Enterprise Combination of Allwyn and OPAP creating the 2nd Largest Listed Lottery and Gaming Operator Globally

Combined Company to Remain Listed on Athens Stock Exchange

Athens, Greece and Lucerne, Switzerland – Allwyn International AG (“Allwyn”) and OPAP S.A. (“OPAP”) are happy to announce that their respective Boards of Directors have authorised the enterprise mixture of Allwyn and OPAP via an all-share transaction that values the ensuing entity (the “Combined Company”) at an fairness worth of €16 billion (the “Transaction”). This might be facilitated by their entry right into a transaction settlement (the “Transaction Implementation Agreement”). The Combined Company might be renamed Allwyn.

The Transaction marks a main milestone in the evolution of each corporations. It will carry collectively two main gaming operators, creating the second largest listed gaming leisure firm globally, with a number of various, fast-growing and market-leading positions throughout Europe, the United States and different worldwide markets. The Transaction builds on the prevailing profitable partnership between OPAP and Allwyn which works again to 2013, when KKCG, the controlling shareholder of Allwyn, first invested in OPAP. Allwyn at present owns 51.78% of OPAP.

Allwyn brings a sturdy monitor report of each natural and inorganic development, together with via strategic and bolt-on acquisitions. The Transaction safeguards the long-term worth of OPAP in a quickly evolving gaming atmosphere. It additionally permits OPAP’s public shareholders to profit from benefits of the Combined Company, together with development, scale, diversification, entry to main know-how and digitalisation and elevated world model recognition, whereas persevering with to profit from substantial and resilient money returns. For Allwyn, the Transaction represents the pure subsequent milestone in its journey with a public market itemizing unlocking entry to fairness capital markets for future development and elevating the profile of its world platform. It is a important step in Allwyn’s mission to turn out to be the main world gaming leisure firm.

Following the completion of the Transaction, the Combined Company will stay listed on the Main Market of the Athens Stock Exchange, the place it is anticipated to be certainly one of the biggest corporations by market capitalisation. Allwyn intends to pursue an extra itemizing on one other main worldwide trade corresponding to London or in New York following closing.

Independently of the Transaction, OPAP has made a strategic choice to change its client model from OPAP to Allwyn as of Q1 2026. This initiative displays OPAP’s dedication to sustaining sturdy engagement with its prospects via modern and significant interactions, as effectively as enhancing its proposition to meet the evolving expectations of youthful generations.

Transaction Highlights

The enterprise mixture of Allwyn and OPAP creates a main world lottery-led leisure and gaming operator, and presents an alternative for OPAP shareholders to take part in a materially improved and financially enticing funding proposition, underpinned by:

• Scale: Allwyn’s professional forma EBITDA was €1.9 billion for the 12 months to thirtieth June 2025 and the Combined Company would be the second largest listed lottery and gaming operator globally, as effectively as the biggest listed lottery firm, and well-positioned to capitalise on key business traits.
• Growth: Enhanced development profile with double-digit projected EBITDA CAGR from 2024 to 2026, considerably increased than OPAP on a standalone foundation.
• Digitalisation: Ownership of key applied sciences, best-in-class proprietary content material and AI capabilities decreasing dependency on third events and accelerating innovation and time-to-market.
• Diversification: Multiple market management positions globally, throughout merchandise, creating diversification and important strategic optionality.
• Earnings and money move: Double-digit accretive to OPAP adjusted earnings per share and adjusted free money move per share in the primary full 12 months submit completion, normalised for the short-term advantage of the GGR contribution prepayment.
• Shareholder revenue: Capital allocation framework delivering a mixture of development and materials, resilient, shareholder distributions.

Commenting on right this moment’s announcement, Karel Komarek, Founder and Chair of Allwyn, and of KKCG Group AG (“KKCG”), the funding firm behind Allwyn, stated:

“Today’s announcement redefines the sector, signalling the creation of the second largest listed gaming entertainment company globally. For investors, this is a unique opportunity to be part of a dynamic company that is shaping the future of entertainment. The combined strength and scale of these multi-billion dollar businesses, massive customer base and Allwyn’s continued investment in technology and content, will accelerate innovation and fuel significant international growth. We’re on a mission to build the world’s leading global gaming entertainment company, and today’s transaction takes us one step closer to that goal.”

