#1Allwyn International a.s. Q1 2023 Results 13 June 2023 For further information on our company, please visit our website: allwynentertainment.com allwyn ●#2Presenting today 2 Robert Chvatal CEO Kenneth Morton CFO allwyn#3Today's agenda 3 Business and Strategic Update Financial Update Update on Current Trading and Summary Appendix allwyn#44 allwyn Business and Strategic Update#5Q1 2023 highlights Strong start to 2023 ● ● 5 Strong financial performance - Total Revenue +80% YOY - - +17% YOY excluding acquisitions First time contributions from Camelot UK and Camelot LS Group¹ - Adjusted EBITDA +28% YOY, +20% excluding acquisitions Adjusted EBITDA margin 43%² Successfully executing growth strategies Organic Strong underlying growth, driven by digital and digitalisation of physical retail, product and technology innovation Inorganic Completed acquisitions of Camelot UK and Camelot LS Group - Now operating lotteries in seven markets Issuance of €665m and $700m long-dated bonds post quarter end - First US-dollar bond, further diversifying funding - Medium-term maturities repaid Consolidated Total Revenue €1,647m +80% / +17% vs Q1'22 €347m Consolidated adjusted EBITDA vs Q1'22, excl. Camelot UK and Camelot LS Group acquisitions +28% / +20% vs Q1'22 vs Q1'22, excl. Camelot UK and Camelot LS Group acquisitions Pro-forma LTM consolidated Adjusted EBITDA³ Q1 2023 acquisitions Camelot UK Camelot LS Group 1) In Q1 2023 Allwyn completed the acquisitions of Camelot UK Lotteries Limited ("Camelot UK"), the current operator of the UK National Lottery, and the Camelot Lottery Solutions group of companies ("Camelot LS Group"), the current operator of the Illinois Lottery, USA, under a private management agreement. The United Kingdom segment is consolidated only from February 2023. Camelot LS Group is consolidated only from March 2023. Adjusted EBITDA margin calculated as Adjusted EBITDA / Net Revenue. As if acquisitions were already in effect for the whole LTM period. €1,444m Note: unless noted, all financial data presented is not pro-forma for acquisitions of Camelot UK and Camelot LS Group and only includes the contribution post date of acquisition allwyn#6Strong online momentum continued alongside resilience in physical retail... Online share increased year-on-year across all markets in Q1'23; significant growth vs. pre-Covid GGR (€m) / Online share of total (%) 160 36 18% 6 1) 10 16% Q1'19 GGR (€m) / Online share of total (%) 46 10% Q1'19 52 Q1'19 35 20% 394 12 18% GGR (€m) / Online share of total (%) Q2'19 48 11% Q2'19 140 Q2'19 55 381 40 19% 16 22% 55 12% Q3'19 Q3'19 Q3'19 172 56 388 40 19% 17 20% Q4'19 64 13% Q4'19 166 Based on management accounts in 2019 for Austria sports betting and Stoiximan 69 Austria GGR (excl. VLTS and Casinos)¹ 444 63 30% Online channel Czech Republic GGR 45 43% Q1'22 105 Q1'22 23% 150 Q1'22 58 66 352 29% 49 Q4'19 Q2'22 Greece and Cyprus GGR (including Stoiximan for all periods)¹ 44% Q2'22 96 22% 159 62 Q2'22 347 69 Physical retail channel 31% 51 46% Q3'22 125 Q3'22 25% 153 Q3'22 60 374 76 31% 53 41% 124 Q4'22 Q4'22 23% Q4'22 167 76 417 77 33% 55 45% 128 Q1'23 Q1'23 24% Q1'23 158 66 400 allwyn#7...de-anonymised share of physical retail also growing Loyalty programmes bring the benefits of online to the physical retail channel 7 4% 1 Czech Republic: de-anonymised GGR share (%) ¹ 2017 7% 2018 1) Share of physical retail GGR 13% 2019 17% 2020 23% 2021 27% 2022 28% Q1'23 355 2Q21 Greece and Cyprus: evolution of registered customer base ('000) 463 3Q21 599 4Q21 687 1Q22 717 792 2Q22 3Q22 873 4Q22 948 1Q23 allwyn#8Product launches and innovation across physical retail and online channels Continuing to expand and improve our product offering, user experience, and technology 8 wind 30 1 2 3 4 5 OT) BA Looooodd CHIRY 3 --000000000 40 Vylosováno TO PLAY BALL stor ima New and revitalized products / experiences - Q1 2023 NEW Q1 EuroMillions front-end/user interface for app NEW Q1 NEW Q1 "All or Nothing" fast draw-based online lottery game (pictured) Refreshed branding of the Sazka Hry iGaming portal NEW Q1 Improved online sportsbook, including improved interface, personalised content, partial cashout, social features, E-Sports genre NEW Q1 PlayBall free2play game, accelerating engagement 米 EUROMILLIONS 100 NEW Q1 EuroMillions "100 European Millionaire MILLIONAIRES Maker" event GUARANTEED IN THE EUROPEAN MILLIONAIRE MAKER "£5k a month for 30 years" the first online/app annuity game 12:20 TONIGHT PLAY ON APP YOU WON $20! 