: + 49 69 6677 8696 UK Direct: + 44 (0) 20 3059 5872 Greece: +30 210 94 60 800 U.S.: + 1 516 447 5632 Webcast link: link (listen only) For further information, please contact: Investor Relations ir@allwyn.com Media Relations pr@allwyn.com Financial report for the period ended 30 June 2026 Allwyn will publish its financial statements for the period ended 30 June 2026, prepared in accordance with IFRS, together with the six-month report of the Board of Directors, after market close on Thursday , 3 September 2026. 1 The information contained in this trading update and outlook includes forward‑looking statements, which are based on current expectations 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 see the Disclaimer at the end of this document for further cautionary information about the forward-looking statements presented in this document.
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Financial review 4 Q2 2026 financial review Building on a very positive start to 2026 in Q1 , t he Group delivered another quarter of strong growth , supported by continued execution of its organic and inorganic growth strategies as well as its diversified portfolio of markets and products . Ongoing momentum in Continental Europe, strong performance in the digital channel, and the contribution from PrizePicks more than offset the effects of higher gaming taxes in Austria and a comparative period that benefited from favourable jackpot cycles. Sports Betting performance also benefited from activity associated with the FIFA World Cup 2026, as did our equity method investee Betano. Profitability remained strong and organic cash generation increased significantly year-on-year, supported by the improved financial profile of the United Kingdom following the completion of its technology transformation in the first quarter. Selected financial performance metrics (non-IFRS)1 Change € millions Q2 2026 Q2 2025 2F 1 cFX % 3F 2 % Total Revenue 2,376 2,241 6% Of which: Revenue from gaming activities (GGR) 2,286 2,155 6% Net Revenue 1,246 979 27% Continental Europe 731 701 4% North America 294 54 6% n/m United Kingdom 236 232 3% 2% Corporate and eliminations (15) (8) 88% Adjusted EBITDA 458 355 29% Continental Europe 293 303 (3%) North America 104 9 n/m United Kingdom 23 6 n/m Betano (share of net income of equity method investee) 61 63 (3%) Corporate and eliminations (23) (26) (12%) Margin (% of Net Revenue) 36.8% 36.3% 0.5 p.p. Operating EBITDA 361 294 23% Adjusted finance costs, net (97) (53) 83% Adjusted profit before tax 284 244 16% Adjusted income tax expense (45) (67) (33%) Adjusted profit after tax 239 177 35% Less: Non-controlling interests 51 81 (37%) Adjusted profit attributable to shareholders of the Company 188 96 96% Adjusted EPS (€) 0.24 0.313 (23%) CAPEX 38 62 (39%) Net Revenue For the three months ended 30 June 2026, Net Revenue increased by 27% year-on-year to €1,246 million. Growth was driven by ongoing strong performance across Continental Europe, continued growth in the digital channel and the contribution from PrizePicks, partly offset by the impact of higher gaming tax rates in Austria following their increase from 1 July 2025. This was the final quarter in which the Austrian tax changes represent a year-on-year headwind. 1 The comparative period reflects the financial information of Allwyn International; differences compared with Allwyn International’s historical published financial information primarily reflect the exclusion of German casino operations, which were sold in 2025. 2 Constant currency change (cFX Δ) reflects performance in local currency. 3 Q2 2025 reflects OPAP’s EPS. For its calculation and the basis of calculation of Q2 2026 Adjusted EPS, see ‘Adjusted earnings per share’.
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Financial review 5 Adjusting for the higher gaming tax rates in Austria and the acquisition of PrizePicks, Net Revenue increased by 5% year-on-year, despite a strong prior-year comparative that benefited from favourable lottery jackpot cycles in several markets. In Continental Europe, Net Revenue increased 4% year-on-year, or 6% excluding the impact of the higher gaming tax rates in Austria, reflecting strong performance across all markets. In North America, Net Revenue growth was driven by the consolidation of PrizePicks. On a standalone basis, PrizePicks Net Revenue increased 3% year -on-year on a constant currency basis . Strong underlying operating trends were partly offset by exceptionally operator-friendly sports outcomes in the comparative period. In the United Kingdom, Net Revenue performance was softer, reflecting favourable jackpot cycles in the comparative period as well continued effects related to the digital re-platforming in the first quarter. Our equity method investee Betano achieved very strong growth, with Total Revenue 26% higher year-on-year on a constant currency basis. Across product verticals, iGaming and Sports Betting were the primary growth driver s, increasing 24% and 12% year-on-year, respectively, with Sports Betting benefiting from activity associated with the FIFA World Cup 2026 . Lottery Net Revenue was 2% lower year -on-year, reflecting favourable jackpot cycles in the comparative period for EuroMillions, the multi -national jackpot game available in Austria and the United Kingdom, and for the domestic jackpot games Lotto in Austria and Sportka in the Czech Republic. Net Revenue by business – reconciliation to consolidated Net Revenue Change € millions Q2 2026 Q2 20251 abs cFX % 5F 2 % Continental Europe 731 701 30 4% North America 294 54 240 6% n/m United Kingdom 236 232 4 3% 2% Corporate and eliminations6F 3 (15) (8) (7) 88% Consolidated Net Revenue 1,246 979 267 27% Net Revenue by product – reconciliation to consolidated Net Revenue Change € millions Q2 2026 Q2 20251 abs % Lottery 498 507 (9) (2%) Sports Betting 145 130 15 12% iGaming 147 119 28 24% Daily Fantasy Sports 231 – 231 n/m VLTs and Casinos 135 137 (2) (1%) Net Gaming Revenue (NGR) 1,156 893 263 29% Revenue from non-gaming activities 90 86 4 5% Consolidated Net Revenue 1,246 979 267 27% Online Net gaming revenue (NGR) Change € millions Q2 2026 Q2 2025 abs % Total online Net Gaming Revenue (NGR) 596 330 266 81% Share of online Net Gaming Revenue (NGR) 52% 37% 15 p.p. Share of Online-eligible Net Gaming Revenue (NGR)7F 4 58% 44% 14 p.p. 1 Differences compared with Allwyn International’s historical published financial information primarily reflect the exclusion of German casino operations, which were sold in 2025. 2 Constant currency change (cFX Δ) reflects performance in local currency. 3 Corporate and eliminations primarily reflects the elimination of internal revenue relating to in-house proprietary technology development by Allwyn Lottery Solutions, which is included within the North America business. 4 Share of Online-eligible Net Gaming Revenue (NGR) refers to Total online NGR as a share of NGR from Lottery, Sports Betting and iGaming (i.e. excluding VLTs and Casinos, which comprises NGR generated in physical retail only).
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Financial review 6 Adjusted EBITDA Adjusted EBITDA increased significantly, by 29% year-on-year, to €458 million. Growth in Adjusted EBITDA was primarily driven by the contribution of PrizePicks, together with improved profitability in the United Kingdom following the commencement of recovery of transformation costs. These effects more than offset the impact of higher gaming taxes in Austria and a step-up in licence fee amortisation at LottoItalia following commencement of the renewed Lotto licence in December 2025. Excluding the impact of higher gaming taxes in Austria (€13 million) and amortisation at LottoItalia (€9 million reduction in our share of net income) , in addition to the acquisition of PrizePicks, Adjusted EBITDA growth was 9% year-on-year. In Continental Europe, Adjusted EBITDA increased 4% year-on-year excluding the impact of these factors. In North America, Adjusted EBITDA increased significantly owing to the contribution of PrizePicks. On a standalone basis, PrizePicks’ profitability was lower year -on-year due to strategic marketing investment around the FIFA World Cup 2026 , as a result of which PrizePicks entered the second half with strong momentum and a significantly larger player -base year-on-year. While Betano, which is equity -accounted, delivered strong growth in Operating EBITDA (+24% year-on-year), our share of net income was 3% lower year-on-year, reflecting below-EBITDA items in both Q2 and the comparative period . Corporate costs reduced slightly year-on-year, benefiting from favourable cost phasing. Adjusted EBITDA by business – reconciliation to consolidated Adjusted EBITDA Change € millions Q2 2026 Q2 20251 abs % Continental Europe 293 303 (10) (3%) North America 104 9 95 n/m United Kingdom 23 6 17 n/m Betano (share of net income of equity method investee) 61 63 (2) (3%) Corporate and eliminations (23) (26) 3 (12%) Consolidated Adjusted EBITDA 458 355 103 29% Adjusted finance costs, net Adjusted finance costs increased by €44 million year-on-year, to €97 million, mainly reflecting higher gross debt. The increase in gross debt primarily relates to investing cash outflows associated with the acquisition of PrizePicks and capital contributions to LottoItalia for the payment of fees for the Italian Lotto licence, following its successful renewal, as well as an adverse year-on-year foreign exchange impact of €8 million. Adjusted income tax expense Adjusted income tax expense decreased by €22 million, or 33%, to €45 million , part-benefiting from a tax refund relating to prior quarters. 1 Differences compared with Allwyn International’s historical published financial information primarily reflect the exclusion of German casino operations, which were sold in 2025.