Robert Chvatal, Allwyn CEO, stated:

“This transaction marks a further milestone in Allwyn’s successful journey. Since being founded 13 years ago, we have grown substantially in terms of business performance, scale and innovation. With this combination, we will be able to grow further, faster as we deploy Group-wide know-how, a unified brand and sponsorship strategy, and in-house technology and content.”

Jan Karas, OPAP CEO, stated:

“This exciting combination creates a leading gaming company with strong Greek heritage, as well as a continued presence and listing in Greece. I’m excited about the opportunity for OPAP to deepen our strong existing relationship with Allwyn, driving innovation and additional growth opportunities.”

Pavel Mucha, OPAP CFO, stated:

“The tremendous financial characteristics of the combined business will continue to deliver substantial, consistent dividends to our shareholders, while also allowing investment in the business and additional value-accretive acquisitions to further accelerate growth.”

Transaction Structure

As a part of the Transaction, OPAP will hive down its enterprise to new Greek subsidiaries and switch its statutory seat to Luxembourg (the “LuxCo”). Allwyn (which is 95.73% owned by KKCG and 4.27% by J&T Arch) will contribute its belongings and liabilities (excluding the shares it at present holds in OPAP) to LuxCo (the “Allwyn Contribution”) in consideration for newly issued shares in LuxCo, forming the Combined Company. The Combined Company will subsequently re-domicile to Switzerland, the place Allwyn has its headquarters right this moment, and might be renamed Allwyn.

The Transaction values Allwyn’s belongings internet of liabilities (excluding the shares it holds in OPAP) at €8,967 million. In consideration of the Allwyn Contribution, Allwyn will obtain (topic to sure agreed changes and completion of impartial knowledgeable assessment in accordance with relevant legal guidelines):

• €8,806 million in newly issued peculiar registered voting shares in LuxCo (437,688,420 shares, at an implied worth of €20.12 per share) (3); and
• €161 million in newly issued most popular registered voting shares in LuxCo (536,249,223 shares, at an implied worth of €0.30 per share). The most popular shares pays a fastened coupon (4) based mostly on the closing share value of OPAP on the day earlier than challenge and may have no proper to peculiar dividends. Calculated based mostly on the Last Closing Price, the fastened coupon can be roughly 5% (5).

Immediately following the completion of the Transaction, Allwyn is anticipated to have an financial curiosity in the Combined Company of roughly 78.5%, whereas OPAP shareholders (excluding Allwyn ) will maintain the remaining 21.5%, assuming an all-share mixture. KKCG is anticipated to management 85.0% of whole voting rights in the Combined Company based mostly on its mixed oblique possession of peculiar and most popular voting shares.

OPAP’s Board of Directors has obtained a equity opinion letter from Morgan Stanley. Additionally, a equity opinion from Grant Thornton was obtained by OPAP in the context of the associated celebration Transaction Implementation Agreement. The implementation of the transaction steps is topic to shareholder approval throughout a common assembly anticipated to be held in This autumn 2025 / Q1 2026.

Dividend Policy and Pro Forma Capital Allocation of the Combined Company

Shareholders will profit from a capital allocation framework delivering a mixture of development and materials, resilient, shareholder distributions:

• OPAP shareholders might be entitled to obtain the introduced interim dividend of €0.50 per OPAP share for the 2025 monetary 12 months in November 2025, which was authorised by OPAP’s Board of Directors on 2 September 2025.
• The Combined Company pays a dividend of €0.80 per share shortly after completion of the Transaction, in lieu of the remaining dividend for the monetary 12 months 2025.
• In the medium time period, the Combined Company intends to keep a sustainable dividend coverage, with an annual minimal dividend of €1.00 per share from FY2026 onwards, in line with OPAP’s current dividend coverage, with a scrip possibility accessible for all dividend funds.
• Special dividends and buybacks can even be thought of, whereas additionally preserving flexibility for the Combined Company to spend money on natural and inorganic alternatives.

The Q2-25 internet debt / Adjusted EBITDA professional forma for introduced acquisitions stands at 2.7x (7). The medium-term goal internet debt / Adjusted EBITDA is round 2.5x, with flexibility to exceed the goal for worth accretive inorganic development with a clear path to deleveraging. As such, the Group may have a strong steadiness sheet with important flexibility to allocate capital to each shareholder returns and development initiatives.

