Slides
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Confidential | Lottomatica 9M 2025 Results Presentation 4 November 2025
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Highlights and Business Update Guglielmo Angelozzi, Chairman and CEO
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2 +32% +17% +18% Q1 Q2 Q3 Continued double-digit Adj. EBITDA growth Notes: rounded figures to the first digit, applies to the entire document. 2024 figures include PWO contribution from 1 May 2024. (1) Adjusted EBITDA is calculated as net profit for the period adjusted for: income tax expense; finance income and expenses; share of profit/(loss) of equity accounted investments; depreciation, amortization and impairments; Adjusted EBITDA (as defined herein) of equity accounted investments in which the Group holds an interest of more than 50%; costs related to M&A and international activities; integration costs and other income and expenses that are not reasonably expected to arise in future periods. This applies to the entire document. (2) Market share Overall Online based on GGR. ▪ Record-high: from 21.6% in Q1 ‘24 to 24.8% in Q3 (+3.2 p.p.) Strong Q3 financial and competitive performance: Ebitda double-digit growth; market share growth… Positive payout Adjusted EBITDA(1) Like for Like YoY growth (%) Market share(2) ▪ PWO at 6.0% in September, from 5.9% (negative peak) in August. On path to recovery after completion of migrationPWO Historical brands All portfolio ▪ Record-high market share in September 2025 at 32.0% (vs 30.3% in September 2024) ▪ Market share continues to grow in 2025 notwithstanding PWO integration (30.4% in Q1, 30.5% in Q2 and 30.8% in Q3)
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3 Product/Tech innovation ▪ New Online concession confirmed to kick-in on 13th November - Redistribution to start with new concession and accelerate in 2026 ▪ No issues from Prediction Markets Online regulatory backdrop ▪ Broadening of iGaming offering and exclusive content continues at increased speed ▪ Lottomatica Core MarTech now onboarding on PWO …and further improvement expected from completion of PWO integration, product innovation and online regulatory backdrop ▪ Migration completed ahead of plan, with 2/3 of the synergies expected to be realised in 2025 ▪ PWO now fully operational on the new platform - re-launch started PWO integration completed ▪ Completion of the PWO integration, continued product/tech innovation and positive online regulatory backdrop, along with solid market tailwinds and strong Group’s performance, provide the foundations for continued strong organic growth ▪ Discipline on capital allocation and focus on shareholder returns remains key 1 2 3 … Focus on the next slides 4
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4 (-) Pre/during-migration market share attrition due to: ▪ Freeze of product implementation and innovation on the old platform ▪ Limited/no CRM activities on customer base ▪ Freezing of customer base in order to implement the technical migration (+) Post migration market share (potential) benefit ▪ Tailor made activities on customer base re- activation ▪ All CRM activities ready and broadening to group standards ▪ Upgrade of software and products ▪ New tech platform fully operational, with Core MarTech onboarding on PWO +3.2 p.p. 21.6% 24.8% 7.2% 6.0% 03% 05% 07% 09% 11% 13% 15% 17% 19% 15% 16% 17% 18% 19% 20% 21% 22% 23% 24% 25% Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Lottomatica historical brands PWO brand GGR Market share - Overall Online Very strong market share growth for Lottomatica historical brands. PWO on path to recovery after completion of migration Migration/Relaunch Trough in August at 5.9% Source: ADM market data. 1
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5 Acceleration of PWO integration has brought forward both revenues impact and synergies, with no effect on Group’s EBITDA Strong growth of historical brands, PWO revenues impacted by integration are starting to improve 18 55 - 60 87 2024 2025 2026 Actual phasing 15 ~50 77 Synergies brought forward in 2025 (€m) Online GGR Sep YTD Like for Like YoY growth (%) +21% +5% Legacy brands PWO +17% o/w Revenues and Opex (€m) ▪ PWO online wagers on a path to recovery. Decline bottomed out in Jul-Aug ▪ PWO retail wagers already in positive territory YoY from August Acceleration of PWO integration implied negative impact on revenues and positive impact on synergies for FY 2025, with no effect on Group’s EBITDA: ▪ Revenues reported: c. €2,270m(1) ▪ Adjusted EBITDA reported: c. €860m(1) Note: (1) On a reported basis, calculated assuming a normalised sports betting payout in Q4 2025 (80.5% for retail and 85.5% for online). 1
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6 Product innovation - Increased speed in iGaming… 1,233 2,161 2,967 3,389 2,416 2021 2022 2023 2024 YTD Sep 25 35 48 113 255 331 2021 2022 2023 2024 YTD- Sep 25 6,285 7,226 Slot 617 Live Casino 324 Other Casino Total Total Casino Titles 2025 New Content Launch Exclusive Content Launch ▪ 86.9% of casino portfolio consists of slot games ▪ Average number of exclusive titles increased from 3 per month in 2023 to 7 per month in 2024. ▪ In 2025, further reinforcement of the exclusive content strategy, with a planned increase to 10 exclusives per month (vs. 7 in 2024) ▪ 2026: PlanetWin joins → more exclusives to secure flagship games 2