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Financial review 7 Selected cash flow metrics (non-IFRS) € millions Q2 2026 Q2 20251 Adjusted EBITDA 458 355 Adjustments to Operating EBITDA (97) (61) Operating EBITDA 361 294 Operating EBITDA of Germany casinos – 7 Deduct: share of profit of equity method investees (69) (80) Add: Dividends and distributions received from equity method investees 198 214 Net finance costs (59) (29) Income tax paid (30) (43) Other operating cash flows (incl. financing fees) 10 (4) Adjusted operating cash flow before change in working capital 411 359 Working capital 35 (261) Net CAPEX (37) (62) Repayment of principal element of lease liabilities (11) (13) Free cash flow 398 23 Inorganic growth net of disposals and cash acquired / disposed (64) (6) Significant licence acquisition and renewal payments / capital contributions (545) (130) Purchase/disposal of financial investments (8) (7) Net loans provided 70 (39) Distributions to shareholders (dividends and loans) (583) (189) Dividends to minorities (36) (143) Repurchase of shares pursuant to cash exit rights (456) – Share repurchases (31) – Other cash flow items (2) (20) Total cash flow before loans and borrowings (1,257) (511) Non-cash changes in loans and borrowings (50) 57 Changes in lease liabilities 3 2 (Increase) / Decrease in net debt + leases (1,304) (452) Total consolidated net debt + leases 6,658 3,601 The selected cash flow information for the comparative period reflects the financial information of Allwyn International. Such information is not adjusted for 100% ownership of the Greece and Cyprus entities (formerly, OPAP S.A.; i.e. dividends to minorities is not adjus ted 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 statement of cash flows of Allwyn AG for the comparative period prepared in accordance with IFRS differs materially as it solely comprises OPAP . See ‘Consolidated statement of cash flows’. Net CAPEX CAPEX was €38 million compared with € 62 million in the prior year, with the 39% decrease year-on-year primarily reflecting the completion of the technology transformation in the United Kingdom during the first quarter. Net of proceeds, Net CAPEX was €37 million. CAPEX by business – reconciliation to consolidated CAPEX and Net CAPEX Change € millions Q2 2026 Q2 2025 abs % Continental Europe 12 12 – n/a North America 10 – 10 n/m United Kingdom 13 37 (24) (65%) Corporate and eliminations 3 13 (10) (77%) Consolidated CAPEX 38 62 (24) (39%) Proceeds from sale of PP&E and intangible assets (1) – (1) n/a Net CAPEX 37 62 (25) (40%) 1 The selected cash flow information for the comparative period reflects the financial information of Allwyn International.
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Financial review 8 Inorganic growth net of disposals and cash acquired / disposed Inorganic growth net of disposals and cash acquired / disposed was €64 million, primarily comprising a €60 million earnout payment relating to the 2024 acquisition of Instant Win Gaming. No further earnouts are payable in connection with the acquisition. Significant licence acquisition and renewal payments / capital contributions The cash outflow of €545 million reflects a €465 million capital contribution to LottoItalia in connection with the final tranche of the fee for the renewed Italian Lotto licence and the €80 million upfront fee for the renewed 12-year Hellenic Lotteries licence, which commenced in May 2026. Net loans provided Net loans provided represented a cash inflow of €70 million, compared with a cash outflow of €39 million in the comparative period. The inflow reflects the repayment by Novibet of loans provided by Allwyn International during 2025 (see ‘Q2 2026 key strategic developments’). Distributions to shareholders In March 2026, the Board of Directors of the Company approved a distribution of €0.80 per share, with a reinvestment option (the “Scrip Option”). Shareholders elected for the Scrip Option in relation to 42.0 million shares, representing 25% of the free float and 5% of the Company’s total outstanding share capital excluding treasury shares. During the second quarter, on 4 May 2026, 2.5 million new common shares were issued in connection with the Scrip Option and commenced trading on the Main Market of Euronext Athens, with the remaining portion of the distribution paid in cash (€583 million). The distribution was paid f rom the Company’s capital contribution reserve1. Net debt Net debt (including leases) was €6,658 million as of 30 June 2026, representing 3.5x LTM Adjusted EBITDA, with Adjusted EBITDA presented pro forma for the PrizePicks acquisition and on a look -through non-IFRS basis to take account of the performance of the enlarged Group for the last 12 -month period (see ‘Indebtedness and liquidity’). Alternative performance measures (APMs) This announcement includes alternative performance measures and other non -IFRS financial measures. Definitions and reconciliations to the most directly comparable IFRS measures are included in the Alternative Performance Measures section. 1 Part of the share premium account.
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Key strategic developments 9 Q2 2026 key strategic developments Combination of Allwyn International and OPAP: payment of Exit Right and redomiciliation of Allwyn AG In October 2025, the Boards of Directors of Allwyn International and OPAP approved a combination of the two companies, creating a leading listed global lottery and gaming operator. In January 2026, the Extraordinary General Meeting of OPAP shareholders approved the steps required to implement the transaction. Shareholders who voted against certain of the steps were entitled to sell their shares in exchange for cash compensation. This exit right was validly exercised in respect of shares representing 6.7% of OPAP shares outstanding (excluding treasury shares). During the second quarter, on 7 April 2026, c ash compensation in the amount of €456 million was paid in respect of these shares. In March 2026, OPAP completed a cross-border conversion from Greece to Luxembourg. OPAP was renamed Allwyn AG upon completion of its re -domiciliation, following which Allwyn International AG contributed its assets and liabilities to Allwyn AG in exchange for the issuance of 445,684,184 new shares, representing the economic completion of the combination. During the second quarter, in May 2026, Allwyn AG subsequently re-domiciled to Switzerland, completing the final step of the transaction. Repayment of down payment and loans provided to Novibet (Continental Europe) In March 2026, Allwyn and Logflex MT Holding Limited, owner of the online sports betting and iGaming group Novibet, jointly decided to withdraw their previously announced transaction from review by the Hellenic Competition Commission (the “HCC”), in light of feedback received from the HCC. During the second quarter, in May 2026, Novibet paid €20 million to Allwyn, representing the repayment of a down payment previously made by Allwyn International in relation to the proposed transaction, in January 2025. In June 2026, Novibet paid €70 million to Allwyn, representing the repayment of loans provided by Allwyn International to Novibet during 2025. LottoItalia capital contribution (Continental Europe) In April 2026, the Group contributed its pro rata share to a capital increase by LottoItalia, amounting to a contribution of €465 million. The capital increase was used for the third and final instalment payment relating to the renewed licence, which runs to November 2034. Hellenic Lotteries licence payment (Continental Europe) In April 2026, the Group paid the upfront licence fee for the operation of the Hellenic Lotteries scratchcard and instant lottery games in Greece. The licence agreement was ratified by the Greek Parliament in April 2026, with the 12-year licence term commencing in May 2026. Payment of IWG earnout (North America) In April 2026, the Group settled the accrued earnout relating to the acquisition of IWG through a cash payment of USD 70 million (€60 million). No further earnouts are payable in connection with the acquisition. Potential extension of Illinois Lottery private management agreement (North America) In June 2026, legislation was enacted in the State of Illinois enabling a potential three-year extension of the Illinois Lottery private management agreement, subject to commercial agreement, which would extend the contract to October 2030. €150 million share buyback programme On 4 June 2026, Allwyn announced that the Board had approved a share buyback programme of up to €150 million, subject to market conditions and applicable law. Purchased shares may be cancelled or retained for other legally permissible purposes. From 4 June 2026 to 30 June 2026, the Group purchased 2,247,972 shares for total consideration of € 31 million. At the end of the quarter, there were 771,045,909 shares outstanding, of which 78.39% were owned by a subsidiary of KKCG Group AG and 21.61% constituted the free float.
