Slides
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Confidential | Lottomatica 9M 2026 Results Presentation 3 November 2026
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Highlights and Business Update Guglielmo Angelozzi, Chairman and CEO
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2 17% 12% Adj. EBITDA Q3 YoY (%) Revenues Q3 YoY (%) Quarter of strong growth on a normalised basis, thanks… Revenues(1) and Adjusted EBITDA(2) Q3 YoY (%) normalised(3) Notes: Rounded figures to the first digit, applies to the entire document. (1) Include the revenues of Cristaltec group, Sportbet, Bgame and Agesoft consistent with the approach adopted by management to monitor the results of the operating segments. (2) Calculated as net profit for the period adjusted for: (i) income tax expense; (ii) finance income and expenses; (iii) share of profit/(loss) of equity accounted investments; (iv) D&A and impairments; (v) Adj. EBITDA (as defined herein) of equity accounted investments in which the Group holds an interest of more than 50% or financial instruments that, if exercised, enable the Group to obtain control (excluding companies that have not yet commenced operations), and/or of businesses disposed of or in the process of disposal; (vi) costs related to M&A, advisory and international activities; (vii) integration costs; (viii) other income and expenses that, in view of their nature, are not reasonably expected to recur in future periods. This applies to the entire document. (3) Calculated assuming a sports betting payout of 80.5% for retail and 85.5% for online. Unfavourable payout in Q3 +5% +3% +19% +20% -2% +12% Online Sports Franchise Gaming Franchise Total Revenues(1) by business Q3 YoY (%) normalised(3) Q3 YoY % Reported +5%+13% -1%
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3 24,514 27,461 Q3 2025 Q3 2026 …to robust market performance on all segments (despite negative payout in Sports across all of Europe)… Overall Online (€m) Market bets growth in Q3 YoY (%) +12% Source: ADM market data. iSports (€m) Market bets growth in Q3 YoY (%) Sports Franchise (€m) Market bets growth in Q3 YoY (%) 3,609 4,077 Q3 2025 Q3 2026 1,968 2,257 Q3 2025 Q3 2026 +15%+13% Q3 2026 Payout Sports betting ▪ Online: 88.5% ▪ Retail: 86.8% 19,079 21,387 Q3 2025 Q3 2026 iGaming (€m) Market bets growth in Q3 YoY (%) +12% GGR +14% YoY
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4 29.9% 33.8% 33.0% 33.4% 33.1% 31.2% 31.0% 37.6% 37.1% Jan 2026 Feb 2026 Mar 2026 Apr 2026 May 2026 Jun 2026 Jul 2026 Aug 2026 Sep 2026 …and record high market share iSports – Market share evolution (%) 34.8% in Q3 Source: ADM market data. Market shares based on GGR including Sportbet and Bgame. Overall Online – Market share evolution (%) 30.2% 31.8% 31.6% 32.1% 31.9% 30.6% 30.7% 32.1% 32.4% Jan 2026 Feb 2026 Mar 2026 Apr 2026 May 2026 Jun 2026 Jul 2026 Aug 2026 Sep 2026 Market share growth in a disciplined manner: rational marketing spend during World Cup Highest ever Record high
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5 … and tail operators continuing to decline Tail operators Overall Online Market share evolution (%) -0.8 p.p. -4.2 p.p. ▪ Tail operators market share continue to decline visibly ▪ The market lost more than 4 p.p. in the last 20 months, with us taking more than our fair share Source: ADM market data. Market shares based on GGR. -1.4 p.p. vs Q2 16.6% 15.8% 14.4% 11.6% 2023 2024 2025 Q3 2026
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6 C. 55% of market share growth in the last 10 years coming from organic improvements (achieving 2.3x base + acquired perimeter) Overall Online market share growth drivers Market share from 2016 to Q3 2026 (%) c.45% of the growth driven by M&A and c.55% by organic improvements 1% 13% 17% 32% 2016 M&A Organic improvements Q3 2026 Source: Company information. Market shares based on ADM market data.
