888 Holdings plc - 2023 Post-close Trading Update

Today, we provided updates on post-close trading for the three and twelve months ending 31 December 2023 ("Q4" and "FY23" respectively).

Dec 2023

Dec 2023

- Q4 revenue was £424m, up 5% compared to Q3 2023 and down 7% year-on-year, however assets3 increased 5% year-on-year and continued growth in our client base has laid the foundations for sustained revenue growth going forward.

- Q23 revenue was £171. 1m, down 8% year-on-year, primarily due to active balance movements into marketplaces, which impacted revenue by approximately £80m in Q23. Revenues were also affected by the change in customer mix in the UK due to the adoption of additional measures to make gambling safer, as well as changes to the Group's marketing approach aimed at increasing revenue stability and profitability. These changes combined have allowed for a better and more stable business structure, with around 95% of revenues in the 23rd financial year being generated in regulated and taxable markets.

- UK& i Online: sales down 8% to £658 million. This is mainly due to the impact of safe gambling changes and an advanced marketing approach, but high customer engagement (average monthly activity up 11%) more than compensates for the 18% decrease in average revenue per customer. Thanks to synergies and a focus on effective marketing, the adjusted EBITDA indicator for UK& i Online is much higher in the annual calculation, despite the lower revenues.

- Retail division: sales up 3% to £535 million.

- International: Sales down 16% to £517m (down 17% at CEX4) due to the significant impact of legislative changes in the bunk bed market. Key markets Italy and Spain grew double digits.

- Synergies helped partially mitigate the impact of the regulatory framework changes, with the previously increased and accelerated delivery of targeted savings of £150m to 2024.

- Ou expects Group Adjusted EBITDA margin to be around 18% for FY23, consistent with the previously indicated range of 18-19%.

- Cash (excluding customer account balances) as at 31 December 2023 was around £125m, with unused RCF of £150m and total liquidity of around £275m.

Strengthening the leadership team

- Over the past three months, the Group has significantly strengthened its management team with the following key appointments to the management team:

- As announced on 13 September 2023,

has been appointed Chief Financial Officer, effective from 1 February 2024.

As announced on 13 September 2023, Asahi Glass has been appointed Chief Financial Officer, effective from 1 February 2024.

Rick has been appointed Chief Information Officer, effective from 5 February 2024. Rick has almost 30 years of experience in advanced technology and was previously CIO of Flutter UK& I and Chief Technology Officer of Sky Betting & Gaming.

He was appointed Chief Product Officer in December 2023. Ian has 15 years of experience in gaming and gaming product development and was previously Product Director at Flutter UK& I.

He was appointed Group General Counsel in October 2023. Fredrik has over 30 years of legal experience and almost 20 years of experience in the gambling and gaming industry, having previously held senior management roles at PokerStars and Expecto.

was appointed Director of Development in January 2024. Jeffrey has over 20 years of experience in gaming and fintech start-ups and scale-ups, having held executive roles at DraftKings, bwin. party and PokerStars, as well as serving as a strategic innovation advisor, officer and director at venture capital firms.

- Positive revenue outlook for FY24: Continued growth in active player numbers gives us confidence in strong online revenue growth in both the UK and international segments. From February 2024, annual increases for regulatory compliance and gambling safety improvements will commence, resulting in a more positive outlook for average revenue per user.

- A global cost reduction programme of around GBP 30 million, launched in December 2023, will be carried out in parallel with investments to further strengthen the Group's core competencies in several areas, including intelligent automation and AI-powered data and analytics.

- Cost reductions will enable increased marketing spend in 2024, with higher returns achieved through more effective customer and product lifecycle management.

- While the above initiatives will improve profitability in the long term, due to further investments, the Group currently expects Adjusted EBITDA in 2024 to be at the lower end of consensus.

-Bes of the new general manager of Pen VidertStraz, the group has a unique new strategy to create fresh media and strategic goals and strategic goals to summarize the results. I will provide detailed information about the intentions and intentions, and will be published on March 26, 2024.