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Business review 10 Q2 2026 business review Continental Europe Change € millions Q2 2026 Q2 20251 abs % Revenue from gaming activities (GGR) 1,134 1,064 70 7% Revenue from non-gaming activities 42 40 2 5% Total Revenue 1,176 1,104 72 7% Gaming taxes and Good Cause contributions (445) (403) (42) 10% Net Revenue 731 701 30 4% of which: Net gaming revenue (NGR) 689 661 28 4% Other operating income 67 60 7 12% Agents´ commissions, materials, consumables and services (298) (281) (17) 6% Marketing services (94) (79) (15) 19% Personnel and other operating expenses (125) (120) (5) 4% Share of profit of equity method investees 8 17 (9) (53%) Operating EBITDA 289 298 (9) (3%) Adjustments to EBITDA (see ’Non-IFRS measures - Reconciliation of EBITDA adjustments’) 4 5 (1) (20%) Adjusted EBITDA 293 303 (10) (3%) Margin (% of Net Revenue) 40.1% 43.2% (3.1) p.p. CAPEX 12 12 – n/a Adjusted EBITDA - CAPEX 281 291 (10) (3%) The Continental Europe business comprises operations in Austria, the Czech Republic, Greece and Cyprus, Italy, Germany and Slovakia. Our 32.5% interest in LottoItalia and 42.04% interest in Next Lotto (as of 30 June 2026) are accounted for as equity method investee s, with the Group’s share of net income reflected in consolidated EBITDA. The Continental Europe business delivered good growth in Net Revenue of 4% year-on-year, to €731 million. This continued the strong momentum delivered in the first quarter, despite a headwind from higher gaming tax rates in Austria, which were largely implemented in mid -2025 as part of the Austrian government’s broader fiscal consolidation programme. Adjusting for this impact , underlying Net Revenue growth was strong at 6% year-on-year, in line with Revenue for gaming activities (GGR). Growth was driven by continued strong momentu m in iGaming (Net Revenue + 24% year on -year) and double-digit growth in Sports Betting (Net Revenue +12% year-on-year), which benefited from high activity levels in June associated with the FIFA World Cup 2026 . Sports outcomes had a limited overall impact, reflecting differing trends across markets and channels. Lottery Net Revenue declined by 5% year-on-year, reflecting favourable jackpot cycles in the comparative period, including EuroMillions reaching its maximum €250 million jackpot and delivering its second-longest rollover sequence, as well as favourable jackpot cycles in Austria and the Czech Republic’s domestic jackpot games, Lotto and Sportka, respectively. Adjusted EBITDA decreased by 3% year-on-year to € 293 million, primarily reflecting the headwinds from higher gaming taxes in Austria and higher amortisation at LottoItalia relating to the renewed licence, which reduced the Group’s share of profit from equity method investees. Excluding these factors Adjusted EBITDA increased 4% year-on-year. This was supported by growth in Adjusted EBITDA on an underlying basis across all three major markets: Austria, the Czech Republic, and Greece and Cyprus despite higher marketing costs part-driven by the FIFA World Cup 2026. 1 Differences compared with Allwyn International’s historical published financial information primarily reflect the exclusion of German casino operations, which were sold in 2025.
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Business review 11 Net Revenue by product Change € millions Q2 2026 Q2 20251 abs % Lottery 262 275 (13) (5%) Sports Betting 145 130 15 12% iGaming 147 119 28 24% Daily Fantasy Sports – – – n/a VLTs and Casinos 135 137 (2) (1%) Total Net gaming revenue (NGR) 689 661 28 4% Revenue from non-gaming activities 42 40 2 5% Total Net Revenue 731 701 30 4% Online Net gaming revenue (NGR) Change € millions Q2 2026 Q2 2025 abs % Total online Net gaming revenue (NGR) 243 206 37 18% Share of Online Net gaming revenue (NGR) 35% 31% 4.0 p.p. Share of Online-eligible Net gaming revenue (NGR) 44% 39% 5.0 p.p. 1 Differences compared with Allwyn International’s historical published financial information primarily reflect the exclusion of German casino operations, which were sold in 2025.
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Business review 12 North America Change € millions Q2 2026 Q2 2025 abs cFX % 12F 1 % Revenue from gaming activities (GGR) 238 242 (4) 3% (2%) Revenue from non -gaming activities 63 54 9 17% Total Revenue 301 296 5 6% 2% Gaming taxes and Good Cause contributions (7) (7) – n/a Net Revenue 294 289 5 6% 2% of which: Net gaming revenue (NGR) 231 235 (4) (2%) Other operating income 3 3 – n/a Materials, consumables and services (80) (66) (14) 21% Marketing services (75) (50) (25) 50% Personnel and other operating expenses (71) (57) (14) 25% Operating EBITDA 71 119 (48) (40%) Adjustments to EBITDA (see ’Non-IFRS measures - Reconciliation of EBITDA adjustments’) 33 22 11 50% Adjusted EBITDA 104 141 (37) (26%) Margin (% of Net Revenue) 35.4% 48.8% (13) p.p. CAPEX 10 5 5 n/a Adjusted EBITDA - CAPEX 94 136 (42) (31%) The North America business comprises the operations of Allwyn LS Group, IWG and PrizePicks. PrizePicks was consolidated from 16 January 2026; however, the financial information in the table above is presented on a “100% basis”, as if PrizePicks had been consolidated in both years, to enhance comparability. The North America business delivered Net Revenue growth of 6% year-on-year on a constant currency basis (2% on a reported basis), to €29 4 million. Within this, PrizePicks Net Revenue growth was 3% year-on-year on a constant currency basis . PrizePicks delivered strong operational performance , with amounts staked 2 increasing by over 35% year-on-year, supported by strong operating trends including double-digit growth in average DFS entry fees per player and prediction market volumes increasing significantly quarter-on-quarter, by over 30%. However, the translation of these underlying trends into Net Revenue growth was substantially offset by exceptionally operator-friendly sports outcomes in the comparative period. Despite summer periods typically seeing seasonally weaker player engagement, PrizePicks ended the quarter with strong momentum, capitalising on the FIFA World Cup 2026. Recognising a significant opportunity to attract and engage players , PrizePicks increased its strategic marketing investment, bringing total North America marketing expenditure in the second quarter to €25 million above the comparative period. This supported record Q2 new player acquisition, as well as significant and sustained player engagement around the World Cup, with over 25 million associated player line-ups in June and July. PrizePicks exited the quarter with higher levels of engagement and a significantly larger active player base3 than a year earlier, +18% year- on-year. PrizePicks also delivered a record cadence of feature updates in the quarter and, building on this momentum, expects to launch more enhanced product features ahead of the start of the NFL (American football) season in September as it seeks to provide a best-in-class player experience and deliver more ways to engage, connect and play. This includes enhancing the capability for players to blend line -ups across DFS and prediction markets, launched late in Q2, by providing players with full flexibility to combine player, team and culture picks within a single line-up. 1 Constant currency change (cFX Δ) reflects performance in local currency. 2 Combined total of DFS entry fees and prediction market volumes. Prediction market volumes represent the total amount staked by customers on prediction market contracts and do not represent notional contract value. 3 June 2026 paying monthly active users.
