Allwyn SPAC

Strong revenue, profit and cash-flow momentum expected to continue Excluding potential contribution from lottery tenders¹ Pro rata NGR (€mm) NGR growth 819 2018A Pro rata Adj. EBITDA (€mm) Adj. EBITDA margin 42.3% 346 2018A Pro rata adj. EBITDA - capex (€mm) Cash conversion² 90.9% 315 17.2% 960 2019A 43.7% 419 2019A 93.5% 392 2018A 2019A Source: Company information, Management estimates (subject to material change) Note: Stoiximan consolidated in OPAP from 2021A onwards 73 1) 3) Forecast growth for 2023E also excludes potential contribution from M&A Calculated as (Adj. EBITDA - capex) / Adj. EBITDA (8.6%) 877 2020A 41.6% 365 2020A 90.9% 332 2020A 32.8% 1,165 2021A 49.1% 573 2021A 94.4% 540 2021A 42.6% r L 1,661 2022E 45.2% 751 2022E 85.0% 638 2022E 2023 Projections based on organic growth only 9.4% The award of the UKNL license is currently being contested in a legal challenge. Unless the challenge is successful, Allwyn Entertainment Ltd will be confirmed as the incoming UKNL operator and, subject to a successful period of transition, would become the operator of the UKNL with effect from February 2024. 1,817 2023E 45.1% 819 2023E 66.2% 542 2023E Impact of UKNL up-front costs 4 CAGR +17.3% No contribution from UKNL (expected to start in 2024)³ CAGR +18.8% No contribution from UKNL (expected to start in 2024)³ CAGR +11.5% Reflecting I UKNL up- front costs allwyn I

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