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7 Focus on Tech/Product: BIP - Betting Intelligence Platform A 100% proprietary technology asset We control the entire value chain, from the event to the odds. Always-on Probability 02 Algorithms & Smart Pricing 03 Tailor-made odds Continuously monitored and adjusted on every event Pre-match Live PRE -MATCH + LIVE Football · Football Players PRE -MATCH Tennis · Basket · Ice Hockey & more SHARE OF TOTAL TURNOVER MANAGED 48% in 2026 01 Continuous, iterative study of the probabilities of every single event, both historical and real-time Custom mathematical and statistical models for each sport, tailored to observed economic flows
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8 BenefitsBIP Betting Intelligence Platform MARKET STANDARD Third-party odds provider Focus on Tech/Product: BIP vs a standard odds provider Why BIP makes the difference COMPARISON Key areas Technology Third-party feed, licensed from an external vendor 100% proprietary, built entirely in- house Owned IP, no vendor lock-in Probabilities Black box: no visibility on how prices are built Always-on, iterative study, historical and real-time Sharper, faster pricing Offer and Odds Same offer and prices supplied to many operators Tailor-made, continuously monitored and adjusted Differentiated offer Control & know- how Dependent on the vendor's roadmap Full control of the value chain; know- how stays in-house Strategic independence Payout management Standard payout levels, not tuned to our customer base Payout managed and calibrated per sport, market and event Optimised payout vs GGR balance Other services Not feasible: no visibility on economic flows Automatic acceptance, bot detection, cash- out, anomaly alerts, bonus-abuse detection Built-in risk protection Savings Recurring fees paid to external odds providers No third-party provider fees: costs saved and kept in-house Pricing models Generic models, the same for every operator Tailored to our observed economic flows Better margin control
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9 2023 Jan 116% 2023 Sep 127% 2024 Sep 122% 2025 Sep 135% 2026 Sep 134% E V E RY O N E measure every touchpoint S E G M E N T S cluster & prioritise A F F I N I T Y tailor every offer ONE player O N E-TO-MAN Y → O N E-TO-ON E ORCHESTRATED SYSTEM Tools + AI + human know-how the right mix for each need Every player becomes a market of one ~3x Click-Through-Rate and +10% ARPU from AI personalization UNIFIED DATA Every touchpoint, one data layer server-side & privacy-first tracking SMART SEGMENTATION AI-driven clusters, in real time who to talk to and when TAILORED CONTENT Interests + GenAI creatives the right offer for each passion ARPU COMPARISON: GBO VS MKT GBO ARPU as % of market · dotted line = trend Focus on Tech/Product - Digital Marketing: from the crowd to the one ARPU comparison – GBO vs Market GBO ARPU as % of market
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10 ▪ Workstreams of integration already fully up and running: 1. Synergies 2. Online boost 3. Italy 4. Corporate integration ▪ Full management engagement: both Lottomatica and CIRSA management teams actively engaged and driving integration planning ▪ Day-one execution focus: be 100% ready to start the execution of the integration plan from the date of closing Integration readiness Transaction Execution ▪ Financing secured: bridge financing syndication successfully completed ▪ Regulatory approvals progressing: all relevant filings, including merger control, FDI, FSR, have been made o gaming approval sought in Portugal only ▪ Shareholder approvals: Lottomatica’s EGM called for 23 November 2026; CIRSA called on 30 November 2026 ▪ Closing expected in Q2 2027 On track for closing, ready to execute from day one
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9M 2026 Financial Highlights Laurence Van Lancker, Deputy CEO and Group CFO