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Business review 13 With continued delivery of new product innovation and disciplined investment in customer acquisition , PrizePicks is well-positioned to drive further player acquisition and engagement in the second half. In addition to the NFL season, the final months of the calendar year see the start of the NHL (ice-hockey) and NBA (basketball) seasons in late September and October, respectively; hence, this is typically the busiest period for player engagement. Beyond this, sports outcomes were more operator-friendly in the second half of 2025 when compared with the operator-friendly outcomes experienced in the first half of the prior year. The remainder of the North America business delivered double -digit Net Revenue growth on a constant currency basis, mainly driven by higher management fees in Illinois. During the quarter, legislation was enacted enabling a potential three -year extension of the Illinois Lottery private management agreement, subject to commercial agreement, which would extend the contract through October 2030. Adjusted EBITDA decreased by € 37 million, or 26% year -on-year, to €104 million, primarily driven by PrizePicks’ strategic decision to capitalise on the World Cup as an opportunity to acquire players and sustain momentum ahead of the start of the NFL season. Other factors included higher variable costs related to the strong growth in player activity year-on-year. The investment in marketing remained modest relative to the scale of the opportunity, reflecting the strength of the PrizePicks brand and its highly engaged player -base, and t he Group continues to see compelling customer acquisition economics and attractive expected paybacks from these investments. Online Net gaming revenue (NGR) Change € millions Q2 2026 Q2 2025 Abs cFX %1 11 % Total online Net gaming revenue (NGR) 231 235 (4) 3% (2%) Share of Online Net gaming revenue (NGR) 100% 100% 0 p.p. Share of Online-eligible Net gaming revenue (NGR) 100% 100% 0 p.p. 1 Constant currency change (cFX Δ) reflects performance in local currency. 2 Prediction markets is included in Daily Fantasy Sports. 3 Revenue from non -gaming activities is generated from private management services relating to operation of the state lottery in Illinois under a private management agreement, and from the provision of gaming technology solutions and content to third-party customers and Group entities. In Illinois, revenues comprise a management fee, an operating allowance and an incentive fee. The management fee and operating a llowance are intended to recover operational costs and are recognised as these costs occur; as such, they do not impact Adjusted EBITDA in absolute terms, but they do influence the Adjusted EBITDA margin. Net Revenue by product Change € millions Q2 2026 Q2 2025 abs cFX % 12F 1 % Lottery – – – n/a Sports Betting – – – n/a iGaming – – – n/a Daily Fantasy Sports14F 2 231 235 (4) 3% (2%) VLTs and Casinos – – – n/a Total Net gaming revenue (NGR) 231 235 (4) 3% (2%) Revenue from non-gaming activities15F 3 63 54 9 17% Total Net Revenue 294 289 5 2%
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Business review 14 United Kingdom Change € millions Q2 2026 Q2 2025 abs cFX % 16F 1 % Revenue from gaming activities (GGR) 914 1,091 (177) (14%) (16%) Revenue from non-gaming activities – – – n/a Total Revenue 914 1,091 (177) (14%) (16%) Gaming taxes and Good Cause contributions (678) (859) 181 (21%) Net Revenue 236 232 4 3% 2% of which: Net gaming revenue (NGR) 236 232 4 2% Other operating income 2 2 – n/a Agents´ commissions, materials, consumables and services (112) (148) 36 (24%) Marketing services (66) (51) (15) 29% Personnel and other operating expenses (36) (37) 1 (3%) Operating EBITDA 24 (2) 26 n/m Adjustments to EBITDA (see ’Non-IFRS measures - Reconciliation of EBITDA adjustments’) (1) 8 (9) n/m Adjusted EBITDA 23 6 17 n/m Margin (% of Net Revenue) 9.7% 2.6% 7.1 p.p. CAPEX 13 37 (24) (65%) Adjusted EBITDA - CAPEX 10 (31) 41 n/m The United Kingdom delivered Net Revenue growth of 3% year-on-year on a constant currency basis (2% on a reported basis), to €236 million. Performance reflected the economic model of The National Lottery and the commencement of recovery of a portion of the approximately GBP 450 million invested in its transformation, including the replacement of legacy technology infrastructure. Revenue from gaming activities (GGR) was 14% lower year -on-year on a constant currency basis (16% lo wer on a reported bas is), reflecting a strong comparative quarter, which benefited from favourable EuroMillions jackpot cycles, alongside continued effects related to the digital channel re-platforming in the first quarter, including in relation to player journeys. The completion of the technology transformation in the first quarter enabled the rollout of new commercial initiatives, which commenced with the launch of an enhanced format for the domestic jackpot game, Lotto, in June. The new format increases players' chances of winning any prize and aims to more than double the number of Lotto millionaires annually, which is expected to support player engagement. After the end of the quarter, in July, we launched Powerball in the United Kingdom, one of the world's largest jackpot games, representing the first time it has been made available outside the United States. Powerball offers the potential for significantly higher jackpots than previously seen in the United Kingdom or Continental Europe, and further broadens The National Lottery's product offering with a highly differentiated proposition in the United Kingdom market: Powerball reached a UK jackpot of over £500 million following the end of the quarter, compared with the highest ever EuroMillions jackpot of €250 million, and already has a player base in excess of 2.5 million players. We plan to launch further new products, commencing with a pilot for the reintroduction of a £10 scratchcard. The profitability and cash flow profile of the United Kingdom improved significantly, both year -on-year and quarter-on-quarter, following the completion of the technology transformation earlier in the year. Adjusted EBITDA increased by €17 million year-on-year, to €23 million, supported by the commencement of the recovery of transformation-related costs during the quarter. 1 Constant currency change (cFX %) reflects performance in local currency.
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Business review 15 CAPEX decreased by €24 million year -on-year (€5 million lower quarter -on-quarter) to €13 million, and Adjustments to Operating EBITDA (all of which were related to the transformation) decreased €9 million year- on-year to a negligible quantum (€6 million lower quarter-on-quarter). We are excited by the opportunities enabled by the significantly enhanced technology platform and are focused on restoring momentum, enhancing the player experience and delivering sustainable long -term growth and increased returns to Good Causes. In addition, in August 2026 we announced renewed leadership in the United Kingdom, positioning us to capitalise on these opportunities now that the transformation has been completed. However, reflecting the Net Revenue growth rate of 2% year-on-year in the first half of the year, together with the effe cts described above , we expect FY2026 Net Revenue growth in the U nited Kingdom to be below the level previously anticipated. Net Revenue by product Change € millions Q2 2026 Q2 2025 abs % Lottery 236 232 4 2% Sports Betting – – – n/a iGaming – – – n/a Daily Fantasy Sports – – – n/a VLTs and Casinos – – – n/a Total Net gaming revenue (NGR) 236 232 4 2% Revenue from non-gaming activities – – – n/a Total Net Revenue 236 232 4 2% Online Net gaming revenue (NGR)19F 1 Change € millions Q2 2026 Q2 2025 abs % Total online Net gaming revenue (NGR) 122 124 (2) (2%) Share of Online Net gaming revenue (NGR) 52% 53% (1.0)p.p. Share of Online-eligible Net gaming revenue (NGR) 52% 53% (1.0)p.p. 1 Online Net gaming revenue reflects the share of Revenue from gaming activities (GGR) online, multiplied by Net gaming revenue.
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Business review 16 Betano – Financial information on 100% basis unless stated Change € millions Q2 2026 Q2 2025 abs cFX % 20F 1 % Total Revenue 972 770 202 26% 26% Operating EBITDA 257 207 50 24% Group´s share of net income 61 63 (2) (3%) Dividends received by Allwyn 351 350 1 n/a Betano is accounted for as an equity method investee, with the Group’s share of Betano’s net income reflected in consolidated EBITDA. In Q 2 2026, Betano delivered strong growth in Total Revenue, which increased 26% year -on-year on a constant currency and reported basis, to €972 million. Operating EBITDA increased 24% year-on-year, to €257 million, broadly in line with the increase in the top- line. The Group’s share of net income was € 61 million, 3% lower year -on-year, primarily reflecting favourable phasing of below-EBITDA items in the comparative quarter and a one-off below-EBITDA headwind in Q2 2026. Betano continued to generate strong cash flow, supporting a dividend of €351 million, of which €129 million was attributable to Allwyn , during the second quarter. During the first half of 2026, Betano distributed dividends of €551 million, an increase of 57% year -on-year, reflecting the continued strength and cash- generative profile of the business. 1 Constant currency change (cFX %) reflects performance in local currency.
