Intralot S.A.

Quarterly Report • Aug 31, 2023

INTRALOT Group

INTERIM FINANCIAL REPORT (according to article 5 of Law 3556/2007) FOR THE PERIOD JANUARY 1 TO JUNE 30, 2023 ACCORDING TO INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRS)

Statement of the Members of the Board of Directors 3
	SEMI-ANNUAL BOARD OF DIRECTORS MANAGEMENT REPORT 4
	Independent Auditors' Review Report 28
	INTERIM FINANCIAL STATEMENTS 30 INCOME STATEMENT GROUP / COMPANY FOR THE FIRST HALF OF 202330
	STATEMENT OF COMPREHENSIVE INCOME GROUP / COMPANY FOR THE FIRST HALF OF 2023 31
	INCOME STATEMENT GROUP / COMPANY FOR THE SECOND QUARTER OF 202332
	STATEMENT OF COMPREHENSIVE INCOME GROUP / COMPANY FOR THE SECOND QUARTER OF 2023 33
	STATEMENT OF FINANCIAL POSITION GROUP/COMPANY 34
	STATEMENT OF CHANGES IN EQUITY GROUP 35
	STATEMENT OF CHANGES IN EQUITY COMPANY 36
	CASH FLOW STATEMENT GROUP/COMPANY37
	1. GENERAL INFORMATION 38
	2. NOTES TO THE INTERIM FINANCIAL STATEMENTS 38
2.1.1	Basis of preparation of the Financial Statements 38
2.1.2	Statement of compliance39
2.1.3	Financial Statements 39
2.1.4	Changes in accounting policies39
2.1.5	EBITDA & EBIT 42
2.1.6	Significant accounting judgments estimates and assumptions 42
2.1.7	Seasonality and cyclicality of operations43
2.2	INFORMATION PER SEGMENT 43
2.3	OTHER OPERATING INCOME47
2.4	INCOME TAX47
2.5	INCOME / (EXPENSES) FROM PARTICIPATIONS AND INVESTMENTS 47
2.6	GAIN / (LOSS) FROM ASSETS DISPOSAL, IMPAIRMENT LOSS & WRITE OFF OF ASSETS 48
	2.7 OTHER OPERATING EXPENSES48
	2.8 INTEREST AND SIMILAR EXPENSES / INTEREST AND SIMILAR INCOME 48
2.9	FOREIGN EXCHANGE DIFFERENCES48
2.10	TANGIBLE, INTANGIBLE ASSETS AND INVESTMENTS PROPERTIES49
2.11	INVESTMENT IN SUBSIDIARIES, ASSOCIATES AND JOINT VENTURES 50
2.12	OTHER FINANCIAL ASSETS 51
2.13	INVENTORIES51
2.14	CASH AND CASH EQUIVALENTS52
2.15	SHARE CAPITAL, TREASURY SHARES AND RESERVES52
2.16	DIVIDENDS 56
2.17	DEBT 56
2.18	SHARED BASED BENEFITS 61
2.19	FINANCIAL ASSETS AND LIABILITIES 61
2.20	SUPPLEMENTARY INFORMATION 67
	A. BUSINESS COMBINATION AND METHOD OF CONSOLIDATION 67
	III. Acquisitions 69
	IV. New Companies of the Group 69
	V. Changes in ownership percentage 69
	VI. Subsidiaries' Share Capital Increase / Decrease69
	VII. Strike off - Disposal of Group Companies 69
	VIII. Discontinued Operations69
	IX. Companies merge 70
	B. REAL LIENS70
	C. PROVISIONS 70
	D. PERSONNEL EMPLOYED 71
	E. RELATED PARTY DISCLOSURES71
2.21	CONTINGENT LIABILITIES, ASSETS AND COMMITMENTS 73
	A. LITIGATION CASES 73
	B. FISCAL YEARS UNAUDITED BY THE TAX AUTHORITIES 78
	Ι) COMPANY AND SUBSIDIARIES 78
	ΙΙ) ASSOCIATE COMPANIES & JOINT VENTURES 80
	C. COMMITMENTS80
I)	Guarantees80
	II) Other commitments81
2.22	COMPARABLE FIGURES81
2.23	APPLICATION OF IAS 29 "FINANCIAL REPORTING IN HYPERINFLATIONARY ECONOMIES" 81
2.24	SIGNIFICANT FLUCTUATIONS, RECLASSIFICATIONS & REVERSALS82
2.25	SUBSEQUENT EVENTS 84