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7 Product innovation - …also with the use of exclusive content Using suppliers as a development lab for new content has enabled us to PHOENIX GOLD BLITZ TRIPLE PHOENIX POWER COMBO 2 ✓ Bespoke exclusive content produced for us by top third party providers ✓ Distinctive offer and improvement of product portfolio lifecycle The know how in: ▪ Extend slot games’ lifecycle → 3x the market average (30 days) ▪ “Phoenix Gold Blitz” (April 2024) → 18x turnover vs other launches in the same period ▪ “Triple Phoenix Power Combo” (May 2025) → in our top 10 most played content Online product Omnichannel Product (own studios)
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8 Post-Login Access for Casino VIPs Only Lottomatica Core MarTech onboarding on PWO Deposit Journey Comprehensive analysis of user behavior across every digital touchpoint to systematically identify and close gaps, enabling a seamless, optimized experience Indicative trend of customer signals An agile, cross-team operating model combining CRO and UX/UI practices with deep product expertise to deliver measurable business impact in near real time Search visibility index after migration The new infrastructure cut load times and improved stability and crawlability, driving broader indexing and sustained rank lifts on priority keywords. Result: stronger organic visibility and lower acquisition costs 450M+ Customer Signals Every Month Behavior and Business Driven Personalization Journey Replays to Remove Friction Modern Infrastructure to ignite SEO performance Augmenting transactional data with on-site behavioral signals to strengthen personalization capabilities and maximize the effectiveness of customer engagement 2
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9 ▪ Unexpressed potential in iSports Opportunity for further potential market share growth ▪ Recovery post migration ▪ Product/tech in place; brand now fully operational on the new platform Note: (1) Commercial deals or control / minority with path to control transactions. Related market share will be leveraged by Lottomatica with different timings / brands (both Totosì and other Group’s brands), depending on the deal. ▪ Continued advancements in Lottomatica Core (MarTech and customer experience) ▪ Benefit from long tail redistribution ▪ Gradual redistribution from 13th of November ▪ Completion and consolidation of the executed deals throughout 2026(1) ▪ Focus on omnichannel experience and cross-sell ▪ Commercial development agreements ▪ Focus on profitability improvement in the mid-term 3
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10 Capital allocation - Strong growth in operating cash flows coupled with strong discipline on capital allocation (focus on shareholder returns) Operating cash flow(1) (€m) Capital allocation principles ▪ Dividend policy: 30% of Adj. Net Profit ▪ Financial policy: 2.0-2.5x net financial leverage ▪ Excess cash available for capital returns and/or M&A depending on shareholder returns ▪ Buyback program(2) up and running o 5,066,713 shares acquired to date(3) o equivalent to 2.0% of the share capital o ~€117m spent so far ▪ Drives compounding returns Notes: (1) Operating cash flow equal to Adjusted EBITDA minus recurring and concession capex. (2) Program started on 18th June. (3) Total shares acquired as of 31 October 2025. 504 353 9M 20259M 2024 4
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11 Targets assessed Due Diligence Executed Lottomatica M&A Funnel - in the last 5 years 3 (all in Italy) 14 57 Capital allocation - Disciplined approach to M&A, measured on value creation benchmarked vs share buybacks Source: Company information. ▪ Focus: Europe, Regulated markets, Business-to-Consumer, segments of operation of Lottomatica ▪ Very selective approach focused on value creation and shareholder returns ▪ Share buyback continues to remain the main benchmark for shareholder returns 4
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9M 2025 Financial Highlights Laurence Van Lancker, CFO and Deputy CEO
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13 617 483 9M 20259M 2024 1,640 1,417 9M 20259M 2024 Adjusted EBITDA (€m) Group financial highlights Revenues (€m) Adj. EBITDA Margin 37.6%34.1% YoY % reported +28% Bets (€m) 27,789 32,482 GGR (€m) 3,136 3,454 YoY % reported +17% +16% +10% (1) Note: (1) Includes Cristaltec group revenues of €5.7m, consistent with the approach adopted by management to monitor the results of the operating segments. 166 195Q3 Adj. EBITDAQ3 Revenues 486 511 +5% +18% +3% +12% Q3 YoY % reported Q3 YoY % @norm. PO Q3 YoY % reported Q3 YoY % @norm. PO 501 517 179 200Q3 Revenues @norm. PO Q3 Adj. EBITDA @norm. PO
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14 285 378 68 103130 136483 617 9M 2024 9M 2025 544 689 313 382 561 570 1,417 1,640 9M 2024 9M 2025 YoY % reported YoY % @norm. PO YoY % reported YoY % @norm. PO Financial highlights by segment Adj. EBITDA margin % +28% +5% +51% +33% +16% +2% +22% +27% Online Sports Franchise Gaming Franchise 37.6% 24.0% 27.0% 54.8% Adjusted EBITDA (€m)Revenues (€m) +11% +2% +8% +21% +15% +5% +2% +24% (1) Note: (1) Includes Cristaltec group revenues of €5.7m, consistent with the approach adopted by management to monitor the results of the operating segments.