Pen Villerlem, the 888 management director, commented as follows:

"In the 23rd term economy, the group has achieved the current strategic and operating progress on serious regulation and supervision pressure. I am for the company for sustainable and profitable lifting. I am satisfied with the enhancement of my own bottom line, I have greatly enhanced the regulation ratio, improved the alignment of advertising investments, and strengthened recreational customers. "

I came to this company at an important time for exciting. There are trivial skills to clarify our potential, but in fact, we need to be more aggressive as a future company in the future. I know that. In real time, we will prepare a group for good luck, reduce costs and costs, and create an operation measure to release a method of investing in an rise based on our new strategies and intentions to create prices. I'm taking it. Measures we could do to improve the financial characteristics of the group, create a more flexible and effective organizational structure, and to manage the current cycle of buyers and products more effectively. Is required. These intentions guarantee the creation of a large price at the maximum age and increasing significant interests.

I am intensively working on improving the strategic structure currently being implemented in the project creation project with the concentrated teams of the Board of Directors, the intensive teams of each chapter, and the specialists of all companies in the company. It is doubtful that the debt burden can be reduced and the increase in profits for shareholders can be secured. We look forward to the announcement of 2024-2026 with the full-year settlement at the end of March.

1) Please note that the numbers listed in the report are not all assembled. The final characteristics and percentage configuration are designed based on the basic numbers. The difference is justified by rounding five.

2 The 22nd economic year data is that the 888 has owned William Hill over the whole period (acquisition is completed on July 1, 2022) and is given by a professional, business 888 bingo (2022 Sold in July year is not included.

3. The assets indicate the average monthly online player, that is, the number of bets performed during the corresponding period.

4. The growth rate excluding the effects of foreign exchange fluctuations is converted to the previous year's interest rate at the exchange rate of the current year.

5 Analyst consensus is https: // corporate. 888. COM/INVESTORS/ShareHolder-Information/Analyst-ConSense/.

This announcement includes internal information.

Request and additional information

888 Holdings PLC

+44 (0) 800 029 3050

Representative Director Vert Rom

Extraordinary Finance Officer and Director in charge of strategy

+44 (0) 207 796 4133

888 Holdings PLC

888 Holdings PLC (including 888 or group subsidiaries) -One of the world's leading books and gambling companies. The Group owns and operates a worl d-famous brand, including William Hill, 888, and gambling.

It also operates SI SIS SIS SPORTSBOOK and Si Casino in the United States in a partnership with the Authentic Brands Group.

Groups registered in Gibraltar, headquartered in London, and listed in London, have been doing business from offices around the world, with more than 11., 000 staff members.

The group's mission is to lead the gambling world, create the best conditions for betting and games, and introduce the best excitement in people's daily lives. This is achieved by developing the latest technologies and abundant products that provide interesting, fair and safe rates and games entertainment for customers around the world.

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This announcement may contain projections, beliefs or opinions regarding the financial condition, performance of the company and the business operations of 888. These statements include words such as "wait," "believe," "intend," "estimate," "expect," "may," "anticipate," "will," "strive," "continue," "strive," "goals," "challenges," "projected," "plans," "objectives," "achieve," words of similar meaning, or other statements of a forward-looking nature. These statements reflect Papapa's beliefs and expectations and are based on a number of assumptions regarding Papapa's actual and future business strategies and the circumstances surrounding Papapa, and are subject to risks and uncertainties, which may cause actual results to differ materially. No representation is being made that any of these statements or projections will come true or that the projected results will be achieved. Forward-looking statements relate to events and depend on circumstances that may occur in the future and therefore involve known and unknown risks, uncertainties and practices that may cause Papapa's actual results, performance or achievements to differ from those expressed or implied in such forward-looking statements. Many of these risks and uncertainties relate to the following factors:

In any description of this presentation, it does not configure the prediction or estimation of the revenue, but the statement of the 888 in the current or future fiscal year is always consistent with the 888 past track record. It should not be interpreted as suggesting that it exceeds.

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