Statement of the Members of the Board of Directors (according to article 5 par. 2 of L.3556/2007)

The

• 1. Sokratis P. Kokkalis, Chairman of the Board of Directors and Group CEO
• 1. Chrysostomos D. Sfatos, Member of the Board of Directors and Group Deputy CEO
• 1. Ioannis K. Tsoumas, Member of the Board of Directors

DECLARE THAT

As far as we know:

a. the accompanying interim company and consolidated financial statements of the company "Intralot S.A." for the period January 1, 2023 to June 30, 2023, prepared according to the International Financial Reporting Standards, present truly and fairly the assets and liabilities, equity and the financial results of the Company, as well as of the companies included in the consolidation, according to par. 3 to 5 of article 5 of L. 3556/2007.

b. the semi - annual Board of Directors Management Report presents a true and fair view of the information required according to par. 6 of article 5 of L. 3556/2007.

c. the attached Financial Statements are those approved by the Board of Directors of "Intralot S.A." on August 31, 2023 and have been published to the electronic address www.intralot.com.

Peania, August 31, 2023

Sokratis P. Kokkalis	Chrysostomos D. Sfatos	Ioannis K. Tsoumas
Chairman of the Board of Directors and Group CEO	Member of the Board and Deputy Group CEO	Member of the Board

SEMI-ANNUAL BOARD OF DIRECTORS MANAGEMENT REPORT

We submit to all interested parties the interim financial statements for the first half of 2023, prepared according to the International Financial Reporting Standards as adopted by the European Union, along with the present report for the period from January 1st to June 30th, 2023. The present report to the Board of Directors of the company "INTRALOT S.A. INTEGRATED LOTTERY SYSTEMS AND SERVICES" has been composed according to the provision of par. 6, article 5 of the Law 3556/2007 and to the published executive resolutions 1/434/3-7-2008 and 7/448/11.10.2007 of the Capital Market Commission' Board of Directors.

PROGRESS OF THE GROUP'S AND COMPANY'S PERFORMANCE FOR THE PERIOD 1/1- 30/6/2023 & BUSINESS DEVELOPMENTS FOR THE SECOND HALF OF 2023

FINANCIAL OVERVIEW

In the first half of 2023, INTRALOT Group recorded a revenue decrease of 14,4%, with Group turnover amounting to €175,3 million, compared to €204,8 million in the corresponding period of 2022. Earnings before interest, tax, depreciation, and amortization (EBITDA), amounted to €62,8 million, from €55,1 million in the first half of 2022, posting an increase of 14,0%. Earnings before taxes (EBT) were improved and totaled €16,3 million in the first half of 2023, from €8,0 million in the first half of 2022, while Group net profit after minority interests amounted to €4,4 million, from €-0,5 million in the first half of 2022. Concerning parent company results, turnover significantly increased by 134,0% to €31,4 million in the first half of 2023, while earnings / (losses) after tax amounted to €6,1 million from €-13,7 million in the first half of 2022.

In the first half of 2023, group Operating Cash-flow posted an increase and stood at €49,8 million vs. €41,4 million in the first half of 2022, as a result of the increased EBITDA performance.

Net debt, as of June 30th, 2023, stood at €480,5 million, lower by €10,0 million compared to December 31st, 2022 (€490,5 million). Net debt position and leverage ratios improvement (Net Debt / LTM EBITDA at 3,7x vs. 4,0x in Dec-22) was achieved through the strong cash flow generation and the positive impact of the gross debt movements. Gross debt movements include the capital payments towards the Term Loan in US and the favorable effect from the exchange rate differences for our US denominated debt.

RECENT COMPANY DEVELOPMENTS

Projects/ Significant Events

On April 6, 2023 INTRALOT announced that its U.S. subsidiary INTRALOT, Inc. has signed a 3-year contract, including an option of three annual extensions, with British Columbia Lottery Corporation (BCLC) for the provision of its next-generation sports betting platform INTRALOT Orion and relevant managed services, to enable the operations and management of BCLC's retail sportsbook.