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15 504 353 9M 20259M 2024 67 67 63 46 39 52 169 166 9M 2024 9M 2025 Operating cash flow Notes: (1) Based on recurring and concession capex. (2) Does not include Goldbet deferred consideration (€21m). (3) Operating cash flow equal to Adjusted EBITDA minus recurring and concession capex. Capex (€m) Operating cash flow(3) (€m) Capex as % of revenues(1) Main items include: • Deferred and carry-over 2024 bolt-on (€32m) • Integration (€20m) 7%9% Recurring Concession One-off/Growth (2) Concession capex for FY 2025: • €77m for retail (prorogation regime) • €35m for online (one-off upfront)
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16 1,809 1,856 (195) 87 46 15 64 30 NFD as of 30 Jun 2025 Adjusted EBITDA Net working capital Capex Financial expenses and leases Buyback Other NFD as of 30 Sep 2025 Net financial debt and leverage evolution €271m 2.1x Cash NFD / LTM RR Adjusted EBITDA(1) €221m 2.1x Notes: (1) LTM run-rate Adjusted EBITDA is equal to €883m and is calculated as the Adjusted EBITDA for the last twelve months ended 30 September 2025 proforma for bolt- ons and PWO run-rate synergies. Include integration costs of c.€13m
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Appendix
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18 Bets, GGR, Revenues, Adj. EBITDA and Margin details (Reported) Note: (1) 9M 2025 includes Cristaltec group revenues of €5.7m, consistent with the approach adopted by management to monitor the results of the operating segments. (1) (€m) Q1 2025 Q1 2024 YoY Q2 2025 Q2 2024 YoY Q3 2025 Q3 2024 YoY 9M 2025 9M 2024 YoY Bets Online 7,363 5,055 +46% 7,024 5,661 +24% 7,241 6,405 +13% 21,628 17,122 +26% Sports Franchise 1,046 822 +27% 933 865 +8% 826 813 +2% 2,805 2,501 +12% Gaming Franchise 2,769 2,857 (3%) 2,661 2,708 (2%) 2,618 2,603 +1% 8,049 8,167 (1%) Total 11,179 8,734 +28% 10,617 9,235 +15% 10,686 9,821 +9% 32,482 27,789 +17% GGR Online 428 256 +67% 395 318 +24% 398 354 +12% 1,221 927 +32% Sports Franchise 192 119 +61% 165 150 +10% 131 126 +4% 488 395 +23% Gaming Franchise 605 639 (5%) 576 603 (5%) 565 571 (1%) 1,745 1,813 (4%) Total 1,224 1,014 +21% 1,135 1,071 +6% 1,094 1,051 +4% 3,454 3,136 +10% Revenues Online 240 150 +59% 223 188 +19% 226 205 +10% 689 544 +27% Sports Franchise 150 94 +59% 129 119 +8% 102 100 +3% 382 313 +22% Gaming Franchise 196 195 +0% 191 185 +3% 183 181 +1% 570 561 +2% Total 586 440 +33% 543 492 +10% 511 486 +5% 1,640 1,417 +16% Adjusted EBITDA Online 128 83 +55% 122 95 +29% 127 107 +19% 378 285 +33% Sports Franchise 46 20 +132% 36 31 +15% 22 18 +23% 103 68 +51% Gaming Franchise 46 47 (1%) 44 42 +6% 46 42 +11% 136 130 +5% Total 220 150 +47% 202 168 +20% 195 166 +18% 617 483 +28% Adj. EBITDA Margin (%) Online 53.6% 55.1% 54.7% 50.6% 56.4% 51.9% 54.8% 52.4% Sports Franchise 30.4% 20.9% 27.6% 26.0% 21.2% 17.7% 27.0% 21.8% Gaming Franchise 23.7% 24.0% 23.1% 22.6% 25.1% 23.0% 24.0% 23.2% Total 37.6% 34.0% 37.2% 34.1% 38.1% 34.1% 37.6% 34.1%