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12 Revenues(1) (€m) 665 617 9M 20269M 2025 1,718 1,640 9M 20269M 2025 Adjusted EBITDA (€m) Group financial highlights Adj. EBITDA Margin 38.7%37.6% +8% Bets (€m) 32,482 35,204 GGR (€m) 3,454 3,516 YoY % reported +8% +5% +2% Note: (1) Include the revenues of Cristaltec group, Sportbet, Bgame and Agesoft, consistent with the approach adopted by management to monitor the results of the operating segments. 195 200Q3 Adj. EBITDAQ3 Revenues 511 537 +5% +3% +12% +17% Q3 YoY % reported Q3 YoY % reported 517 579 200 234Q3 Revenues @norm. PO Q3 Adj. EBITDA @norm. PO +10% YoY % @norm. PO YoY % reported YoY % @norm. PO +19% Q3 YoY % @norm. PO Q3 YoY % @norm. PO
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13 378 443 103 87 136 136 617 665 9M 2025 9M 2026 689 781 382 377 570 560 1,640 1,718 9M 2025 9M 2026 YoY % reported YoY % @norm. PO YoY % reported YoY % @norm. PO Financial highlights by segment Adj. EBITDA margin % +8% -1% -16% +17% +5% -2% -1% +13% Online Sports Franchise Gaming Franchise 38.7% 24.2% 23.1% 56.7% +10% -2% +13% +18% +19% -1% +28% +24% Note: (1) Include the revenues of Cristaltec group, Sportbet, Bgame and Agesoft, consistent with the approach adopted by management to monitor the results of the operating segments. Revenues(1) (€m) Adjusted EBITDA (€m)
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14 545 504 9M 20269M 2025 67 74 46 46 113 121 9M 2025 9M 2026 Operating cash flow Notes: (1) Based on recurring and concession capex. (2) Operating cash flow equal to Adjusted EBITDA minus recurring and concession capex. Capex (€m) Operating cash flow(2) (€m) Capex as % of revenues(1) 7%7% Recurring Concession +8% 52 45Growth/One-off Does not include Goldbet deferred consideration (€21m)
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15 2,110 2,164 (200) 81 49 10 92 22 NFD as of 30 Jun 2026 Adjusted EBITDA Net working capital Capex Financial expenses and leases Buyback and dividends Other NFD as of 30 Sep 2026 Net financial debt and leverage evolution €366m 2.3x Cash NFD / LTM RR Adjusted EBITDA(2) €278m 2.4x Note: (1) Include c.€5m related to residual dividends paid during Q3. (2) LTM run rate Adjusted EBITDA is equal to €911m and is calculated as the Adjusted EBITDA for the last twelve months ended 30 September 2026 pro forma for bolt-ons and PWO run rate synergies. Include growth/one off bolt-ons for €9m Include extraordinary items in relation to the Cirsa transaction and the closure of PWO’s Maltese branch (1)
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Appendix
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17 (€m) Q1 2026 Q1 2025 YoY Q2 2026 Q2 2025 YoY Q3 2026 Q3 2025 YoY 9M 2026 9M 2025 YoY Bets Online 8,493 7,363 +15% 7,688 7,024 +9% 8,021 7,241 +11% 24,202 21,628 +12% Sports Franchise 1,175 1,046 +12% 1,000 933 +7% 948 826 +15% 3,124 2,805 +11% Gaming Franchise 2,740 2,769 (1%) 2,586 2,661 (3%) 2,552 2,618 (3%) 7,878 8,049 (2%) Total 12,408 11,179 +11% 11,275 10,617 +6% 11,521 10,686 +8% 35,204 32,482 +8% GGR Online 474 428 +11% 441 395 +12% 429 398 +8% 1,345 1,221 +10% Sports Franchise 182 192 (5%) 170 165 +3% 130 131 (1%) 482 488 (1%) Gaming Franchise 589 605 (3%) 556 576 (3%) 543 565 (4%) 1,688 1,745 (3%) Total 1,246 1,224 +2% 1,168 1,135 +3% 1,102 1,094 +1% 3,516 3,454 +2% Revenues Online 265 240 +10% 260 223 +17% 256 226 +13% 781 689 +13% Sports Franchise 142 150 (5%) 133 129 +3% 101 102 (1%) 377 382 (1%) Gaming Franchise 195 196 (0%) 185 191 (3%) 180 183 (2%) 560 570 (2%) Total 602 586 +3% 578 543 +6% 537 511 +5% 1,718 1,640 +5% Adjusted EBITDA Online 152 128 +18% 152 122 +24% 139 127 +9% 443 378 +17% Sports Franchise 35 46 (23%) 35 36 (2%) 17 22 (22%) 87 103 (16%) Gaming Franchise 48 46 +4% 43 44 (3%) 44 46 (3%) 136 136 (1%) Total 236 220 +7% 230 202 +14% 200 195 +3% 665 617 +8% Adj. EBITDA Margin (%) Online 57.5% 53.6% 58.3% 54.7% 54.4% 56.4% 56.7% 54.8% Sports Franchise 24.6% 30.4% 26.4% 27.6% 16.6% 21.2% 23.1% 27.0% Gaming Franchise 24.8% 23.7% 23.2% 23.1% 24.6% 25.1% 24.2% 24.0% Total 39.1% 37.6% 39.7% 37.2% 37.3% 38.1% 38.7% 37.6% Bets, GGR, Revenues, Adj. EBITDA and Margin details (Reported) (1) Note: (1) Include the revenues of the Cristaltec group, Sportbet, Bgame and Agesoft, consistent with the approach adopted by management to monitor the results of the operating segments.