000000 *** PLAY AGAIN stomer You went NEW Q1 NEW Q1 NEW Q1 New, animated draw-based games results checking experience (pictured) Partnership promotions, e.g. sweep- stakes with Hucks and Circle K allwyn#9Product launches and innovation across physical retail and online channels (cont'd) Continuing to expand and improve our product offering, user experience, and technology 9 Digitalisation of physical retail 142 SUPERICKPOT SPORT 18000000, onan PRO COTTO LOTTERIEN 09 NEW Q1 2023 2022 2022 Pilot of self-service touchscreen for draw- based games Digital signage and new POS infrastructure enabling personalisation Beacons feature promotes in-store play via mobile Key new product launches after Q1 2023 KINO Q2 2023 Launch of KINO online within newly- updated, mobile-first iLottery platform [EURO. JACKPOT H1 2024 Launch of Eurojackpot allwyn#10Q1 2023 strategic developments First quarter of lottery operations across seven markets 1 2 10 Acquired Camelot UK Operator of UK National Lottery currently and since inception in 1994 Supports successful delivery of National Lottery transition and operations Completed February 2023 ● Acquired Camelot Lottery Solutions Group in the US Operates Illinois Lottery, USA, under a private management agreement • Provider of iLottery technology and significant digital content library Completed March 2023 ● allwyn#11Continuing to focus on ESG and to contribute to local communities Multiple examples of our ongoing commitment to ESG and corporate social responsibility 11 Community a Allwyn became partner of Wings for Life World Run, global event raising money for spinal cord research This May, 870 Allwyn colleagues and their +1s joined a Wings for Life World Run allwyn WINGS WORLDRUN Ⓒ Alex Grymanis for Wings for Life World Run allwyn & Health Camelot Illinois joined other state organisations and advocacy groups across the country to recognise March as Problem Gambling Awareness month MARCH IS PROBLEM GAMBLING AWARENESS MONTH Help and hope are here: Call 1-800-GAMBLER C LOTUERY. Be Smart, Play Smart 18 Must be 18 or older to play. Aid Camelot UK made a £100k donation to the British Red Cross via The Sun, a UK newspaper that held an appeal in response to the earthquake in Turkey and Syria In Greece, the employee blood bank was made available to hospitals after the tragic rail crash, in cooperation with the Hellenic Red Cross allwyn#12Financial Update 12 allwyn#13Q1 2023 financial highlights Strong start to 2023 • Total Revenue +80% YoY reflects strong organic growth and consolidation of acquisitions ● - Total Revenue +17% YoY in existing geographies Continued progress in organic growth initiatives Some impact from COVID in prior year Continued good profitability - Consolidated adjusted EBITDA +20% YoY in existing geographies - Adjusted EBITDA margin lower YoY owing to mix effects arising from different business models/ growth ramp up of recent acquisitions¹ - Similar margin YoY across existing geographies (Austria +1pp, Czech -2pp, Greece & Cyprus2 and Italy ~stable,) Strong cash flow generation Q1 2023 Adjusted Free Cash Flow³ at €322m ● • Consolidated Net debt / Pro forma LTM Adjusted EBITDA of 1.2x at 31 March4 Consolidated Total Revenue €1,647m €347m Consolidated Adjusted EBITDA €2,000m +80% / +17% vs Q1'22 Pro rata Total Revenue €280m 13 Note: 1) Recent acquisitions includes Camelot UK, Camelot LS Group (together the Camelot Acquisitions) and equity interest in Betano 2) Greece & Cyprus excluding equity-accounted share of net income of Betano in Q1 2022 3) Adjusted Free Cash Flow calculated as (Adj. EBITDA - Capex) 4) Reflecting the pro forma effects of the Camelot Acquisitions vs Q1'22, excl. Camelot UK and Camelot LS Group acquisitions +28% / +20% vs Q1'22 Pro rata Adjusted EBITDA vs Q1'22, excl. Camelot UK and Camelot LS Group acquisitions +176% vs Q1'22 +62% vs Q1'22 allwyn#14Consolidated P&L ● ● ● 14 Total Revenue growth of +80% YOY, Net Revenue +40% YoY Gaming taxes/Good Causes contribution as a % of GGR increased, primarily due to mix effects related to acquisition of Camelot UK Operating expense growth primarily driven by acquisitions in addition to higher activity levels Adjusted EBITDA margin' remains solid at ~43%, with decrease YoY driven by mix effects Good performance from equity accounted entities (Lottoltalia, Betano) Note: 1) % of Net Revenue Total Revenue Of which: GGR Gaming taxes/Good Causes contribution % of GGR Net Revenue Of which: NGR Other operating income Operating expenses Share of profit of equity investees Operating EBITDA Adjusted EBITDA Consolidated P&L (€m) Q1'22 Adjusted EBITDA margin Profit before tax 914 876 (335) 38% 579 541 68 20 267 270 46.6% Q1'23 162 1,647 1,589 (836) (400) (587) 