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Key strategic developments after the end of the period 17 Key strategic developments after the end of the period Acquisition of controlling interest in Next Lotto (Continental Europe) In July 2026, the Group agreed a series of transactions, including the exercise of certain shareholders’ put options, to increase its shareholding in Next Lotto to 64.53% and secure a controlling interest in the business, for aggregate consideration of €16 million. Completion of the transactions remains subject to customary closing conditions and receipt of necessary regulatory approvals. Sale of Australian casino assets (Continental Europe) In July 2025, Allwyn agreed the sale of its non-core casino operations in Australia, which are included within the Continental Europe business and were classified as held for sale. I n August 2026, the transaction was completed for gross proceeds of approximately AUD 10 3 million (€63 million), subject to customary post - closing procedures. Belgium casino concession (Continental Europe) In July 2026, the City of Brussels awarded the concession to operate the Brussels casino, which is included within the Continental Europe business, to another operator for the concession period commencing in January 2027. Following an appeal, the Auditor o f the Council of State issued a preliminary opinion recommending suspension of the award decision. In 2025, the Brussels casino contributed approximately 1% of Continental Europe Adjusted EBITDA. Proposed appointment of independent non-executive director In August 2026, the Board of Directors agreed to propose Petra Ehmann for election as an independent non- executive director at the next General Meeting, subject to receiving all necessary regulatory approvals. Her appointment would increase the proportion of independent directors on the Board to 50%, fulfilling the commitment made in connection with the combination of Allwyn International and OPAP. Petra currently serves on the boards of Bossard AG and DKV Mobility Services. She is the former Chief Innovation & AI Officer at Ringier and previously served as Global AR Product Partnerships Lead at Google. She was also recognised as a Young Global Leader by the World Economic Forum.
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Indebtedness and liquidity 18 Indebtedness and liquidity Net debt as of 30 June 2026 € millions Cash and cash equivalents Loans and borrowings Net debt Lease liabilities Net debt + leases Continental Europe 1,096 914 (182) 84 (98) North America 273 – (273) 19 (254) United Kingdom 194 92 (102) 42 (60) Corporate and eliminations 180 7,239 7,059 11 7,070 Total Consolidated 1,743 8,245 6,502 156 6,658 In addition to the cash and cash equivalents in the table above, our Austrian subsidiaries (within the Continental Europe business) had €219 million of investments in liquid assets (primarily money -market investments), of which €50 million was classified as current and €169 million as non-current. Net debt (including leases) was € 6,658 million as of 30 June 2026, representing 3.5x LTM Adjusted EBITDA, with Adjusted EBITDA presented pro forma for the PrizePicks acquisition and on a look -through non-IFRS basis to reflect the performance of the enlarged Group for the last 12 month period . This financial information is prepared as if Allwyn International had been the parent entity throughout the last 12 month period, adjusted for 100% ownership of OPAP, but excludes the historical contribution from Allwyn International AG’s German casinos, which were sold in 2025. Net debt (including leases) to Adjusted EBITDA € millions Q2 2026 Net debt + leases 6,658 Adjusted EBITDA for last twelve months on a look-through basis pro forma for PrizePicks on a “100% basis” 1,879 Adjusted EBITDA for last twelve months on a look-through basis 1,772 PrizePicks Adjusted EBITDA from 1 July 2025 to 15 January 2026 (portion of last twelve months prior to acquisition date) 107 Net debt (incl.leases) to pro forma Adjusted EBITDA 3.5x The following table summarises available undrawn facilities as of 30 June 2026: € millions Capacity Drawn Undrawn Allwyn EUR 350m revolving credit facility 350 25 325 EUR 500m delayed drawdown term loan 500 470 30 EUR 143m, EUR 315m and USD 184m Accordion Facilities 619 130 489 At subsidiary level Subsidiary Revolving Credit Facilities 270 – 270 Total undrawn committed facilities 1,114 Total undrawn committed facilities amounted to €1,114 million as of 30 June 2026.
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Indebtedness and liquidity 19 Q2 2026 financing The following table summarises debt instruments and changes for the period ended 30 June 2026: € millions Principal amounts (in EUR equivalents) Loans and borrowings Ref 31/03/2026 Drawings Repayments Change in RCF Other (FX) 30/06/2026 Allwyn Syndicated bank loan due 2030-2031 1,347 551 – 25 2 1,925 EUR 1.3bn term loans 1,300 – – – – 1,300 EUR 500m delayed drawdown term loan (I) – 470 – – – 470 EUR 143m accordion facility – – – – – – EUR 315m accordion facility – – – – – – USD 184m accordion facility (I) 47 81 – – 2 130 EUR 350m revolving credit facility – – – 25 – 25 Allwyn EUR 665m 7.250% SSN due 2030 599 – – – – 599 Allwyn USD 700m 7.875% SSN due 2029 547 – – – 6 553 Allwyn EUR 600m 4.125% SSN due 2031 600 – – – – 600 Allwyn EUR 550m 4.625% SSN due 2031 550 – – – – 550 Allwyn USD 625m S+ 2.0% TLB due 2031 535 – (2) – 5 538 Allwyn EUR 1,025m E+ 3.0% TLB due 2032 1,025 – – – – 1,025 Allwyn USD 1,000m S+2.5% TLB due 2033 (II) 870 88 (2) – 7 963 Allwyn USD 500m bank loan due 2031 (II) 435 – (88) – 3 350 London office GBP 102m term loan due 2027 117 – – – 1 118 Allwyn Corporate total 6,625 639 (92) 25 24 7,221 Allwyn UK GBP 140m facilities agreement due 2027 92 – – – 1 93 United Kingdom total 92 – – – 1 93 Allwyn Hellas EUR 250m fixed rate bank loan due 2031 250 – – – – 250 Allwyn Hellas EUR 140m fixed rate bank loan due 2032 (III) 140 50 (50) – – 140 Allwyn Hellas EUR 220m bank loan due 2032 220 – – – – 220 Allwyn Hellas EUR 200m bank loan due 2032 200 – – – – 200 Allwyn Hellas EUR 80m bank loan due 2031 80 – – – – 80 Allwyn Hellas EUR 100m revolving credit facility – – – – – – Hellenic Lotteries EUR 50m bank loan due 2026 – – – – – – CASAG syndicated bank loan due 2029 (IV) 31 – (6) – – 25 Continental Europe total 921 50 (56) – – 915 Total principal amount 7,638 689 (148) 25 25 8,229 Reconciliation to book values: Accrued interest 56 88 Arrangement fees (64) (72) Total book value 7,630 8,245 (I) See ‘Q2 2026 financing – Allwyn Syndicated bank loan’ (II) See ‘Q2 2026 financing – USD 100 million add-on to S+2.50% USD term loan B facility due 2033’ (III) In May 2026, Allwyn Hellas drew €50 million under the new loan maturing in 2032 and repaid €50 million under the loan maturing in 2027. (IV) The maturity date of the loan was extended from 2026 to 2029.
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Indebtedness and liquidity 20 Allwyn Syndicated bank loan In April 2026, the Group drew €470 million under its €500 million delayed drawdown term loan and USD 94 million under its USD 184 million accordion facility. The proceeds were used primarily to fund the contribution to LottoItalia relating to the Italian Lotto licence fee, as well as the settlement of earnout amounts relating to the acquisition of IWG. In June 2026, the Group established a new €315 million accordion term loan facility due 2031 . The facility remains undrawn. USD 100 million add-on to S+2.50% USD term loan B facility due 2033 In June 2026, the Group issued USD 100 million fungible add -on to its S+2.50% USD term loan B due 2033. Proceeds of the new loan were used to repay USD 100 million of the USD 500 million bank loan due 2031. Repricing of EUR term loan B facility due 2032 and private placement of €55 million senior secured notes In June 2026, the Group repriced its existing EUR term loan B facility due 2032, reducing the margin by 50bps, from 300bps to 250bps, and priced a private placement of €55 million of 4.625% senior secured notes due 2031. The EUR Term Loan B was priced at par, and the maturity date remains 28 March 2032, while the notes have the same terms and conditions as, and are fungible with, the Group’s existing €550 million 4.625% senior secured notes due 2031 . The private placement proceeds were used to repay € 50 million of the repriced EUR Term Loan B, resulting in a nominal amount outstanding of €975 million following the repayment and a leverage neutral transaction. Key financing developments after the end of the period Allwyn syndicated bank loan In July 2026, the Group drew the remaining €30 million available under its €500 million delayed drawdown term loan, USD 36 million under its USD 184 million accordion facility and €143 million under its €143 million accordion facility, at the end of their availability periods.