The Transaction is anticipated to ship a post-tax return on invested capital that exceeds OPAP’s value of capital by the top of the second full monetary 12 months submit completion, additional underpinning the worth creation alternative for OPAP shareholders.

Management and Governance

Following the completion of the Transaction, Robert Chvatal (present CEO of Allwyn) and Kenneth Morton (present CFO of Allwyn) will proceed to lead the administration staff of the Combined Company as CEO and CFO, respectively. OPAP’s present administration staff led by Jan Karas as CEO and Pavel Mucha as CFO will proceed to lead OPAP’s operations in Greece and Cyprus.
The Combined Company might be chaired by Karel Komarek and have an eight-person Board of Directors. This will embrace the six current Allwyn administrators (together with Chair), two of whom are impartial, as effectively as two newly appointed impartial non-executive administrators, leading to the Board having 50% impartial non-executive administrators.

Management Presentation and Global Analyst & Investor Q&A name
A pre-recorded presentation setting out additional particulars in regards to the Transaction is accessible right here. The hyperlink is accessible on OPAP’s web site at  and Allwyn’s web site at  A supplemental databook has been posted to Allwyn’s web site at 

Please take heed to the pre-recorded administration presentation here.

OPAP and Allwyn will conduct a Global Analyst & Investor Q&A Call on 13 October 2025 at 1430h Eastern European Summer Time / 1230h British Summer Time / 0730h Eastern Time. Participants who select to dial-in by phone can use the beneath dial-in directions. We encourage attendees to name 10 minutes forward of the scheduled begin time to guarantee your participation.

Dial-in particulars:
UK contributors please dial: +44 (0) 800 368 1063
Greek contributors please dial: +30 211 180 2000
US contributors please dial: +1 516 447 5632
Other International please dial: +44 (0) 203 0595 872

Live Webcast:

The convention name might be webcast in actual time over the web and contributors could be part of by accessing the webcast utilizing the next link.

If you expertise any issue, please name +30 210 94 60 803. A hyperlink with connection particulars to the webcast can even be posted on Allwyn’s web site and on OPAP’s web site.

About OPAP

OPAP is the main gaming firm in Greece and Cyprus and certainly one of probably the most famend in its business worldwide. OPAP holds unique rights in numerical lotteries, land-based sports activities betting and VLTs in Greece and numerical lotteries in Cyprus. OPAP operates an in depth retail and on-line community, and continues to broaden its digital providing. Its mission is to ship protected, partaking, and high-quality leisure experiences whereas creating sustainable worth for stakeholders and contributing meaningfully to society.

About Allwyn

Allwyn is a multi-national gaming leisure firm, lottery-led and with main market positions and trusted manufacturers throughout Europe and North America. Its objective is to make play higher for all by specializing in innovation, know-how, participant security and returning extra to good causes throughout a rising informal gaming leisure portfolio.

About KKCG

KKCG is an funding and innovation group with experience in lotteries and gaming, vitality, know-how, and actual property. Founded by entrepreneur, investor, and philanthropist Karel Komarek, KKCG employs over 16,000 folks in 37 international locations throughout its portfolio corporations, with greater than €10 billion in belongings underneath administration.

KKCG’s companies embrace, amongst others, Allwyn; MND Group, an worldwide producer and provider of conventional and renewable vitality; ARICOMA and Avenga, offering complete IT companies and customized software program growth across the globe; and KKCG Real Estate Group.
With operations on a number of continents, KKCG companies draw on capital, networks, and insights from throughout the group to allow worthwhile, sustainable development for the long run.

KKCG is dedicated to supporting the communities the place it operates, contributing to the societies it works inside.

Advisers

Morgan Stanley is serving as monetary advisor to OPAP in reference to the Transaction and Koutalidis Law Firm, Homburger and Charles Russell Speechlys are serving as its authorized counsel.

PJT Partners is serving as monetary advisor to Allwyn in reference to the Transaction and Milbank LLP, PotamitisVekris, Lenz & Staehelin and Loyens & Loeff Luxembourg S.à r.l. are serving as its authorized counsel.