53% 811 753 73 32 329 347 42.7% 230 A vs. Q1'22 +80% +81% +150% +14.3p.p. +40% +39% +7% +47% +63% +23% +28% -3.9p.p. +43% allwyn#15Consolidated P&L (excluding acquisitions) ● ● ● ● 15 Total Revenue growth of +17% YoY excluding recent acquisitions GGR growth +17%, supported by strong organic growth across all existing markets and product lines Operating expenses +18% includes costs ahead of new UK National Lottery Licence in February 2024 Strong Adjusted EBITDA margin¹ of c.48%, slightly higher YoY EBITDA adjustments remain low, but higher YoY due to UK costs Note: 1) % of Net Revenue Total Revenue Of which: GGR Gaming taxes/Good Causes contribution % of GGR Net Revenue Of which: NGR Other operating income Consolidated P&L (€m) Q1'22 Operating expenses Share of profit of equity investees Operating EBITDA Adjusted EBITDA Adjusted EBITDA margin 914 876 (335) 38.2% 579 541 68 20 267 270 Q1'23 1,066 46.6% 1,023 (386) 37.8% (400) (473) 679 637 72 32 311 325 47.9% A vs. Q1'22 +17% +17% +15% -0.5p.p +17% +18% +5% +18% +63% +16% +20% +1.3p.p allwyn#16Q1 2023 financials summary Strong net revenue growth and cash generation Net Revenue 346 Adjusted EBITDA 16 Q1'19 1) 2) 43.8% 151 Q1'19 93.3% 141 Consolidated basis (€m) Q1'19 295 Q1'20 46.9% 138 Q1'20 Q1'21 Adjusted FCF (Adjusted EBITDA - Capex) 90.5% 125 306 Q1'20 Q1'21 47.2% 144 90.9% 131 Q1'21 Pro rata calculation based on economic ownership as at each respective period end Calculated as (Adj. EBITDA - Capex)/Adj. EBITDA 579 Q1'22 46.6% 270 Q1'22 93.0% 251 Q1'22 +40% 811 Q1'23 42.7% 347 Q1'23 92.9% 322 Q1'23 CAGR +24% CAGR +23% CAGR +23% EBITDA Margin (% of net revenue) Net Revenue 281 Q1'19 Adjusted EBITDA 34.7% 97 Q1'19 93.0% 91 Q1'19 230 Cash Conversion² Q1'20 41.0% 94 Q1'20 90.6% Adjusted FCF (Adjusted EBITDA - Capex) 85 Pro rata basis (€m)¹ Q1'20 226 Q1'21 46.7% 105 Q1'21 92.9% 98 Q1'21 374 Q1'22 46.3% 173 Q1'22 93.3% 161 Q1'22 +112% 793 Q1'23 35.3% 280 Q1'23 93.8% 263 CAGR +30% CAGR +30% CAGR +30% Q1'23 allwyn#17Q1 2023 Consolidated EBITDA ● ● 17 Camelot UK and Camelot LS Group contribution included post acquisition (February and March respectively) Business highlights on following slides covers largest operating segments/equity method investees Following slides summarise business highlights, showing EBITDA (100% basis) and, for acquired entities, performance for whole of Q1 in 2023 and 2022 (as opposed to only the period from acquisition) Note: Other comprises other equity method investees directly owned by Allwyn. Financial metrics are based on unaudited management accounts. Austria Czech Republic Greece and Cyprus UK Camelot LS Group Italy (share of net profit) Other Consolidated EBITDA (€m) Corporate Consolidated Adj EBITDA Q1'22 52.5 29.1 174.5 16.0 (2.2) 269.9 Q1'23 65.6 32.4 196.5 20.4 1.8 17.2 13.9 (1.1) 346.7 allwyn#18Business highlights - Austria Strong revenue growth and profitability ● ● 18 Strong momentum continued in Q1 Strong growth in lottery GGR and, in particular, in iGaming and Casinos GGR Adjusted EBITDA growth ahead of GGR growth - Reflective of cost control as well as some benefit from phasing of costs €m 320 Q1'19 €m 52 298 257 39 +19% 1 30 316 Q1'20 Q1'21 Q1'22 Q1'23 375 +25% 53 66 Q1'19 Q1'20 Q1'21 Q1'22 Q1'23 297 Gross Gaming Revenue 42 222 Q2'19 Q2'20 Q2'21 Q2'22 17 245 2019 357 45 Adjusted EBITDA 72 Q2'19 Q2'20 Q2'21 Q2'22 2020 343 2021 312 318 Q3'19 Q3'20 Q3'21 Q3'22 72 64 Q3'19 Q3'20 2022 75 359 Q3'21 78 Q3'22 2023 340 273 45 336 Q4'19 Q4'20 Q4'21 Q4'22 23 388 61 59 Q4'19 Q4'20 Q4'21 Q4'22 allwyn#19Business highlights - Czech Republic Strong growth online and in physical retail ● 19 Strong growth momentum continued in Q1 Good performance across all key products Strong GGR growth online in iGaming (+29% YOY) and Lottery contributed to overall growth online of 22% YoY - Physical retail also recorded strong GGR growth (+14% YoY) €m 62 Q1'19 €m 23 77 Q1'20 22 96 30 CFX +14% Q1'19 Q1'20 Q1'21 +18% 103 Q1'21 Q1'22 Q1'23 121 CFX +7% (+11% 29 32 Q1'22 Q1'23 67 Gross Gaming Revenue 22 67 Q2'19 Q2'20 Q2'21 Q2'22 22 101 2019 111 31 Adjusted EBITDA 31 Q219 Q2'20 Q2'21 Q2'22 2020 71 2021 75 26 Q3'19 Q3'20 Q3'21 Q3'22 20 Q3'19 Q3'20 97 2022 24 111 Q3'21 32 Q3'22 2023 86 96 24 114 Q4'19 Q4'20 Q4'21 Q4'22 18 128 25 28 Q4'19 Q4'20 Q4'21 Q4'22 allwyn#20Business highlights - Greece and Cyprus Strong start to 2023 ● ● 20 Strong GGR growth (+15% YoY) - Solid online growth aided by product enhancements and commercial initiatives - Some negative COVID-related impacts on comparative period EBITDA growth broadly in line with GGR (+13% YoY) €m 396 €m Q1'19 Q1'20 Q1'21 102 328 Q1'19 