Q1 2021 28 April 2021 • Q1 2021 highlights • General update ‒ Continued shift from offline to online ‒ Growing number of active customers ‒ Focus on locally regulated markets ‒ Sustainability ‒ Regional update ‒ Product segment update • Financial results • Summary Q1 has started with the positive momentum from 2020 continuing across markets and product segments

GBP 352.6m GBP 209.1m GBP 97.6m GBP 90.1m 1,818,759 GBP 174.9m (+41%) (59% of GWR) (+200%) (+67.8m) (+19%)

41% growth in GWR (+39% in constant FX) Number of active customers reaches a new all-time high level Solid GWR and profitability growth in locally regulated markets Strict focus on scalability has led to an EBITDA margin of 28%, including unrealised FX losses of GBP 8.0m Online penetration is increasing rapidly but The shift from offline is expected to support still large differences between markets strong growth of the global online market Penetration % Penetration increase Global gambling market gross win (USDbn) CAGR ’19-25E 2019 2019-2025 59% 536 551 Total 3% 516 54% 500 UK 45% 469 439 Finland 44% 36% 361 Poland 33% Landbased 427 434 1% Germany 20% 408 416 19% 405 355 Romania 18% 284 Portugal 18% Netherlands 16% Spain 12% Online 92 100 109 117 11% 11% 64 77 83

0% 20% 40% 60% 80% 2019 2020E 2021E 2022E 2023E 2024E 2025E

Source: H2 Gambling Capital April 2021 Thousands/GBP • The level of customer activity has 1 800 remained high across the business 1 600

• Number of active customers reached 1 400 approx. 1.82 million, an all-time high level and a 19% increase compared 1 200 to Q1 2020 1 000

• The total number of registered 800 customers increased to above 30m at the end of Q1 2021 600 400 ARPU 200

0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2017 2018 2019 2020 2021 Strong GWR growth in locally regulated Stable long-term profit margins despite short-term markets (GBPm) regulatory pressure and increased betting duties GBPm 1,233.0 70% 300 1,130.2 60% 250 Other % of locally regulated GWR 912.8 492 447 markets 50% 200

379 40% 150 Betting duties 30% Locally 100 20% 683 741 regulated 534 markets Underlying 10% 50 EBITDA-margin % (LTM)

0% 0 FY 2019 FY 2020 LTM 2013 2014 2015 2016 2017 2018 2019* 2020 2021

* 2019 figures have been impacted by the adoption of IFRS 16 “Leases” and are therefore not directly comparable to prior years. Our journey towards zero • The journey towards zero per cent of revenue % of GWR Social Low Risk Medium Risk High Risk from harmful gambling continues. Data from 100% 21 Dec 2020 to 21 Mar 2021: 90% 80% ‒ Share of GWR from high-risk players: 3.9% 70% ‒ Improvement effect after interventions: 76.6% 60% • Two research papers sponsored by Kindred 50% reviewed and published 40% 30% • Kindred offers the Gamban gambling 20% blocking software tool for free to 10% 3.9 4.7 4.4 4.3 3.9 customers in the US 0% Q1 Q2 Q3 Q4 Q1 • Sports anti match-fixing projects with 2020 2021 commercial partners and EFDN continue Healthier gambling index (improvement effect due to intervention) 77.3% 74.0% 76.3% 75.7% 76.6%

91% Other

33% CES in both Australia and the US US the and Australia both in

Other regions GWR grew by 91% driven by strong strong by driven 91% by grew GWR regions Other performance •

58%

Western Europe Western Other

year, with Romania as the biggest contributor to the growth the to contributor biggest the as Romania with year, 1% Nordics

The Q1 2021 GWR increased by 33% vs. same period last last period same vs. 33% by increased GWR 2021 Q1 The •

(as reported in GBP) in reported (as

CES

year growth growth year - on - year GWR

revenues declining compared to same period last year last period same to compared declining revenues

Sweden impacted by temporary covid temporary by impacted Sweden 19 measures with casino casino with measures 19 - •

Western Europe Western GWR increased by 1% compared to Q1 2020 2020 Q1 to compared 1% by increased GWR 69%

§ •

Nordics

UK market grew by over 100% over by grew market UK •

by strong growth accross all main markets markets main all accross growth strong by

GWR increasing 58% vs. the same period 2020 driven driven 2020 period same the vs. 58% increasing GWR

•

19%

8%

4%

Nordics Western Europe Western CES

Other GWR by region Q1 2021 Q1 region by GWR • UK is the largest locally regulated market in the world The UK has become one of Kindred’s largest markets and the total UK online market is estimated to have been worth approx. GBP 8bn* in 2020 GWR (Indexed) Y-o-Y growth 250 125% • During the past two years, Kindred has outgrown the UK market by almost 3x LTM GWR (indexed) Quarterly y-o-y growth • The UK has been a long-term investment market for 200 100% Kindred where the acquisitions of Stan James and laid the foundation for the accelerated organic growth 150 75% • The UK market has become one of Kindred’s largest markets on the back of: ‒ Sizeable and sustained marketing investment in our 100 50% UK brands, Unibet and 32Red ‒ ‘Anglification’ of our product with launch of own racing product and expansion of gaming suppliers 50 25% ‒ Operating beyond regulatory requirements for compliance ‒ Obsession with efficiency 0 0% Q1-19 Q2-19 Q3-19 Q4-19 Q1-20 Q2-20 Q3-20 Q4-20 Q1-21