On June 12, 2023, INTRALOT announced that following an international competitive tender issued by CTBC Bank Co. in Taiwan, LotRich Information Co., Ltd. a Taiwanese joint venture in which INTRALOT is a major shareholder, has signed a 10-year contract as the lottery system technology

provider of CTBC Bank Co., which has been awarded the license from the Taiwanese Government to issue and operate the Public Welfare Lottery. INTRALOT has been the technological provider of CTBC Bank Co. in Taiwan since 2007, when CTBC Bank Co. obtained its first license to issue and operate the lottery.

Organizational Changes

On February 15, 2023 INTRALOT S.A. announced that Nikolaos Nikolakopoulos steps down as Member of the Board and Deputy CEO in order to become CEO of its 100% subsidiary "INTRALOT, Inc." in the United States.

On March 2, 2023 INTRALOT - following the notifications received by Mr. Soohyung Kim and the company "Acme Amalgamated Holdings, LLC" – announced that the company under the trade name "CQ Lottery LLC" acquired on 27.02.2023 122.182.840 common registered shares in the Company and the corresponding voting rights which represent 32,90% of the Company's total voting rights, through an acquisition from the company "The Queen Casino & Entertainment Inc." (former "CQ Holding Company, Inc.") whereby "The Queen Casino & Entertainment Inc." transferred to "CQ Lottery LLC" the total amount of shares the former ("The Queen Casino & Entertainment Inc.") held in the Company. In light of the above, "CQ Lottery LLC" owns in total 122.182.840 common registered shares in Issuer, corresponding to 32,90% of the Company's voting rights and "The Queen Casino & Entertainment Inc." no longer (directly) owns shares in the Company. "CQ Lottery LLC" is a company controlled by "The Queen Casino & Entertainment Inc." which is a company controlled by "Standard General Management LLC", which in turn is controlled by "Acme Amalgamated Holdings, LLC", which is ultimately controlled by Mr. Soohyung Kim.

On March 21, 2023 INTRALOT announced that Mr. Fotis Konstantellos steps down as Member of the Board and Deputy CEO. He is replaced as Member of the BoD by Mr. Konstantinos Farris who will also assume the position of Group Chief Technology Officer. Mr. Farris had served as CTO of INTRALOT in the years 1997-2016.

Also, on March 21, 2023 INTRALOT announced the appointment of Mr. Richard Bateson as Chief Commercial Officer of its 100% subsidiary "INTRALOT, Inc." in the United States. Mr. Bateson will be joining the US senior management team reporting directly to INTRALOT US's CEO. As an industry leader, Mr. Bateson has worked as both an operator and vendor within the lottery sector. With over 20 years of lottery experience, has worked within Camelot's group of companies in both the UK and North America. More recently Mr. Bateson has been a consultant to various companies including Jumbo Interactive, Teneo and Camelot UK Lotteries Ltd. As a former President of EuroMillions, he brings an extensive knowledge of European and North American experience to his new role and will be working with the senior management team to enhance INTRALOT's business in North America.

Significant Events after the end of the 1H23 - until the date of the Financial Statements release

On July 31, 2023, INTRALOT S.A. announced that its U.S. subsidiary INTRALOT, Inc. has signed an extension of its contract with the Wyoming Lottery Corporation for an additional five-year term. INTRALOT, Inc. will continue to provide its advanced lottery operating system and comprehensive services to support the operations of the Wyoming Lottery Corporation until August 25, 2034.

On August 8, 2023, the Group announced the cancellation of Notes due 2024, that were in its possession, with nominal value €144.432.000.

Following the General meeting of the Company's shareholders held on August 30, 2023, the Board of Directors was authorized to resolve the increase of the Company's share capital up to an amount not exceeding the 100% of the paid-up share capital, namely €111.401.100 (nominal capital) with the issuance of new common registered shares with voting rights.