170 98 68 (+15% 457 I 527 Q1'22 | Q1'23 I 175 +13% 197 Q1'20 Q1'21 Q122 Q1'23 L 384 97 Gross Gaming Revenue Q2'19 180 Q219 Q2'20 Q2'21 Q2'22 31 392 2019 442 146 Adjusted EBITDA 167 Q2'20 Q2'21 Q2'22 2020 392 391 2021 Q3'19 Q3'20 Q3'21 Q3'22 98 109 Q3'19 Q3'20 462 2022 499 180 194 Q3'21 Q3'22 2023 449 231 116 486 Q4'19 Q4'20 Q4'21 Q4'22 88 541 184 195 Q4'19 Q4'20 Q4'21 Q4'22 allwyn#21Business highlights - Italy Solid performance ● ● ● 21 Solid performance in the quarter Revenue +5% YoY Adjusted EBITDA +5% YOY Some negative COVID-related impacts on comparative period Business continues to be highly profitable and cashflow generative Note: Revenue is Revenue from contracts with customers. €m 129 Q1'19 €m 105 103 Q1'20 83 134 Q1'21 108 +5% 116 121 Q1'22 Q1'23 I 94 +5% 99 Q1'19 Q1'20 Q1'21 Q1'22 Q1'23 I 124 55 99 Q2'19 Q2'20 Q2'21 43 Q2'19 Q2'20 134 2019 Revenue 113 113 Q2'22 Adjusted EBITDA 92 Q2'21 Q2'22 2020 113 2021 Q3'19 Q3'20 91 107 Q3'19 88 115 2022 Q3'21 Q3'22 94 Q3'20 Q3'21 108 88 Q3'22 2023 124 120 101 117 Q4'19 Q4'20 Q4'21 Q4'22 98 122 94 99 Q4'19 Q4'20 Q4'21 Q4'22 allwyn#22Business highlights - United Kingdom Resilient top line performance ● ● ● Acquired Camelot UK February 5, 2023 Following Allwyn's success in 2022 in the tender for the next UK National Lottery licence (10-year period commencing February 2024) Financial performance shown relates to the whole of Q1 (January to March) • GGR increased 2% YoY in constant FX, supporting Good Causes contribution Net revenue €205 mln in Q1'23 (-4% YoY or stable YoY in constant FX), after deductions for lottery duty (12% of GGR) and Good Causes contribution 22 - Transaction brings valuable experience and know-how to our vision for the UK National Lottery United Kingdom segment comprises operations of Camelot UK; activities related to next licence (which will be operated by subsidiary Allwyn UK) are currently included in Corporate segment Adjusted EBITDA declined 5% YoY in constant FX, primarily owing to the cost of a staff retention scheme implemented in June 2022 €m €m 1,037 Q1'22 49 Q1'22 Gross gaming Revenue CFX +2% -2% Adjusted EBITDA CFX -5% -8% 2022 1,018 2023 Q1'23 I 45 I Q1'23 1 Of which included in consolidated results: €566m Of which included in consolidated results: €20.4m allwyn#23Strong free cash flow generation Reflects asset light business model and high profitability ● ● ● Clean EBITDA with only limited adjustments - Increase in adjustments YoY primarily relates to expensing of costs incurred ahead of new UK National Lottery Licence in February 2024 Consistently low ongoing capex requirements in operating businesses Sustained strong free cash flow conversion 23 1) Calculated as (Adj. EBITDA - Capex) / Adj. EBITDA Adjusted EBITDA 43.8% Capex 151 161 Q1'19 10 Q1'19 93.3% 141 Q1'19 46.9% 138 Consolidated FCF (€m) 110 Q1'20 Operating EBITDA 13 Q1'20 Adjusted FCF (Adjusted EBITDA - Capex) 90.9% 90.5% 125 47.2% Q1'20 144 133 Q1'21 13 Q1'21 131 Q1'21 EBITDA Margin (% of Net Revenue) 46.6% 270 267 Q1'22 EBITDA Adjustments 19 Q1'22 93.0% 251 Q1'22 Cash Conversion¹ 42.7% 347 329 Q1'23 25 Q1'23 92.9% 322 Q1'23 CAGR +23% CAGR +23% allwyn#24Strong cash conversion Simplified consolidated cash flow bridge (€m) 24 347 Consol. Adjusted EBITDA 329 Consol. Operating EBITDA 296 Operating Cash Flow (before A in NWC) 72 Dividends from Equity Method Investees (88) Change in NWC (32) Income Tax Expense (25) Maintenance Capex (15) Dividends to Minority Shareholders of Subsidiaries 209 Attributable Cash Flow before interest and M&A (40) Interest Paid 169 Attributable Cash Flow before M&A allwyn#25Leverage (post-IFRS 16 basis) Low leverage, significant net cash position at subsidiaries As of 31 March 2023, Post-IFRS 16, € millions Pro forma LTM Adjusted EBITDA¹ Cash and cash equivalents and short-term financial assets Gross debt Leases Net debt (incl. leases) Consolidated Net Debt / PF LTM Adjusted EBITDA Consolidated priority Net Debt / PF LTM Adjusted EBITDA Consolidated Net Debt / Consolidated LTM Adj. EBITDA (Post-IFRS 16) 25 23 2.8x Q4'19 3.0x Q1'20 3.4x Q2'20 3.0x Q3'20 3.6x Q4'20 3.6x Q1'21 2.6x Q2'21 2.1x Q3'21 Pro forma for Camelot UK and Camelot LS acquisitions. See Key developments after the end of the period in Allwyn International Q1 2023 Preliminary Unaudited Results and Update on Current Trading 1.6x Q4'21 1.5x Q1'22 1.5x Q2'22 1.5x Q3'22 1.6x 1,444 (1,618) 3,248 Q4'22 148 1,778 1.2x (0.5)x PF for Camelot acquisitions 1.2x Q1'23 PF bond issuance and subsequent events² 1.7x Q1'23 PF allwyn#26Q1 2023 key financing transactions Pro-actively managing our capital structure Q1 2023 - Allwyn International Transfer and partial repayment of Czech bonds Holders of CZK 6.0 billion bonds ("Czech Bonds") approved their transfer from Allwyn International a.s. to Allwyn Financing Czech Republic 2 a.s., a 100%-owned subsidiary of Allwyn International a.s. Bondholders who either voted against the transfer or abstained were eligible to exercise an early repayment option at par - Put option was exercised by 51% of bondholders, representing a nominal value of CZK 3.1 billion. Remaining CZK 2.9 billion of bonds remain outstanding ● ● ● ● In February and March 2023, €132.6m term loan was drawn under the syndicated bank loan to repay the bondholders who exercised their put right. This amount was drawn under the €303m facility earmarked for refinancing of 2024 maturities, the remainder of the facility remains available Term Loan drawdown to finance UK Drew £24m term loan under the syndicated loan to finance set-up opex / capex of 4th UKNL Q1 2023 - OPAP 26 RCF drawdown - In February €160m was drawn under the existing RCF primarily to finance the Camelot UK acquisition Accordion facilities Signed €335m of accordion facilities due 2029 to existing syndicated loan In March, drew €250m under these facilities primarily to finance the Camelot US acquisition - €85m remains undrawn In February 2023 OPAP repaid €100m bank loan due 2024 allwyn#27Key financing transactions after quarter end Pro-actively managing our capital structure Q2 2023 - Allwyn International • In April, issued €665m of 7.250% senior secured notes due 2030 and $700m of 7.875% senior secured notes due 2029 (€1.3bn equivalent) $600m of 7.875% senior secured notes were swapped to Euros at a rate of 7.01% (excluding credit charges) Proceeds were used to: Redeem in full the €300m 4.125% senior secured notes due 2024; Repay all outstanding drawings of €180m under the revolving credit facility; and Fund distribution to parent to repurchase Apollo's preferred shares The transaction helps: - Further diversify funding sources; - Extend the debt maturity profile (no material upcoming maturities until 2027); Strengthen the group's liquidity; and Further simplify the corporate and financing structure 27 - - - - - allwyn#28Key financing transactions after quarter end Pro-actively managing capital structure (cont'd) Changes in gross debt since the beginning of 2023 Consolidated gross debt as of 31 December 2022 (€m) Partial prepayment of CZK6bn bonds Drawdown under €303m TLA2/TLB2 facility¹ Allwyn RCF drawdown Drawdown under GBP380m TLE facility² Drawdown under €335m accordion facilities³ OPAP loan repayment Book value, FX and other adjustments Consolidated gross debt as of 31 March 2023 (€m) €1.3bn bond issuance Repayment of SSNS due 2024 Repayment of Allwyn RCF drawings4 Pro forma consolidated gross debt for bond issuance (€m) 1) €170.6m remains available under this facility 2) GBP356.3m remains available under this facility 3) €85.0m remains available under this facility 4) €300.0m RCF is fully undrawn 28 2,903 (130) 133 160 27 250 (100) LO 5 3,248 1,302 (300) (180) 4,070 allwyn#29allwyn Update on Current Trading and Summary 29#30Update on current trading Since the end of the quarter our business has continued to perform and develop well, despite a background of relatively weak general consumer sentiment. Our trading since the start of the year has been broadly in line with our expectations at the start of the year 1 Macroeconomic environment 2 3 30 Limited impact of inflation and rising energy prices on our cost structure - Our largest cost categories linked to revenue (e.g. gaming taxes, agents' commissions) and energy accounting for a small proportion of our costs Consumer sentiment Macroeconomic and political uncertainties continue to have some impact on consumer sentiment in general in the countries where we operate • However, the impact on consumer demand for our products have been limited, reflecting their low price point and low average spend per customer, as well as our large number of regular players - In-line with previous periods of economic dislocation (global financial crisis, Greek crisis, COVID) War in Ukraine ● ● No material impact - we do not have any operations in Ukraine, Russia or Belarus and our suppliers have not experienced any material disruptions allwyn#31Summary Continuing to compound growth and generate strong free cash flow 1 Strong start to 2023, notwithstanding weaker general consumer sentiment, reflecting delivery on key initiatives and benefits of diversification 2 3 4 Overall, successful execution balancing organic and inorganic growth strategies 