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19 Bets, GGR, Revenues, Adj. EBITDA and Margin details (LFL) Notes: LFL or Like for like data is calculated considering PWO contribution since 1 January 2024 for a like for like comparison. (1) 9M 2025 includes Cristaltec group revenues of €5.7m, consistent with the approach adopted by management to monitor the results of the operating segments. (1) (€m) Q1 2025 Q1 2024 LfL YoY LfL Q2 2025 Q2 2024 LfL YoY LfL Q3 2025 Q3 2024 YoY 9M 2025 9M 2024 YoY Bets Online 7,363 6,418 +15% 7,024 6,083 +15% 7,241 6,405 +13% 21,628 18,906 +14% Sports Franchise 1,046 1,052 (1%) 933 939 (1%) 826 813 +2% 2,805 2,804 +0% Gaming Franchise 2,769 2,857 (3%) 2,661 2,708 (2%) 2,618 2,603 +1% 8,049 8,167 (1%) Total 11,179 10,326 +8% 10,617 9,729 +9% 10,686 9,821 +9% 32,482 29,877 +9% GGR Online 428 344 +25% 395 346 +14% 398 354 +12% 1,221 1,043 +17% Sports Franchise 192 152 +26% 165 161 +3% 131 126 +4% 488 439 +11% Gaming Franchise 605 639 (5%) 576 603 (5%) 565 571 (1%) 1,745 1,813 (4%) Total 1,224 1,134 +8% 1,135 1,110 +2% 1,094 1,051 +4% 3,454 3,295 +5% Revenues Online 240 206 +17% 223 206 +9% 226 205 +10% 689 617 +12% Sports Franchise 150 120 +25% 129 128 +0% 102 100 +3% 382 348 +10% Gaming Franchise 196 195 +0% 191 185 +3% 183 181 +1% 570 561 +2% Total 586 521 +12% 543 518 +5% 511 486 +5% 1,640 1,525 +8% Adjusted EBITDA Online 128 97 +32% 122 100 +23% 127 107 +19% 378 303 +25% Sports Franchise 46 23 +98% 36 32 +12% 22 18 +23% 103 73 +42% Gaming Franchise 46 47 (1%) 44 42 +6% 46 42 +11% 136 130 +5% Total 220 167 +32% 202 173 +17% 195 166 +18% 617 506 +22% Adj. EBITDA Margin (%) Online 53.6% 47.2% 54.7% 48.5% 56.4% 51.9% 54.8% 49.2% Sports Franchise 30.4% 19.2% 27.6% 24.8% 21.2% 17.7% 27.0% 20.9% Gaming Franchise 23.7% 24.0% 23.1% 22.6% 25.1% 23.0% 24.0% 23.2% Total 37.6% 32.1% 37.2% 33.4% 38.1% 34.1% 37.6% 33.2%
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20 P&L (€m) 9M 2025 9M 2024 FY 2024 Revenues(1) 1,640 1,417 2,005 Adjusted EBITDA 617 483 707 Adjusted EBITDA from equity accounted investments(2) (2) - - D&A (exc. PPA) (142) (125) (171) Adjusted EBIT 473 359 536 Financial Charges, Net (excl. Extraordinary costs and other non monetary items) (96) (108) (146) Income tax expense (excl. PPA, extraordinary costs and other non-monetary items included in financial expenses) (119) (90) (136) Adjusted Net Profit for the period 257 161 254 Other costs not included in Adjusted EBITDA (monetary) (72) (32) (67) Other costs not included in Adjusted EBITDA (non monetary) (32) (8) (8) Refinancing and PWO Acquisition adjustments, other non-recurring and non- monetary items including in financial expenses (61) (58) (61) D&A related to PPA (53) (53) (73) Taxes related to above adjustments 59 41 59 Net Profit for the period 98 51 104 Income statement (Reclassified) Notes: (1) 9M 2025 includes Cristaltec group revenues of €5.7m, consistent with the approach adopted by management to monitor the results of the operating segments. (2) Contribution from Cristaltec (majority owned but accounted for as equity investment), consistent with the approach adopted by management to monitor the results of the operating segments.