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Consolidated financial statements 21 Consolidated statement of comprehensive income The consolidated statement of comprehensive income of Allwyn AG for the period ended 30 June 2026, prepared in accordance with IFRS, will be published on 3 September 2026. The financial information for the comparative period in the consolidated statement of comprehensive income differs materially from that presented within ‘Selected financial performance metrics (non-IFRS)’, as it solely comprises OPAP’s financial results, presented in Allwyn’s reporting format. Selected financial performance metrics (non-IFRS) – comparative period reflects Allwyn International € millions Q2 2026 Q2 20251 Revenue from gaming activities (GGR) 2,286 2,155 Continental Europe 1,134 1,064 North America 238 – United Kingdom 914 1,091 Corporate – – Revenue from non-gaming activities 90 86 Total Revenue 2,376 2,241 YoY growth (%) 6% 6% Gaming taxes and Good Cause contributions (1,130) (1,262) as % of Revenue from gaming activities (GGR) 49% 59% Net revenue 1,246 979 Continental Europe 731 701 North America 294 54 United Kingdom 236 232 Corporate and eliminations (15) (8) YoY growth (%) 27% 5% Of which: Net gaming revenue (NGR) 1,156 893 Other operating income 68 61 Agents' commissions, materials, consumables and services (511) (468) Marketing services (262) (161) Personnel and other operating expenses (249) (197) Share of profit of equity method investees 69 80 Operating EBITDA 361 294 Adjustments to Operating EBITDA 97 61 Adjusted EBITDA 458 355 Continental Europe 293 303 North America 104 9 United Kingdom 23 6 Betano (share of net income of equity method investee) 61 63 Corporate and eliminations (23) (26) Adjusted EBITDA margin 36.8% 36.3% YoY growth (%) 29% 6% Adjusted profit attributable to shareholders of the Company 22F 2 Adjusted EBITDA 458 355 Adjusted depreciation and amortisation (77) (58) Adjusted profit from operating activities 381 297 Adjusted finance costs, net (97) (53) Adjusted profit before tax 284 244 Adjusted income tax expense (45) (67) Profit after tax 239 177 Less: Non-controlling interests 51 81 Adjusted profit attributable to shareholders of the Company 188 96
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Consolidated financial statements 22 1 Differences compared with Allwyn International’s historical published financial information primarily reflect the exclusion of German casino operations, which were sold in 2025. 2 Adjusted profit attributable to shareholders of the Company is based on consolidated profit attributable to shareholders of the Company adjusted, as management deems relevant, for significant business combination adjustments, impairments, non-operating items, business development costs, and other one -off items. In its calculation, all consolidated statement of comprehensive income line items below Operating EBITDA reflect these adjustments; see ‘Reconciliations of APMs’.
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Consolidated financial statements 23 The comparative financial information in the ‘Selected financial performance metrics (non-IFRS)’ reflects the financial information of Allwyn International, adjusted for 100% ownership of the 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 of the underlying performance of the enlarged Group that was formed from the combination of Allwyn International and OPAP in March 2026. Adjusted earnings per share Adjusted earnings per share for Q2 2025 reflects the historical reported earnings per share of OPAP. Earnings per share Change € millions Q2 2026 Q2 2025 F 1 abs % Adjusted profit after tax attributable to shareholders of the Company (€ million) 188 110 78 71% Weighted average number of shares (#) 774,180,116 358,603,478 415,576,638 n/m Adjusted earnings per share (EPS, €) 0.24 0.31 (0.07) (23%) 1 Historical financial information of OPAP
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Consolidated financial statements 24 Consolidated statement of financial position The Group’s consolidated statement of financial position as at 31 March 2026, prepared in accordance with IFRS, is presented as a comparative for the unaudited consolidated statement of financial position of Allwyn AG as at 30 June 2026, for comparability purposes. Note that intangible assets and goodwill are not comparable between the period s owing to the ongoing purchase price allocation process following the business combination completed on 24 March 2026 , for which relevant balance sheet accounts will be retrospectively restated once completed. The Group’s consolidated statement of financial position as at 31 December 2025 solely comprises OPAP’s assets and liabilities and does not reflect the business combination.
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Consolidated financial statements 25 € millions 30/6/2026 31/3/2026 ASSETS Intangible assets 4,663 2,705 Goodwill 6,458 7,376 Property, plant and equipment 609 555 Investment property 151 151 Equity method investees 4,805 4,849 Other receivables 108 115 Derivative financial instruments 11 19 Other financial assets 182 178 Deferred tax asset 148 148 Total non-current assets 17,135 16,096 Inventories 20 11 Trade and other receivables 992 954 Derivative financial instruments 8 7 Current tax asset 6 16 Other financial assets 66 194 Cash and cash equivalents 1,742 2,435 Assets held for sale 30 20 Total current assets 2,864 3,637 Total assets 19,999 19,733 EQUITY Share capital 242 241 Share premium 5,775 6,359 Currency translation reserve 16 1 Hedging reserve (2) 7 Other reserves 43 38 Retained earnings (1,298) (1,327) Total equity attributable to shareholders of the Company 4,776 5,319 Non-controlling interest 1,879 1,217 Total equity 6,655 6,536 LIABILITIES Loans and borrowings 7,991 7,483 Lease liabilities 116 121 Trade and other payables 170 170 Derivative financial instruments 72 77 Other financial liabilities 1,258 1,319 Non-current tax liability 3 3 Provisions 15 13 Employee benefits liability 125 123 Deferred tax liability 603 124 Total non-current liabilities 10,353 9,433 Loans and borrowings 254 146 Lease liabilities 40 38 Trade and other payables 2,295 2,237 Derivative financial instruments – 1 Other financial liabilities 69 932 Current tax liability 173 165 Provisions 51 56 Employee benefits liability 109 189 Total current liabilities 2,991 3,764 Total liabilities 13,344 13,197 Total equity and liabilities 19,999 19,733 Consolidated statement of cash flows – comparative period reflects Allwyn International The consolidated statement of cash flows of Allwyn International for the period ended 30 June 2025 prepared in accordance with IFRS and including the disposed casino operations in Germany, is presented as a comparative for the unaudited consolidated statement of cash flows of Allwyn AG prepared in accordance with IFRS for the period ended 30 June 2026, for comparability purposes.