31 New market entries increase diversification and provides further strategic optionality Successful refinancing post quarter end diversifies funding sources and extends maturities; meanwhile leverage remains moderate, reflecting strong cashflow generation and Adjusted EBITDA growth 5 Well-placed for the remainder of 2023 and the next chapters of our growth story allwyn#32Q&A 32 allwyn#33Appendix 33 allwyn#34P&L structure A (B 34 Previous P&L presentation Gross Gaming Revenue (GGR) Less: Gaming taxes A B Net Gaming Revenue (NGR) Other Revenue A Gross Gaming Revenue (GGR) (B) Other Revenue New P&L presentation A+B Total Revenue Less: Gaming taxes A+B-C Net Revenue of which: Net Gaming Revenue (NGR) allwyn#35Summary of adjustments to EBITDA Operating EBITDA Austria Czech Republic Greece and Cyprus United Kingdom² Camelot LS Group Corporate² Adjustments to Operating EBITDA Austria Czech Republic Greece and Cyprus United Kingdom Camelot LS Group Corporate Adjusted EBITDA Austria Czech Republic Greece and Cyprus United Kingdom Camelot LS Group Corporate 35 Standalone, 100% (€m)¹ I I 1 I I 2019 211 95 413 11 1 - 11 2 211 95 413 2020 2021 (27) (30) (17) 147 84 260 1 (4) 66 1 1 15 143 82 326 (15) 232 107 555 (14) (21) 4 23 1 1 7 211 111 578 1 (7) 2022 266 120 726 (43) 5 1 1 36 261 120 730 @¦ (8) Q1'22 53 29 174 44 LO 5 (5) (1) 11 LO 5 1 3 53 29 175 49 LO 5 (2) Q1'23 66 36 197 26 3 (19) 18 1 6 18 66 32 197 45 9 (1) I i Argentina arbitration gain I I Other I Total Austria adjustments I I I I I I I I Casino Linz insurance gain + restructuring non-personnel costs Hellenic Lotteries minimum gaming tax adjustment Litigation provision i COVID-19 related extraordinary costs I Other non-recurring costs and write-offs !Total Greece and Cyprus adjustments I EBITDA Adjustments Breakdown³ I Gain from cancellation of obligation to acquire entity Charitable donations and other I ! Restructuring I Change in accounting principles Litigation settlement income I Penalty income Change in accounting principles Total Czech Republic adjustments I Total United Kingdom adjustments I I I Expenses related to Bid and transaction costs I UK National Lottery transition costs Business development and financing Arbitration gain !Total Corporate adjustments Transaction costs Total Camelot LS Group adjustments All entities shown on 100% basis; all of Q1 2023 and comparative period Q1 2022 shown for United Kingdom and Camelot LS Group. Activities related to the next UK National Lottery license, which will commence in February 2024 and will be operated by the Company's subsidiary Allwyn UK, are currently reported as part of the Corporate segment. See additional disclosure relating to EBITDA adjustments in Allwyn International Q1 2023 Preliminary Unaudited Results and Update on Current Trading 2019 111|11||||||1@1 |- ||||||||| (16) 17 1 10 10 2020 2021 (4) (1) (16) (4) 0 (4) (21) (5) (1) ||| |||||||||| (2) (2) 38 66 1 1 15 15 4 4 REF 1||||||| + (1) (4) (13) 2022 | | | ||¦ ¦ − + (1) 1 21 14 36 Q1'22 Q1'23 (1) || 1 1 1 11 8 1 (4) 5 1 1 | w | 3 1 1 1|| | || (1) (3) 1 ! 7 +00 18 6 6 18 18 allwyn#36Capital structure overview As of 31 March 2023, excluding post reporting events Capital structure as of 31 March 2023 € millions Total Consolidated Subsidiary Net Debt / (Cash) Cash & Cash Equivalents Syndicated Bank Loan €290m Term Loan A due 2027 €290m Term Loan B due 2028 €303m Refinancing Facility (TLA2/ TLB2) €300m Revolving Credit Facility £380m Term Loan E (UK Multipurpose Facility) €335m Accordion facilities Bonds CZK 6bn 5.200% Czech Notes €300m 4.125% SSNS due 2024 €500m 3.875% SSNS due 2027 €400m E+4.125% FRNS due 2028 Other IFRS adjustments to debt Lease liabilities Total Consolidated Net Debt / (Cash) Pro forma LTM Adjusted Consolidated EBITDA 36 Amount (556) (153) 290 290 133 180 27 250 125 300 500 400 (14) 6 1,778 x LTM Pro forma LTM Adjusted Consolidated EBITDA 1.2x 1,444 Coupon / Margin E + 3.50% E + 3.75% E +3.50 / 3.75% E + 3.50% S+3.75% E + 3.75% 5.200% 4.125% 3.875% E + 4.125% Maturity Nov 2027 Nov 2028 Nov-27 / Nov-28 Nov 2027 Nov 2027 Feb-2029 Sep 2024 Nov 2024 Feb 2027 Feb 2028 allwyn#37Pro rata net leverage (pre-IFRS 16 basis) As of 31 March 2023, Pre-IFRS16 Basis¹ € millions 100% basis LTM Adjusted EBITDA² Cash and cash equivalents and short-term financial assets 37 2.9x Q4'19 2.9x Q1'20 Net debt Pro-rata ownership (%) Pro-rata LTM Adjusted EBITDA Pro-rata net debt Pro-rata net leverage Pro-rata priority net leverage Pro-rata Net Debt/Pro-rata LTM Adj. EBITDA (Pre-IFRS16) 3.2x Austria Q2'20 258 (392) (315) 59.7% 154 (188) (1.2)x 3.2x Czech Republic Q3'20 