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18 P&L (€m) 9M 2026 9M 2025 FY 2025 Revenues(1) 1,718 1,640 2,255 Adjusted EBITDA 665 617 856 Adjusted EBITDA from equity accounted investments and/or of businesses disposed of or in the process of disposal (6) (2) (3) D&A (exc. PPA and other non-recurring depreciation and amortization) (164) (142) (191) Adjusted EBIT 496 473 662 Financial Charges, Net (excl. Extraordinary costs and other non monetary items) (93) (96) (125) Income tax expense (excl. PPA, extraordinary costs and other non-monetary items included in financial expenses) (140) (119) (167) Adjusted Net Profit for the period 263 257 369 Other costs not included in Adjusted EBITDA (monetary) (73) (72) (89) Other costs not included in Adjusted EBITDA (non monetary) (9) (32) (37) Refinancing adjustments and other non-recurring and non-monetary items included in financial expenses (16) (61) (65) D&A related to PPA and other non-recurring depreciation and amortization (52) (53) (70) Tax effect related to above adjustments 43 59 71 Net Profit for the period 155 98 180 Income statement (Reclassified) Note: (1) Include the revenues of Cristaltec group, Sportbet, Bgame and Agesoft, consistent with the approach adopted by management to monitor the results of the operating segments. €298m and +21% excluding the impact of PO post taxes
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19 Cash Flow (€m) 9M 2026 9M 2025 FY 2025 Adjusted EBITDA 665 617 856 Adjusted EBITDA from equity accounted investments and/or of businesses disposed of or in the process of disposal (6) (2) (3) Extraordinary monetary costs not included in Adjusted EBITDA (73) (72) (89) Non monetary costs included in Adjusted EBITDA (7) 2 3 Corporate taxes (75) (46) (94) Delta NWC and other assets / liabilities 8 (1) (38) Cash flow from operating activities (a) 513 499 635 Recurring capex (74) (67) (86) Concession capex (46) (46) (113) Growth / One-off capex (45) (52) (62) Goldbet deferred consideration - (21) (21) Investments in associates, M&A & other (14) (12) (14) Cash flow from investing activities (b) (179) (198) (296) Financial income / expenses (58) (81) (125) Lease payments (23) (21) (28) Refinancing 355 2 1 Change in financial assets / liabilities (1) (1) (2) Cash flow from financing (c) 275 (102) (154) FCFE to Lottomatica Group (a+b+c) 609 198 185 Dividends, Share buyback and Minority transactions (475) (141) (205) Net Cash flow 134 57 (20) Cash flow statement (Reclassified)
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20 Net financial debt (€m) 30.09.2026 31.12.2025 Gross Financial Debt 2,442 2,249 EUR 400m FRNs due 2031 - 400 EUR 500m SSNs due 2030 500 500 EUR 1,100m SSNs due 2031 1,100 1,100 EUR 765m SSNs due 2032 765 - Buyback liabilities 7 173 IFRS 16 (leases) 70 76 Cash (278) (144) Net Financial Debt 2,164 2,105 Net financial debt as of 30 September 2026
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21 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 consolidated financial statements as of and for the nine months ended September 30, 2026. 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. 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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, 2026 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. 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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. 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