Allwyn SPAC

Strong revenue, profit and cash-flow momentum expected to continue Excluding potential contribution from lottery tenders¹ Group pro rata NGR (€mm) NGR growth 2018A Group pro rata Adj. EBITDA (€mm) Adj. EBITDA margin 819 Cash conversion² 42.3% 346 2018A Group pro rata Adj. EBITDA - capex (€mm) 90.9% 315 2018A 17.2% 960 2019A 43.7% 419 2019A 93.5% 392 2019A Source: Company information, Management estimates (subject to material change) 27 Note: Stoiximan consolidated in OPAP from 2021E onwards 1) Forecast growth for 2023E also excludes potential contribution from M&A 2) Calculated as (Adj. EBITDA - capex) / Adj. EBITDA (8.6%) 877 2020A 41.6% 365 2020A 90.9% 332 2020A 32.9% 1,166 2021E 47.2% 550 2021E 92.1% 507 2021E 27.3% 1,482 2022E 47.9% 710 2022E 95.0% 675 2022E 6.9% 1,584 2023E 48.1% 763 2023E 95.3% 727 2023E 4 CAGR +14.1% CAGR +17.1% CAGR +18.2% allwyn

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