3.9x 119 (61) (61) 100.0% Q4'20 119 (61) (0.5)x 3.8x Q1'21 Greece & Cyprus 743 (767) (77) 49.8% 371 (38) (0.1)x 3.1x Q2'21 United Kingdom 171 (242) (242) 100.0% 171 (242) (1.4)x 2.6x Q3'21 Camelot LS Group 32 (38) (38) 100.0% 32 (38) (1.2)x 2.2x Q4'21 Italy (84) (84) 32.5% 378 123 (27) (0.2)x 2.3x Q1'22 2.2x Q2'22 Other² 1 1 11 29 49 (45) (0.9)x 2.1x Q3'22 Corporate³ (5) (153) 2,328 100.0% (5) 2,328 NM 1) All data presented in this table excludes the impact of IFRS 16 Leases. The information in the table above has been derived or calculated from the financial statements and financial information of SAZKA a.s., OPAP, CASAG, Stoiximan, Camelot UK, Camelot LS Group, equity method investees, Allwyn International and certain other entities within the Group. Pro rata ownership % indicates the effective interest of the Company in each entity as of 31 March 2023 (which is not adjusted for the effect of treasury shares held by OPAP), which is assumed to have been held constant throughout the twelve months ended on that date. We present these pro rata financial measures because compliance with certain of the covenants in the indentures governing the 3 7/8% Senior Notes due 2027 and Senior Secured Floating Rate Notes due 2028 is determined with reference to the pro rata financial ratios set forth above. 2) Other comprises the pro rata effect of other equity method investees directly owned by Allwyn. Financial metrics are based on unaudited management accounts. 3] Includes Allwyn, service companies and holding companies. 2.2x Q4'22 Total 1,013 1,689 1.7x (0.8)x 1.7x Q1'23 allwyn#38Dividends and distributions €m Dividends and cash upstreamed - 100% basis Austrian Lotteries CASAG Lottoltalia OPAP SAZKA Dividends and cash upstreamed - pro rata to interest at the end of each period of which cash 38 of which OPAP dividend taken as scrip Dividends and cash upstreamed - pro rata to interest as of 31 March 2023 of which cash of which OPAP dividend taken as scrip 2) 9.45% directly held stake. CASAG also holds a 73.8% stake in Austrian Lotteries Net of treasury shares Ownership At end of March 2023 9.5%¹ 59.7% 32.5% 50.1%² 100.0% 2019 120 15 351 165 19 203 230 236 236 2020 177 237 420 38 284 139 145 342 142 200 2021 91 I 316 222 81 282 197 86 303 198 106 2022 120 45 321 599 84 527 423 104 527 423 104 Q1'22 251 I 10 92 92 92 8 92 Q1'23 219 I 12 83 83 83 83 allwyn#39Alternative performance measures and comparability of information This presentation includes non-IFRS performance measures, including Net Revenue, Net gaming revenue ("NGR"), Operating EBITDA, Adjusted EBITDA, Adjusted EBITDA margin, Capex, Adjusted Free Cash Flow ("Adjusted FCF"), Cash conversion and pro rata financial information. For Net Revenue, NGR, Operating EBITDA, Adjusted EBITDA, Adjusted EBITDA margin, Adjusted Free Cash Flow and Capex, please refer to Allwyn International's Preliminary Unaudited Financial Results and Update on Current Trading dated around the same date as this presentation that include definitions of these non-IFRS measures and reconciliations to the most directly comparable IFRS measures. Pro rata metrics are calculated as the sum of metrics for individual segments and significant equity method investees as if those were fully consolidated multiplied by the Group's interest in each segment or significant equity method investee at the end of the reported period. In the case of our Greece and Cyprus segment, treasury shares held by OPAP are not excluded from the share count. As there are no generally accepted accounting principles governing the calculation of non-IFRS financial and operating measures, other companies may calculate such measures differently or may use such measures for different purposes than we do, and therefore you should exercise caution in comparing these measures as reported by us to such measures or other similar measures as reported by other companies. These measures may not be indicative of our historical operating results or financial condition, nor are such measures meant to be predictive of our future results or financial condition. Even though the non-IFRS financial measures are used by management to assess our financial position, financial results and liquidity and these types of measures are commonly used by investors, they have important limitations as analytical tools, and you should not consider them in isolation or as substitutes for analysis of our financial position or results of operations as reported under IFRS. All financial information is presented on comparable basis, including effects of any restatements or changes in presentation described in the latest annual accounts on the currently presented comparative period. 