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Consolidated financial statements 26 Three months ended 30 June € millions 2026 2025 OPERATING ACTIVITIES Profit (+) for the year 67 120 Adjustments for: Income tax expense 34 56 Depreciation and amortisation 156 67 Loss on write-off of intangible assets 3 – Net impairment gains (-)/losses (+) on non-financial assets – 5 Net interest income (-)/expense (+) 112 60 Net foreign exchange gain (-)/loss (+) – (8) Share of profit (-) of equity method investees (69) (80) Revaluation of financial assets at fair value through profit or loss (2) (2) Share based compensation 4 – Increase (+)/decrease (-) in provisions (3) (1) Operating result before changes in working capital 302 217 Increase (-)/decrease (+) in inventories (9) 1 Increase (-)/decrease (+) in trade receivables and other receivables (37) (15) Increase (+)/decrease (-) in trade and other payables 81 (251) Cash generated from (+)/used in ( -) operations 337 (48) Interest paid (71) (38) Income tax paid (30) (43) Net cash generated from (+)/used in ( -) operating activities 236 (129) INVESTING ACTIVITIES Acquisition of property, plant and equipment and intangible assets (38) (63) Significant licence acquisition and renewal payments (80) Acquisition of subsidiaries and investments in equity method investees – (6) Acquisition earnout payment (60) – Loans provided – (233) Repayment of loans provided 70 5 Purchase of financial investments (3) (7) Proceeds from disposal of financial investments – 1 Capital contribution to equity method investee (469) (130) Dividends and distributions received from equity method investees 198 214 Proceeds from sale of property, plant and equipment and intangible assets 1 – Interest income received 12 9 Net movement in restricted cash related to investing activities (5) (1) Net cash generated from (+)/used in ( -) investing activities (374) (211) FINANCING ACTIVITIES Repurchase of shares under share buyback programme (31) – Repurchase of shares pursuant to cash exit rights (456) – Dividends paid to Company's shareholders (583) – Dividends and distributions paid to non-controlling interest (36) (143) Loans and borrowings received 798 104 Repayment of loans and borrowings (234) (117) Hedging derivatives – inflows 26 6 Hedging derivatives – outflows (25) (4) Repayment of principal element of lease liabilities (11) 13) Net cash generated from (+)/used in ( -) financing activities (552) (167) Net decrease ( -)/increase (+) in cash and cash equivalents (690) (507) Effect of currency translation on cash and cash equivalents (3) 16 Cash and cash equivalents at the end of the period – reclassified to disposal groups held for sale - assets – (33) Cash and cash equivalents at the beginning of the period 2,435 1,802 Cash and cash equivalents at the end of the period 1,742 1,278
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Definitions and abbreviations 27 Definitions and abbreviations In this document: “Allwyn LS Group” refers together to Allwyn North America Inc. and its subsidiaries and Allwyn Lottery Solutions Limited and its subsidiaries “Allwyn International” refers to KKCG Entertainment International AG (formerly Allwyn International AG) “Allwyn UK” refers to Allwyn Entertainment Ltd “Betano” refers to Kaizen Gaming Holding Limited and its subsidiaries, operating under the Betano brand “CASAG” refers to Casinos Austria AG and its subsidiaries “Continental Europe” refers together to Austria, Greece and Cyprus, Czech Republic, Slovakia and share of profit equity method investees, Italy and Germany “E” “Germany” refers to EURIBOR refers to Next Lotto GmbH “Italy” refers to LOTTOITALIA S.r.l. “IWG” “LottoItalia” refers to Instant Win Gaming Limited refers to LOTTOITALIA S.r.l. “LTM” “Next Lotto” refers to last twelve months refers to Next Lotto GmbH “North America” refers together to Allwyn LS Group, Instant Win Gaming Limited and PrizePicks “OPAP” refers to OPAP S.A. and its subsidiaries, which has since been renamed Allwyn Hellas “p.p.” refers to percentage points “PrizePicks” refers to SidePrize, LLC and its subsidiaries, operating under the PrizePicks brand “S” refers to SOFR “SSN” refers to senior secured notes “TLB” refers to term loan B “100% basis” refers to metrics calculated as the sum of metrics for individual businesses and significant equity method investees for the whole reported period excluding the effect of Group’s ownership Further information From time to time, subject to market conditions, the Company (directly or through a subsidiary) may engage in bond repurchase transactions in the open market or in privately negotiated transactions. From time to time, subject to market conditions, the Company (directly or through a subsidiary) may acquire its shares in the open market or in privately negotiated transactions. The Company regularly evaluates its financing and other strategic options on an opportunistic basis , which may include private funding and public capital markets transactions taking into account prevailing market conditions, or potential acquisitions or strategic investments, at any time. Use of proceeds for such financing transactions may include, among other things, acquisitions, increases of stakes in our existing businesses, refinancing of upcoming maturities, repayment of revolving credit facilities and dividends or other distributions to shareholders. Alternative performance measures (“APMs”) This document contains certain unaudited financial and operating measures that are not defined or recognised under IFRS that we use to assess the performance of our business. For example, in this document, we present non-IFRS financial measures such as Net Rev enue, Operating EBITDA, Adjusted EBITDA, Margin (% of Net Revenue), Adjusted profit from operating activities, Adjusted profit before tax, Adjusted profit after tax, Adjusted EPS, Adjusted profit attributable to shareholders of the Company, CAPEX, Net debt and Net debt (including leases), Adjusted profit after tax attributable to shareholders of the Company, Adjusted earnings per share, Net debt (incl. leases) to pro forma Adjusted EBITDA which we use to, among other things, evaluate the performance of our operations, develop budgets, and measure our performance against those budgets. We believe that Net Revenue, Operating EBITDA, Adjusted EBITDA, Margin (% of Net Revenue ), Adjusted profit before tax, Adjusted profit after tax, Adjusted profit after tax attributable to shareholders of the Company, Adjusted earnings per share, CAPEX, Net debt, Net debt (including leases ) and Net debt (incl.leases) to pro forma Adjusted EBITDA assist in understanding our trading performance as they give an indication of our ability to service our indebtedness.
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Definitions and abbreviations 28 We define: • Net Revenue as “Total Revenue” less “Gaming taxes and Good Cause contributions”; • Operating EBITDA as “profit before tax from continuing operations” before “finance cost, net,” “depreciation and amortisation,” “impairment of tangible and intangible assets including goodwill,” “restructuring costs,” “gain from remeasurement of previously held interest in equity method investee” and “other gains and losses”; • Adjusted EBITDA as Operating EBITDA adjusted, as our management deems relevant, for significant one-off items, nonoperating items and business development costs; • Adjusted EBITDA attributable to shareholders of the Company, as the Company’s period end economic interest in key operating entities by market in which it has a controlling interest, multiplied by the consolidated Adjusted EBITDA thereof. • Margin (% of Net Revenue) as “Adjusted EBITDA” divided by “Net Revenue”; • Adjusted profit from operating activities as “Adjusted EBITDA” plus “adjustments to EBITDA”; • Adjusted profit before tax as “profit before tax” plus “adjustments to EBITDA”; • Adjusted profit after tax as “profit after tax” plus “adjustments to EBITDA ”, adjusted for the related tax impact of those items; • Adjusted profit attributable to shareholders of the Company as “profit after tax” less “non-controlling interests” adjusted, as our management deems relevant, for significant one -off nonoperating items and business development costs; • Adjusted earnings per share (Adjusted EPS) as “Adjusted profit attributable to shareholders of the Company” divided by the weighted average number of ordinary shares outstanding during the period; • CAPEX as additions to tangible and intangible assets reduced by the changes in liabilities arising from the acquisition, i.e. on cash basis; • Net debt as “External loans and borrowings” less “Cash and cash equivalents”; and, • Net debt (including leases) as “External loans and borrowings” less “Cash and cash equivalents” plus “Lease liabilities”; In the summarised cash flow metrics, save for those financial measures defined above, we define: • Dividends and Distributions received from equity method investees as “Dividend distributed to equity method investee of the Group” plus “Dividends and distributions received from equity method investees”; • Net finance costs as “Interest paid” plus “Interest income received”; • Other operating cash flows (incl. financing fees) as the residual balance between “Operating EBITDA” and the sum of financial measures in the calculation of “Adjusted operating cash flow before change in working capital” in the summarised consolidated statement of cash flows; • Adjusted operating cash flow before change in working capital as “Increase (+)/decrease ( -) in provisions” plus “Dividends and distributions received from equity method investees” plus “Dividend distributed to equity method investee o f the Group” plus “Interest paid” plus “Income tax paid” plus “Interest income received”; • Working capital as “Increase ( -)/decrease (+) in inventories” plus “Increase ( -)/decrease (+) in trade receivables and other receivables” plus “Increase (+)/decrease (-) in trade and other payables”; • Net CAPEX as “Acquisition of property, plant and equipment and intangible assets” plus “Proceeds from sale of property, plant and equipment and intangible assets”; • Free cash flow as “Adjusted operating cash flow before change in working capital” plus “Working capital” plus “Net CAPEX” plus “Repayment of principal element of lease liabilities”; • Inorganic growth net of disposals as “Acquisition of subsidiaries and investments in equity method investees” plus “ Proceeds from sale of subsidiary, net of cash disposed” plus “Purchase of non - controlling interest in subsidiaries”;
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Definitions and abbreviations 29 • Significant licence acquisition and re newal payments / capital contributions as “Significant licence acquisition and renewa payments” plus “Capital contribution to equity method investee”; • Purchase/disposal of financial investments as “Purchase of office building” plus “Purchase of financial investments” plus “Proceeds from disposal of financial investments” plus “Increase in fixed -term deposits” plus “Net movement in restricted cash related to investing activities”; • Net loans provided as the sum of “Dividends paid to the parent” plus “Loans provided” plus “Repayment of loans provided” less Distributions to shareholders (dividends and loans) as defined below; • Distributions to shareholders (dividends and loans) as the sum of “Dividends paid to the parent” plus the share of “Loans provided” issued to the parent company • Dividends to minorities as “Dividends and distributions paid to non-controlling interest”; • Other cash flow items as the sum of “Hedging derivatives - inflows” plus “Hedging derivatives - outflows” plus “Effect of currency translation in cash and cash equivalents” plus “Cash and cash equivalents at the end of the period – reclassified to disposal groups held for sale”; • Total cash flow before loans and borrowings as “Free cash flow” plus “Inorganic growth net of disposals” plus “Purchase/disposal of financial investments” plus “Other net loans provided” plus “Distributions to shareholders (dividends and loans)” plus “Dividends to minorities” plus “Other cash flow items”; • Non-cash changes in loans and borrowings as the movement in accrued interest and prepaid expenses included in the book value of loans and borrowings plus other non-cash movements in the book value; • Changes in lease liabilities as the period -on-period movement in current and non -current lease liabilities. • (Increase) / Decrease in net debt + leases as “Total cash flow before loans and borrowings” plus “Non- cash changes in loans and borrowing” plus “Changes in lease liabilities”; • Net debt + leases as Net debt (including leases); see above. 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. An investor should not consider these non-IFRS measures (a) as a substitute for operating results (as determined in accordance with IFRS) or as a measure of our operating performance, (b) as a substitute for cash flow from or used in operating, investing and financing activities (as determined in accordance with IFRS) or as a measure of our ability to meet cash needs or (c) as a substitute for any other measure of performance under IFRS. 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. For reconciliation of our non-GAAP metrics see ‘Reconciliations of APMs’. Comparability of information Comparative financial information in ‘Highlights’, ‘Financial review’ and ‘Business review’ 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 G roup formed through the combination of Allwyn International and OPAP in March 2026.