*H2 Gambling Capital April 2021 (excl. lotteries)

Q3 2019 Q3 Q1 2021 Q1 2020 Q4 2020 Q3 2020 Q2 2020 Q1 2019 Q4

0,0 Virginia, planned for 28 April 2021 April 28 for planned Virginia,

forward as planned, with launch into our fourth state, state, fourth our into launch with planned, as forward 1,7

2,6 Our selective organic growth strategy is also moving moving also is strategy growth organic selective Our •

increased by 92% in 2021 Q1 vs. 2020 Q1 2020 vs. Q1 2021 in 92% by increased

6,0

The total number of active customers in the US, US, the in customers active of number total The •

7,3

7,4

7,9

GBPm Bowl and March Madness March and Bowl

marketing and bonus campaigns surrounding the Super Super the surrounding campaigns bonus and marketing US GWR development by quarter by development GWR US

Strong player acquisition performance through focused focused through performance acquisition player Strong •

EBITDA 6.3 -

§ 29m GBP approx. to amounted

Last 12 months GWR contribution from the US US the from contribution GWR months 12 Last • Admin 1.2 - expenses

Marketing 5.4 - Q4 2020 in local currency local in 2020 Q4

Sequentially GWR declined by 2.8% versus versus 2.8% by declined GWR Sequentially ‒ CoS 7.1 -

increase of approx. 203% from Q1 2020 in local currency currency local in 2020 Q1 from 203% approx. of increase GWR 7.4

The GWR amounted to GBP 7.4m in 2021 Q1, an an Q1, 2021 in 7.4m GBP to amounted GWR The •

GBPm US operations Q1 2020 Q1 operations US The Virginia online sportsbetting • Virginia Lottery has awarded Kindred one of the market opened in January 2021 7 direct mobile sports betting permits in a highly competitive process Total monthly Total monthly • Virginia is one of the largest states in the US handle $m gross revenue $m market and mobile sport betting is expected to 304 12 reach over $370m in annual revenues at maturity 266 • The plan is to go live in Virginia on 28 April and thereby be one of the first movers in the state • Virginia will be a key state in Kindred’s East 4 Coast expansion and the plan is to open an 59 office in Virginia

Jan-21 Feb-21 Mar-21 Jan-21 Feb-21 Rolling 30 days average daily sportsbook turnover

• Sustained strong demand for GBPm Q1 Q2 Q3 Q4 sports and entertainment 20 2021 from customers • Busy sports calendar and spacing between matches 15 2020 produces less cannibalisation of bets which continues to be beneficial for turnover 10 per match

• Q1 sportsbook turnover Total SB stakes 2021 5 grew by 49% year-on-year GBP 1,707m Y-o-Y growth Total SB stakes Total SB stakes Total SB stakes +49% 2020 2020 2020 GBP 780m GBP 1,476m GBP 1,771m 0

Jan1 Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

15 29 43 57 71 85 99

337 365 113 127 141 155 169 183 197 211 225 239 253 267 281 295 323 351 309 Sports betting margin after free bets • The sports betting margin in Q1 2021, was 9.4% after free bets 10,7% • Q1 margin slightly above long-term average driven by a large amounts of 10,0% upsets across the European football 9,4% 9,4% leagues especially during the beginning 9,0% of the quarter 8,7% 8,7% 8.9% • The weighted long-term (since beginning 8,5% 8,2% 8,2% 8,1% 8,2% of 2018) average sports betting margin 7,9% after free bets is 8.9% • In recent years, the average sports betting margin has increased due to the fact that the French sports business has grown faster than the average growth for other markets Q1-2018Q1 Q2-2018Q2 Q3-2018Q3 Q4-2018Q4 Q1-2019Q1 Q2-2019Q2 Q3-2019Q3 Q4-2019Q4 Q1-2020Q1 Q2-2020Q2 Q3-2020Q3 Q4-2020Q4 Q1-2021Q1 2018 2019 2020 2021

with France leading the way for overall growth overall for way the leading France with 15% Other

GWR for poker increased by 23% compared Q1 2020, 2020, Q1 compared 23% by increased poker for GWR •

23% transcends to poker and other products other and poker to transcends Poker

The strong growth in Sports Betting and Casino also also Casino and Betting Sports in growth strong The •

56% Casino & Games & Casino

Poker and other products other and Poker

30% GWR increased by 56% compared to Q1 2020 Q1 to compared 56% by increased GWR Sports Betting Sports •

for casino & games in terms of actives, turnover and GWR GWR and turnover actives, of terms in games & casino for

Q1 2021 was Kindred’s best performing quarter ever ever quarter performing best Kindred’s was 2021 Q1 • year growth growth year - on - year GWR