Enquiries

For OPAP:

Media enquiries
e-mail: [email protected]

For Allwyn:

Investor enquiries
e-mail: [email protected]

Media enquiries
e-mail: [email protected]

IMPORTANT TRANSACTION INFORMATION

Legal Structure

The Transaction entails a collection of associated interim steps, together with:

1. The demerger of OPAP by approach of hive-down of its gaming operations right into a new wholly owned Greek subsidiary of OPAP (the “Hive Down”) and the contribution in form of all of OPAP’s subsidiaries right into a new wholly owned subsidiary (the “OPAP Contribution”).
2. The switch of OPAP’s registered seat from Greece to Luxembourg by approach of a cross-border conversion.
3. The institution of a department of LuxCo in Greece which can subsequently be transformed right into a Greek société anonyme.
4. The contribution by Allwyn into LuxCo of (a) all the issued share capital of the subsidiaries of Allwyn; (b) any belongings, liabilities or derivatives regarding financing, and (c) another belongings or liabilities of Allwyn, excluding the shares it at present holds in OPAP (the “Allwyn Contribution”), in consideration for the issuance by LuxCo of new peculiar registered voting shares with a nominal worth of €0.30 every (the “Common Shares”) and new most popular registered voting shares with a nominal worth of €0.30 every (the “Preferred Shares”). The Preferred Shares shall confer the precise to a fastened dividend, and sure privileges for the distribution of liquidation proceeds as effectively as customary sundown provisions, together with the circumstance when Allwyn (along with its associates) holds lower than 25% of the fairness worth in the Combined Company.
5. The switch of the registered seat of LuxCo from Luxembourg to Switzerland underneath the relevant Swiss and Luxembourg legal guidelines.

Transaction Approvals

The related Transaction paperwork might be authorised by the Board of Directors of OPAP, as soon as the impartial knowledgeable experiences underneath the relevant legal guidelines have been offered.

Shareholders of OPAP might be invited to vote on the Transaction at a common assembly anticipated to be held in This autumn 2025 / Q1 2026. Shareholders of OPAP who vote towards the approval of the draft phrases of the cross-border conversion regarding the Luxembourg re-domiciliation may have the precise to dispose their shares in OPAP in trade for a money compensation from the issuer (the “Exit Right”). The money compensation payable to dissenting shareholders who elect to train their Exit Right might be based mostly on the volume-weighted common value of OPAP’s shares on the Athens Stock Exchange throughout the three months previous the date of the current announcement, after deducting the interim dividend of €0.50 per OPAP share, i.e. an quantity of €19.04 per share (the “Cash Compensation”). The implementation of the Transaction is conditional on the shareholders who validly train the Exit Right not representing greater than 5 p.c of OPAP whole paid-up share capital (the “Cash Exit Condition”).

The completion of the Transaction is anticipated to happen in the primary half of 2026, topic to the approval of the General Meeting of the shareholders (by certified quorum and a two thirds majority vote), satisfaction of the Cash Exit Condition, receipt of all requisite regulatory approvals, together with however not restricted to the approval of the Hellenic Gaming Commission, and different customary closing circumstances.

Transaction Implementation

The Board of Directors of OPAP granted particular authorisation for the coming into into the Transaction Implementation Agreement, authorised the graduation of the method of the Hive Down, of the OPAP contribution and of the Luxembourg Re-domiciliation as effectively as the graduation of preparatory work for the Allwyn Contribution and the Switzerland Re-domiciliation.

The Transaction Implementation Agreement is anticipated to be entered into upon the completion of the method for approval of associated celebration transactions. An announcement in regards to the granting of particular authorisation by the Board of Directors of OPAP, collectively with the equity opinion from Grant Thornton, might be revealed on the Greek General Commercial Registry and the web sites of OPAP and of the Athens Exchange at www.athexgroup.gr. Minority shareholders of OPAP representing 1/20 of OPAP’s share capital could request the convocation of OPAP’s General Meeting to resolve on the approval of the Transaction Implementation Agreement inside 10 days as of the publication of the above announcement with the Greek General Commercial Registry.