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Appendix 30 Reconciliations of APMs Reconciliation of Operating EBITDA to Adjusted EBITDA In the table below, amounts added back to Operating EBITDA for the calculation of Adjusted EBITDA (for example, one -off expenses) are shown as positive numbers; amounts subtracted (for example, one -off incomes) are shown as negative numbers. Adjustments to EBITDA for the period – 100% basis € millions Q2 2026 Q2 2025 Allwyn brand initiative (1) – Transaction costs24F 1 1 – Other 4 5 Continental Europe adjustments total 4 5 Transaction costs25F 2 14 – Change in the fair value of cash-settled incentive plan3 12 – Litigation settlements 6 – Non-cash amounts relating to acquisition accounting26F 4 1 19 Other – 3 North America adjustmen ts total 33 22 Transition costs27F 5 (1) 8 United Kingdom adjustments total (1) 8 Allwyn brand initiative 36 23 Business development, financing and transaction costs, other 25 1 Other – 5 Corporate adjustments total 61 29 Total EBITDA adjustments - 100% basis 97 64 Less: amounts relating to PrizePicks during period before acquisition – (3) Total EBITDA adjustments - consolidated basis 97 61 1 Represents expenses related to combination of Allwyn and OPAP. 2 Represents expenses related to the Group’s acquisition of PrizePicks. 3 Represents the change in the fair value of a cash-settled transaction-related incentive plan at PrizePicks, linked to the retention of key employees. The associated liability relating to the vested portion of the plan is reported within non-current employee benefits liability in the consolidated statement of financial position. 4 Represents add-back of certain non-cash amounts relating to the acquisition of our interest in IWG. The transaction documentation includes an earnout and a put option discount mechanism, the value of which is expensed as remuneration for future services under IFRS. 5 Represents transition costs incurred in relation to Allwyn UK’s operation of the UK National Lottery from 1 February 2024. A substantial majority of these costs are expected to be recoverable over the 10-year period of the licence.
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Appendix 31 Reconciliation of Reported earnings per share to Adjusted earnings per share The following table provides the calculation of Adjusted earnings per share, which is based on Consolidated profit attributable to shareholders of the Company adjusted, as management deems relevant, for significant business combination adjustments, impairments, non -operating items, business development costs, and other one-off items, divided by the weighted average number of shares outstanding during the period. In the comparative period, there was no difference between OPAP’s Consolidated profit attributable to shareholders of the Company and Adjusted consolidated profit attributable to shareholders of the Company; hence, no reconciliation is provided. Three months ended 30 June 2026 Business combination adjustments € millions Consolidated income statement Depreciation and amortisation of assets recognised in a business combination (a) Impairment of identified fixed assets and equity accounted investments Personnel costs related to business combination (b) Other (c) Other one-off items (d) Adjusted consolidated income statement Operating EBITDA → Adjusted EBITDA 361 – – 13 – 84 458 Depreciation and amortisation (148) 71 – – – – (77) Impairment of non-financial assets – – – – – – – Other gains and losses 12 – – – – (12) – Profit from operating activities 225 71 – 13 – 72 381 Finance costs, net (114) – – – 17 – (97) Profit before tax 111 71 – 13 17 72 284 Income tax expense (35) (7) – – – (3) (45) Profit after tax 76 64 – 13 17 69 239 Less: Non-controlling interests 23 17 – 4 – 7 51 Profit/loss attributable to shareholders of the Company → Adjusted profit attributable to shareholders of the Company 53 47 – 9 17 62 188 Weighted average number of shares (#) 774,180,116 774,180,116 Reported earnings per share → Adjusted earnings per share (€) 0.07 0.24 (a) Represents depreciation and amortisation of newly identified intangible assets and fixed assets with a finite useful life, re cognised as part of acquisition accounting as of the acquisition date. (b) Represents add-back of certain non-cash amounts relating to the acquisition of our interest in IWG. The transaction documentation includes a put option discount mechanism, the value of which is expensed as remuneration for future services under IFRS. Further, it includes the change in the fair value of a transaction-related incentive plan at PrizePicks, accounted for as cash-settled and linked to the retention of key employees. (c) Represents the unwinding of the discount of put option s measured at the present value of the redemption price and contingent consideration discount unwinding. (d) EBITDA adjustments that do not relate to business combinations, Other gains and losses and an effect of discontinuing operation. See ‘Reconciliation of Operating EBITDA to Adjusted EBITDA’ for an overview of EBITDA adjustments.
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Disclaimer 32 Disclaimer This document does not represent an offer, constitute or form part of, and should not be construed as an advertisement, an offer or an invitation to subscribe for or to purchase securities of the Company or its subsidiaries or affiliates from time to time. The preliminary unaudited results for the three months ended 30 June 2026, are an estimate, based on information available to management as of the date of this release, and are subject to further changes upon completion of the Company’s standard quarter and year-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 release, or its results of operations for the three months 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 above and those changes could be material. This announcement does not form, and should not be construed as, the basis of any credit analysis or other evaluation, an investment or lending recommendation, advice, a valuation or a due diligence review. This announcement 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 operations, 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’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 the Group’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 announcement. 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 o r developments in future periods. Except as required by applicable law or regulation (including the listing 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 document. 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 directors, officers, employees, advisers or agents, or any other party as to the accuracy or completeness of the information contained in this announcement, including any opinions, forecasts or projections. Nothing in this document shall be deemed to constitute such a representation or warranty or to constitute a recommendation to any person to a cquire any securities. Any estimates and projections in this announcement 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 announcement. Nothing in this document 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 in this announcement 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 advice (whether in relation to legal, tax or accounting issues or otherwise). You should receive legal, tax, accounting and any other necessary advice from your advisors in relation to the contents of this announcement.
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Disclaimer 33 This announcement has not been approved by any regulatory authority and does not represent financial statements within the meaning of applicable law.