Casino and games and Casino

lower sports betting margin betting sports lower

GWR increased by 30% compared to Q1 2020 Q1 to compared 30% by increased GWR despite despite

§ • & Games &

actives, turnover, and GWR and turnover, actives,

50% Casino Casino

Strong quarter for racing with significant growth across across growth significant with racing for quarter Strong

•

45% Sports Betting Sports

and high turnover high and

Continued high activity with busy sports calendar calendar sports busy with activity high Continued •

Sports Betting Sports

Poker, 3% Poker, Other, 2% Other, GWR by product segment Q1 2021 Q1 segment product by GWR See the film and read more here

Gross winnings revenue 1,130.2 GBPm

912.8 907.6 364,7

751.4 250,1 236,2

544.1 238,0 280,7 230,7 226,0 Q4 152,8 354.1 193,6 226,2 235,1 Q3 111,4 142,3 219,0 166,6 86,1 126,6 352,6 Q2 80,5 224,4 249,7 153,2 207,8 76,1 122,4 Q1 2015 2016 2017 2018 2019 2020 2021 Expenses as a % of GWR • Scalability across all main costs items with 2020 cost reduction program continuing to yield results 28,5% FY FY Q1 • Cost of sales (excl. Betting duties 2019 2020 2021 and affiliates) reduced to 15.4% 22,8% of GWR driven by cost efficiencies 21,0% negotiated and achieved already during 2020 16,6% 16,0% 15,4% • Marketing expenses as % of GWR reduced to 21% as a result of 10,5% significant marketing efficiencies 9,7% 8,2% and strong business performance 8,1% 5,6% in the quarter 4,7% 4,6% • The total headcount at the end of 2,3% 2,1% Q1 was more than 5% lower than at same time last year CostCost of Sales of (excl. Sales Betting MarketingMarketing costs Employee costs OtherOther above EBITDAabove opex CapexCapex (excl. US license duties & Affiliates) fees) (excl. Betting duties & Affiliates) costs costs EBITDA opex (excl. US license fees) GBPm 274.2

202.8 115,9 178.5 58,5

73.8 120.7 128.1 74,2 55,5 30,0 Q4 38,9 77.0 46,6 37,1 Q3 41,5 26,2 33,1 51,6 30,4 97,6 Q2 17,4 21,1 30,5 19,0 29,4 47,3 30,6 32,5 14,4 27,6 Q1 2015 2016 2017 2018 2019* 2020 2021

*Since 2019 figures have been impacted by the adoption of IFRS 16 “Leases” and are therefore not directly comparable to comparative years. Avg rate Q1 2020 Q1 2021 Movement AUD 1.945 1.785 9.0% DKK 8.675 8.509 2.0% Weighted average impact of FX EUR 1.161 1.144 1.5% 5.4 rates on GWR was a positive NOK 12.117 11.738 3.2% impact of approx. 2% SEK 12.377 11.577 6.9% USD 1.238 1.379 -10.2% GBPm Gross winnings revenue 5.3 Cost of sales / Opex -2.9 During Q1 2021, the FX impact on FX loss on operating items -8.0 operating items was a loss of GBP 8.0m. This primarily comprises EBITDA FX impact Q1 2021 -5.6 unrealised FX differences from the Other items below EBITDA -0.3 retranslation of the Group’s significant Profit before tax impact Q1 2021 -5.9 cash balances GBPm Underlying EBITDA Free Cash Flow • Free cash flow generated during Q1 120 amounted to GBP 90.1m driven by strong underlying profitability and positive net 100 working capital movements 80 • Continued strong cash conversion*, Q1 2021 was 92% 60

• During Q1, 1,032,500 shares/SDRs were 40 repurchased at a total price of GBP 12.4m 20 • At the end of Q1, the net cash position reached GBP 174.9m which is an increase 0 by GBP 70.2m compared to the end of Q4 2020 -20 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2018 2019 2020 2021 *Cash conversion is defined as free cash flow divided by underlying EBITDA

than the full Q2 2020 Q2 full the than

cent (55 per cent in constant currency) higher higher currency) constant in cent per (55 cent

GWR for the first 25 days in April being 52 per per 52 being April in days 25 first the for GWR

Q2 has started off well with the average daily daily average the with well off started has Q2 sports ahead! sports •

customer activity customer An exciting summer of of summer exciting An

strong momentum and record high high record and momentum strong

§ its on building events these from Kindred is in a good position to benefit benefit to position good a in is Kindred •

one of the largest betting events in history in events betting largest the of one

events with the UEFA Euro 2020 that will be be will that 2020 Euro UEFA the with events

2021 is set to be a big year for sporting sporting for year big a be to set is 2021 • GBP 352.6m GBP 209.1m GBP 97.6m (+41%) (59% of GWR) (+200%)

3.9% GBP 90.1m 1,818,759 GBP (+67.8m) (+19%) 174.9m

23 July 2021 Q2 will be published at 7.30 CET Patrick Kortman

+46 723 877 438 27 October 2021 Q3 will be published at 7.30 CET [email protected]