Other Important Information

The following disclaimer applies to this announcement and the data offered therein, which has been ready by Allwyn International AG (“Allwyn International” and, along with its subsidiaries and fairness technique investees, “Allwyn” and the “Allwyn Group”) and OPAP S.A. (“OPAP” and, along with its subsidiaries, the “OPAP Group” and, along with sure subsidiaries and fairness technique investees of Allwyn International to be contributed to the OPAP Group in reference to the transaction, the “post-Transaction Allwyn Group”), and another materials distributed or statements made in reference to such announcement (the “Information”). You are subsequently suggested to fastidiously learn the statements beneath earlier than studying, accessing or making another use of the Information.

The Information doesn’t represent or type a part of, and shouldn’t be construed as, an provide to promote or challenge or the solicitation of an provide to purchase or purchase any securities of the Allwyn Group or the OPAP Group, or any affiliate thereof in any jurisdiction in anyway. No a part of the Information, nor the actual fact of its distribution, ought to type the idea of, or be relied on in reference to, any contract or dedication or funding choice in anyway. None of the Allwyn Group, the OPAP Group or any of their respective advisers or representatives shall have any legal responsibility in anyway for any loss in anyway arising from any use of this announcement or its contents or in any other case arising in reference to this announcement (whether or not direct, oblique, consequential or different). Specifically, this announcement doesn’t represent a “prospectus” inside the that means of the U.S. Securities Act of 1933, as amended or Regulation (EU) 2017/1129.

Certain data in this announcement and oral statements made in reference to this announcement are forward-looking. Forward-looking statements embrace, with out limitation, statements relating to the estimated future monetary efficiency, monetary place and monetary impacts of the Allwyn Group, the OPAP Group and/or the post-Transaction Allwyn Group. Words or phrases corresponding to “anticipate,” “objective,” “may,” “will,” “might,” “seem,” “should,” “could,” “can,” “intend,” “expect,” “believe,” “estimate,” “predict,” “potential,” “plan,” “is designed to,” “would,” “continue,” “project,” “possible,” “seek,” “future,” “outlook,” “strive,” “strategy,” “opportunity,” “will continue,” “will likely result” or related expressions counsel future outcomes however the absence of these phrases doesn’t imply {that a} assertion is not forward-looking. When Allwyn or OPAP talk about methods or plans, they’re making projections and utilizing forward-looking statements. These forward-looking statements embrace, however are usually not restricted to, statements relating to estimates, forecasts of different monetary and efficiency metrics, projections of market alternative and different characterisations of future occasions or circumstances, together with any underlying assumptions. Forward-looking statements, monetary projections and monetary targets are based mostly on the opinions and estimates of administration at the date the statements are made and are topic to a number of recognized and unknown dangers and uncertainties and different elements that would trigger precise occasions or outcomes to differ materially from these anticipated in the forward-looking statements, monetary projections and monetary targets. Although the Allwyn Group and the OPAP Group imagine that the expectations mirrored in the forward-looking statements and monetary projections are affordable, there could be no assurance that such expectations will show to be right. None of the Allwyn Group’s or the OPAP Group’s impartial auditors, or another impartial accountants, have utilized, examined or carried out any procedures with respect to the monetary targets, nor have they expressed any opinion or another type of assurance on the monetary targets or their achievability. These forward-looking statements are offered for illustrative functions solely and should not be relied on by an investor as a assure, an assurance, a prediction or a definitive assertion of truth or likelihood. The monetary targets represent forward-looking statements and are usually not ensures of future monetary efficiency. The Allwyn Group, the OPAP Group and the post-Transaction Allwyn Group can’t assure future outcomes, stage of exercise, efficiency or achievements and there’s no illustration that the precise outcomes achieved would be the identical, in entire or in half, as these set out in the forward-looking statements, monetary projections and monetary targets, as precise occasions and circumstances are troublesome or inconceivable to predict and will differ from assumptions.