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21 Cash Flow (€m) 9M 2025 9M 2024 FY 2024 Adjusted EBITDA 617 483 707 Adjusted EBITDA from equity accounted investments(1) (2) - - Extraordinary monetary costs not included in Adjusted EBITDA (72) (32) (68) Non monetary costs included in Adjusted EBITDA 2 2 4 Corporate taxes (46) (34) (79) Delta NWC and other assets / liabilities (1) (15) (38) Cash flow from operating activities (a) 499 403 524 Recurring capex (67) (67) (87) Concession capex (46) (63) (63) One-off / Growth capex (52) (39) (61) Betflag earn-out - (50) (50) Goldbet deferred consideration (21) - - M&A (net of escrow account release) & other (12) (87) (86) Cash flow from investing activities (b) (198) (306) (347) Financial income / expenses (81) (109) (160) Lease payments (21) (19) (25) Change in financial assets / liabilities 0 (53) (56) Cash flow from financing (c) (102) (181) (241) FCFE to Lottomatica Group (a+b+c) 198 (83) (63) Dividends, Share buyback and Minority transactions (141) (66) (67) Net Cash flow 57 (149) (131) Cash flow statement (Reclassified) Note: (1) Contribution from Cristaltec (majority owned but accounted for as equity investment), consistent with the approach adopted by management to monitor the results of the operating segments.
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22 Net financial debt (€m) 30.09.2025 31.12.2024 Gross Financial Debt 2,078 2,046 EUR 400m FRNs due 2031 400 400 EUR 500m SSNs due 2030 500 500 EUR 1,100m SSNs due 2031 1,100 - EUR 500m FRNs due 2030 - 500 EUR 565m SSNs due 2028 - 565 IFRS 16 (leases) 78 81 Cash (221) (173) Net Financial Debt 1,856 1,873 Net financial debt as of 30 September 2025 Note: (1) Include PWO guarantee deposits of €9m, collected in January 2025. (1)
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23 Disclaimer This proprietary presentation (including any accompanying oral presentation, question and answer session and any other document or materials distributed with or in connection with this presentation) (collectively, the “Presentation”) has been prepared by Lottomatica Group S.p.A. (the “Company” and together with its subsidiaries, the “Lottomatica Group”) for information purposes only. The Presentation does not, and is not intended to, constitute or form part of, and should not be construed as, an offer to sell, a solicitation to buy, an invitation or a solicitation of an offer, to buy, sell or subscribe for or otherwise acquire, any securities of any kind in any jurisdiction where such an offer, solicitation or sale should require registration, qualification, notice, disclosure or application in the United States or in any other jurisdiction, nor shall it or any part of it form the basis of or be relied upon in connection with or act as any inducement or recommendation to enter into any contract or commitment or investment decision whatsoever. The information set forth herein is qualified in its entirety by the information set out in the Company’s financial statements as of and for nine months ended September 30, 2025. The Presentation has not been independently verified, contains summary information only, does not purport to be comprehensive and is not intended to be (and should not be used as) the sole basis of any analysis or other evaluation. No representation or warranty (express or implied) is made or will be made as to, and no reliance should be placed on, the accuracy, completeness, quality, relevance, sufficiency or fairness for any purpose whatsoever of any of the information contained in the Presentation, including projections, estimates, targets and opinions, contained herein, and no liability whatsoever is accepted as to any errors, omissions or misstatements contained herein relating to, or resulting from, the Presentation, its inaccuracy or incompleteness, or the use of, or reliance upon, the Presentation. To the extent applicable, the industry, market and competitive position data contained in the Presentation has come from official or third party sources. Third-party industry publications, studies and surveys generally state that the data contained therein have been obtained from sources believed to be reliable, but that there is no guarantee of the fairness, quality, accuracy, relevance, completeness or sufficiency of such data. While the Lottomatica Group believes that each of these publications, studies and surveys has been prepared by a reputable source, the Lottomatica Group has not independently verified the data contained therein. In light of the foregoing, no reliance may be or should be placed on any of the industry, market or competitive position data contained in the Presentation. The information in the Presentation may include statements that are, or may be deemed to be, forward-looking statements regarding future events and the future results of the Lottomatica Group that are based on current expectations, estimates, forecasts and projections about the industry in which the Lottomatica Group operates and the beliefs, assumptions and predictions about future events of the management of the Lottomatica Group. In particular, among other statements, certain statements with regard to management’s objectives, trends in results of operations, margins, costs, return on equity, risk management are forward-looking in nature. 