Allwyn SPAC

Expected strong balance sheet Pro rata financial leverage¹ 3.1x¹ 0.5x 2.6x 2021PF Pro forma pro rata financial leverage² Adjusted for expected primary proceeds ³ 2.4x 0.4x 2.0x 2022PF 20 1.9x 0.4x 1.5x 2023PF Standalone pro rata financial leverage² Unadjusted for expected primary proceeds 4 Expected strong de-levering profile, driven by: - Expected robust Adj. EBITDA growth Expected significant free cash flow generation Deleveraging shown reflects UKNL4 up-front costs but no further material investment in M&A or tenders Expected significant available balance sheet capacity creating financing and strategic optionality Expected leveragable stable cash flows Willingness to operate above 3x leverage² on temporary basis for M&A Source: Company information, Management estimates (subject to material change) Pro forma for OPAP stake increase from 41.2% to 48.2% since YE-21 and a €170 mm one time dividend paid prior to closing in Q1-22 Refers to leverage at Allwyn AG. Defined as Adj. net debt / LTM Adj. EBITDA; net debt position as of Dec-YE. 75 3) Includes expected primary proceeds of $332mm / €310mm from SPAC transaction (assuming no redemptions), and €322mm of convertible notes expected to be outstanding at transaction close. 2022PF and 2023PF leverage include the impact of expected free cash flow and acquisition of Betano in Q2-22 4) Selected as Preferred Applicant for UK National Lottery. 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 allwyn

View entire presentation