While in some instances offered with numerical specificity, by their nature, forward-looking statements, monetary projections and monetary targets contain quite a few assumptions, recognized and unknown dangers and uncertainties, each common and particular, that contribute to the likelihood that the predictions, forecasts, projections and different forward-looking data is not going to happen, which can trigger the Allwyn Group’s, the OPAP Group’s and the post-Transaction Allwyn Group’s precise efficiency and monetary ends in future durations to differ materially from any estimates or projections or targets of future efficiency or outcomes expressed or implied by such forward-looking statements, monetary projections and monetary targets. Many precise occasions and circumstances are past the management of the Allwyn Group, the OPAP Group and/or the post-Transaction Allwyn Group. There could also be extra dangers that both the Allwyn Group and/or the OPAP Group presently is aware of, or that both the Allwyn Group and/or the OPAP Group at present believes are immaterial, that would additionally trigger precise outcomes to differ from these contained in the forward-looking statements. The monetary targets replicate the Allwyn Group’s and the OPAP Group’s subjective judgements in many respects and thus are vulnerable to a number of interpretations and periodic revisions based mostly on precise expertise and enterprise, financial, monetary and different developments. Accordingly, such assumptions could change or could not materialise at all. The forward-looking statements, monetary projections and monetary targets contained in this announcement are expressly certified by this cautionary assertion. While the Allwyn Group, the OPAP Group and/or the post-Transaction Allwyn Group could elect to replace these forward-looking statements at some level in the long run, besides as required by relevant regulation, the Allwyn Group, the OPAP Group and the post-Transaction Allwyn Group particularly disclaim any obligation to replace or revise publicly any forward-looking statements, whether or not as a results of new data, future occasions or in any other case, after the date on which the statements are made or to replicate the incidence of unanticipated occasions. None of the Allwyn Group, the OPAP Group, the post-Transaction Allwyn Group, or any of their respective associates, advisers, officers, administrators or representatives can’t give any assurance that the monetary targets might be realised or that precise outcomes is not going to fluctuate considerably from the monetary targets. Additionally, some or all of the data in this announcement is or could also be price-sensitive data and using such data could also be regulated or prohibited by relevant laws, together with securities legal guidelines associated to insider dealing and market abuse. While all monetary, operational, business and market projections, estimates and targets are essentially speculative, the Allwyn Group and the OPAP Group imagine that the preparation of potential monetary, operational, business and market data entails more and more increased ranges of uncertainty the additional out the projection, estimate or goal extends from the date of preparation. Actual outcomes will differ, and will differ materially, from the outcomes contemplated by the projected monetary, operational, business and market data contained in this announcement, and the inclusion of such data in this announcement shouldn’t be considered a illustration by any individual that the outcomes mirrored in such projections might be achieved.

The Information is offered as of the date of this announcement (or at the completely different date as indicated herein) and is topic to change with out discover. The data contained in this announcement could also be up to date, accomplished, revised and amended and such data could change materially in the long run. Neither the Allwyn Group nor the OPAP Group is underneath any obligation to replace or preserve present the data contained in this announcement. The data contained in this announcement has not been independently verified. No illustration, guarantee or enterprise, specific or implied, is made as to, and no reliance must be positioned on, the equity, accuracy, completeness or correctness of the Information or the opinions contained herein. None of the Allwyn Group, the OPAP Group or the post-Transaction Allwyn Group, or any of their respective associates, advisors, administrators, officers, workers, brokers, representatives or associates, or another individual, shall have any legal responsibility in anyway (in negligence or in any other case) for any loss howsoever arising from any use of this announcement or its contents or in any other case arising in reference to this announcement. Any proposed phrases in this announcement are indicative solely and stay topic to contract.