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In the view of the Lottomatica Group’s management, the Presentation was prepared by management on a reasonable basis, reflects the best currently available estimates and judgements, and presents, to the best of management’s knowledge and belief, the expected course of action and the expected future performance and results of the Lottomatica Group. However, such forward-looking statements are not fact and should not be relied upon as being necessarily indicative of future results. The Lottomatica Group expressly disclaims any obligation or undertaking to release publicly any updates or revisions of the information, opinions or any forward-looking statement contained herein to reflect any change in its expectations with regard thereto or any change in events, conditions or circumstances on which any forward-looking statement is based except as required by applicable securities laws. The Presentation contains in addition to the financial measures provided by International Financial Reporting Standards (“IFRS”), several measures derived from the latter even if not defined by IFRS (the “Non-IFRS Financial Measures”). These measures are presented in order to allow a better assessment of the Group’s operating performance and should not be considered alternatives to those provided by IFRS. Specifically, the Non-IFRS Financial Measures are not required by, or presented in accordance with, IFRS or any other generally accepted accounting standards. The Non-IFRS Financial Measures do not have any standardized meaning and therefore are unlikely to be comparable to similar measures presented by other companies. The Lottomatica Group uses the foregoing measures to help evaluate its performance. As an indicator of the Lottomatica Group’s performance, these measures have limitations and should not be considered in isolation or as an alternative to, or more meaningful than, measures of performance as determined in accordance with IFRS. The Lottomatica Group believes these measures to be key measures as they demonstrate the Lottomatica Group’s underlying ability to generate the cash necessary to fund operations and support activities related to its major assets. By reading or accessing the Presentation you acknowledge that you will be solely responsible for your own assessment of the market and the market position of the Lottomatica Group and that you will conduct your own analysis and be solely responsible for forming your own view of the potential future performance of the Lottomatica Group’s business. Run-rate adjustments regarding synergy and cost savings estimates are based on a number of assumptions made in reliance on the information available and the Company’s management's judgment, and they are inherently uncertain and subject to a wide variety of significant business, economic, and competitive risks and uncertainties. Recipients should not construe the contents of the Presentation as legal, tax, regulatory, financial or accounting advice and are urged to consult with their own advisers in relation to such matters. Unless as otherwise stated herein, the Presentation speaks only as of September 30, 2025 and the information and opinions contained in the Presentation are subject to change without notice and do not purport to contain all information that may be required to evaluate the Lottomatica Group. The information included in the Presentation may be subject to updating, completion, revision and amendment and such information may change materially. No person is under any obligation to update or keep current the information contained in the Presentation and any opinions expressed relating thereto are subject to change without notice. To the fullest extent permissible by law, the Lottomatica Group disclaims all and any responsibility or liability, whether arising in tort, contract or otherwise, which it might otherwise have in respect of the Presentation. The unaudited proforma financial information has been prepared by management of Lottomatica Group. The unaudited proforma financial information was not prepared with a view towards compliance with published guidelines of the SEC, the guidelines established by the American Institute of Certified Public Accountants for preparation and presentation of proforma financial information, IFRS or any other internationally accepted accounting principles. Our independent auditors have not audited, reviewed, compiled or performed any procedures with respect to such unaudited proforma financial information for the purpose of its inclusion herein and accordingly, they have not expressed an opinion or provided any form of assurance with respect thereto for the purpose of the Presentation. Furthermore, the unaudited proforma financial information does not take into account any circumstances or events occurring after the period it refers to. The unaudited proforma financial information is for information purposes only and does not purport to represent or to be indicative of the consolidated results of operations of the Lottomatica Group and is not, and should not be taken as, representative of the Lottomatica Group’s future consolidated results of operations, nor does it purport to project the Lottomatica Group’s results of operations for any future period and should be not used for such purpose. The unaudited proforma financial information is based on a number of assumptions that are subject to inherent uncertainties subject to change. In addition, although we believe the unaudited proforma financial information to be reasonable, our actual results may vary and such variations could be material. As such, you should not place undue reliance on such unaudited financial information and it should not be regarded as an indication that it will be an accurate prediction of future events.