39 allwyn#40Disclaimer This presentation was produced by Allwyn International a.s. This presentation is not to be reproduced or distributed, in whole or in part, by any person other than Allwyn International a.s. This presentation does not represent an offer for, or constitute or form part of, and should not be construed as, an advertisement, recommendation or an invitation to subscribe for or to purchase securities of, Allwyn International a.s. or its subsidiaries. This presentation does not form, and should not be construed as, the basis of any credit analysis or other evaluation, or as providing an investment or lending recommendation, advice or valuation or a due diligence review. The information contained in this presentation is for informational purposes only. The preliminary unaudited results for the three months to 31 March 2023 are an estimate, based on information available to management as of the date of this presentation, and are subject to further changes upon completion of the Company's standard quarter closing procedures. This update does not present all necessary information for an understanding of the Group's financial condition as of the date of this presentation, or its results of operations for the first quarter. As the Company completes its quarter-end financial close process and finalizes its financial statements for the quarter, it will be required to make significant judgments in a number of areas. It is possible that the Company may identify items that require it to make adjustments to the financial information set forth in this document and those changes could be material. The Company does not intend to update such financial information prior to release of its final first quarter financial statements, which is currently scheduled for 14 June 2023. This presentation may include forward-looking statements regarding certain of our plans and our current goals, intentions, beliefs and expectations concerning, among other things, our future results of operation, financial condition, liquidity, prospects, growth, strategies, pending acquisitions or other transactions, financing plans and the industries in which we operate. These forward-looking statements can be identified by the fact that they do not relate only to historical or current facts. Generally, but not always, words such as "may," "could," "should," "will," "expect," "intend," "estimate," "anticipate," "assume," "believe," "plan," "seek," "continue," "target," "goal," "would" or their negative variations or similar expressions identify forward-looking statements. By their nature, forward-looking statements are inherently subject to risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. We caution you that forward-looking statements are not guarantees of future performance and that Allwyn's actual results of operations, financial condition and liquidity and the development of the industries in which we operate may differ materially from those made in or suggested by the forward-looking statements contained in this 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 or developments in future periods. 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. 40 allwyn#41Disclaimer No warranty or representation of any kind, express or implied, is or will be made in relation to, and to the fullest extent permissible by law, no responsibility or liability in contract, tort, or otherwise, is or will be accepted by us or any of our officers, employees, advisers or agents, or any other party, as to the accuracy, completeness or reasonableness of the information contained in this presentation, including any guidance, opinions, forecasts or projections. Nothing in this document shall be deemed to constitute such a representation or warranty. Any estimates and projections in this presentation were developed solely for our use at the time at which they were prepared and for limited purposes which may not meet the requirements or objectives of the recipient of this presentation. Nothing in this 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. We are not providing any advice herein (whether in relation to legal, tax or accounting issues or otherwise). You should seek legal, tax, accounting and any other necessary advice from your advisors in relation to the contents of this presentation. This presentation has not been approved by any regulatory authority and does not represent financial statements or an annual report within the meaning of applicable Czech law. 41 allwyn