This announcement incorporates monetary data which can not have been audited, reviewed, compiled or verified by any impartial accounting agency. The inclusion of such monetary data in this announcement or any associated announcement shouldn’t be considered a illustration or guarantee by the Allwyn Group, the OPAP Group or the post-Transaction Allwyn Group, or any of their respective associates, advisors or representatives or another individual as to the accuracy or completeness of such monetary data’s portrayal of the monetary situation or outcomes of operations by the Allwyn Group, the OPAP Group or the post-Transaction Allwyn Group and shouldn’t be relied upon when making an funding choice. In explicit, sure monetary information included in this announcement consists of “non-IFRS financial measures.” These non-IFRS monetary measures, as outlined by the Allwyn Group and/or the OPAP Group, as the case could also be, will not be corresponding to similarly-titled measures as offered by different corporations, nor ought to they be thought of as an different to the historic monetary outcomes or different indicators of the efficiency based mostly on IFRS.
The Allwyn Group and the OPAP Group, as relevant, obtained sure business and market information utilized in this announcement from publications and research carried out by third events, as effectively as estimates ready by the Allwyn Group and the OPAP Group, as relevant, based mostly on sure assumptions and third-party information. While the Allwyn Group and the OPAP Group imagine that the business and market information from exterior sources are correct, none of the Allwyn Group or the OPAP Group, or any of their respective associates, advisors, administrators, officers, workers or representatives have independently verified such information or sought to confirm that the data stays correct as of the date of this announcement and none of the Allwyn Group or the OPAP Group, or any of their respective associates, advisors, administrators, officers, workers or representatives make any illustration as to the accuracy of such data. Similarly, the Allwyn Group and the OPAP Group imagine that their respective inner estimates are dependable, however these estimates haven’t been verified by any impartial sources, and there could be no assurance that the assumptions or estimates are correct. Accordingly, undue reliance shouldn’t be positioned on any of the business, market or the Allwyn Group’s, the OPAP Group’s or the post-Transaction Allwyn Group’s aggressive place information contained in this announcement. All data in this announcement is being offered on a non-reliance foundation and, as a end result, you might be solely chargeable for making your personal impartial appraisal of and investigations into the Allwyn Group, the OPAP Group and the post-Transaction Allwyn Group, their respective enterprise and the transactions and merchandise referred to in this announcement and shouldn’t depend on any data in this announcement as constituting funding recommendation.

Recipients shouldn’t construe the contents of this announcement as authorized, tax, regulatory, monetary or accounting recommendation and are urged to seek the advice of with their very own advisers in relation to such issues. Unless as in any other case acknowledged herein, this announcement speaks solely as of the date hereof and the data and opinions contained herein are topic to change with out discover and don’t purport to include all data that could be required to consider the Allwyn Group, the OPAP Group and/or the post-Transaction Allwyn Group. No accountability or legal responsibility is accepted by any individual for any of the data or for any motion taken by you or any of your officers, workers, brokers or associates on the idea of such data.
PJT Partners (UK) Limited (“PJT Partners”), which is authorised and controlled by the FCA in the United Kingdom, is appearing solely as monetary adviser to Allwyn International AG and no-one else in reference to the Transaction and won’t be accountable to anybody apart from Allwyn International AG for offering the protections afforded to purchasers of PJT Partners nor for offering recommendation in relation to the Transaction or any matter referred to herein. Neither PJT Partners nor any of its subsidiaries, branches or associates nor any of their respective administrators, officers, workers, brokers or representatives owes or accepts any responsibility, legal responsibility or accountability in anyway (whether or not direct or oblique, whether or not in contract, in tort, underneath statute or in any other case) to any one that is not a shopper of PJT Partners in reference to this announcement, the Transaction, any assertion contained herein or in any other case.

Morgan Stanley & Co. International plc (“Morgan Stanley”) which is authorised by the Prudential Regulation Authority and controlled by the Financial Conduct Authority and the Prudential Regulation Authority in the UK is appearing as monetary adviser solely for OPAP S.A. and nobody else in reference to the issues set out in this announcement. In reference to such issues, Morgan Stanley, its associates and their respective administrators, officers, workers and brokers is not going to regard another individual as their shopper, nor will they be accountable to another individual for offering the protections afforded to their purchasers or for offering recommendation in reference to the contents of this announcement or another matter referred to herein.

NOTES TO THE TEXT

(1) Based on consolidated LTM Jun-25 EBITDA professional forma for introduced acquisitions of PrizePicks and Novibet, closing topic to regulatory and anti-trust approvals. Excludes land-based on line casino operators.

(2) Based on consolidated LTM Jun-25 EBITDA professional forma for introduced acquisitions of PrizePicks and Novibet,
closing topic to regulatory and anti-trust approvals. Excludes land-based on line casino operators.

(3) The closing share value of OPAP on 10 Oct

(4) Calculated at the time of challenge as being a proportion equal to the annual minimal dividend of €1.00 per share from FY2026 onwards divided by the closing share value on the day earlier than challenge.

(5) Based on the annual minimal dividend of €1.00 from FY2026 onwards.

(6) It is anticipated that J&T Arch will trade its shares in Allwyn for shares in LuxCo or the Combined Company.

(7) Pro forma for the introduced acquisitions of PrizePicks and Novibet, closing topic to regulatory and anti-trust approvals.