GOING CONCERN

The Group maintains sufficient liquidity as to cover its cash needs in the near future. The Group has completed a series of actions aiming to optimize its capital structure and create value for its shareholders. Through exchange offering in August 2021, the Group successfully completed extension of Senior Notes due 2021, resulting in deleverage of €163m. Further on, in 2022 the Company proceeded with Share Capital Increase of approximately €129,2m, adding a new strategic investor with strong presence in the US market to shareholder's base. Using a portion of the proceeds from the share capital increase, the Group acquired the minority shares in Intralot Inc., thus bringing the controlling share of the Intralot Group to 100%. In addition, Intralot Inc. proceeded with debt refinancing by entering new loan agreement with syndicate of US financial institutions for a 3-year Term Loan of \$230m plus a committed Revolving Credit Facility (RCF) of \$50m, the proceeds of which were used for the full repayment of the PIK Toggle 2025 Notes, which were subsequently cancelled. Execution of these transactions strengthened the credit profile of the Company and its capital structure.

The Management monitors and analyzes performance of the Group on a regular basis, with strong focus given to areas where improvement in operations, efficiencies and potential synergies might lead to stronger cash flows and financial results for the Company.

Current geopolitical situation – with war in Ukraine continuing, supply of certain goods still being disrupted and inflation rates still posing threats - creates uncertainty for all market participants. The Group's management continuously follows developments, estimating risks arising and the potential impact they might have on the Company, ready to take immediate action. Group operations are not dependent in any way to Russian and Ukrainian markets. Potential risks driven by strong inflation may impact on our operations through reduction of household disposable income and possible increase in operating expenses.

An important impact is the increase in interest rates, which has affected the new banking facility of our subsidiary in the US since it is a fluctuating interest rate bearing banking facility and therefore the servicing cost has temporarily increased. However, given that our subsidiary in the US generates strong cash flows, it can meet the increased servicing obligations of its debt.

The Management has prepared a detailed business plan with expected cash flows for a period of 18 months following the H1-23 financial statements reporting date, taking into consideration the trading performance and the current trends of our operations, and factoring in the macroeconomic environment in the regions of our operations. In any case, the Group maintains substantial ability

for cash upstreaming from the US to the Parent to serve potential additional cash needs up to a substantial degree.

Given that the maturity date of the bond, with a nominal value of €500 million (€356 million after repurchases), is September 15, 2024, within a 12-month time horizon from the date of publication of the Financial Statements for the first half of 2023, the Management has already started examining a series of options for refinancing the bond with a new bond or a bank loan, and in any case, in the optimal way for the interests of the Group and all parties involved, taking into account the current market conditions and the objective capabilities of the Group. We estimate that within the next few months, and certainly within the timeline specified by the Indenture, the Management will be in a position to announce a refinancing plan.

In conclusion, taking into consideration the Expected Cash Flows' Plan and all available information for the foreseeable future, the Management estimates that the Group has ensured its going concern.

In view of the above, the Financial Statements of the Group were prepared on the basis of the going concern principle.

FINANCIAL REVIEW

Financial Highlights¹

On an organic level, the Group's performance was supported by the growth of our US operations in the categories of Numerical and Instant games combined with the significant improvement achieved by our operations in Turkey, fully offsetting the impact from Malta license termination. EBITDA increase was partially counterbalanced by the adverse FX impact of currencies movement across Argentina and Turkey, posting a +14,0% year over year increase, reaching €62,8 million from €55,1 million in 1H22.

Financial Data2 (in € million)	1H 2023	1H 2022	% Change
Revenue (Sale Proceeds)	175,3	204,8	-14,4%
Licensed Operations	22,0	65,2	-66,2%
Management Contracts	29,8	21,8	36,7%
Technology and Support Services	123,5	117,9	4,7%
GGR	163,6	168,5	-2,9%
Gross Profit	63,0	56,3	12,0%
Gross Profit Margin (%)	36,0%	27,5%	+8,5pps
Operating Expenses3	-46,8	-49,4	-5,2%
EBITDA4	62,8	55,1	14,0%
EBITDA Margin on Sales (%)	35,8%	26,9%	+8,9pps
EBITDA Margin on GGR (%)	38,4%	32,7%	+5,7pps
D&A	-31,9	-36,5	-12,7%

¹ For additional information on the Group's performance, please also consult the Management Discussion and Analysis Report published on our website.

² The activities of Group associate in Taiwan (GoReward) is presented as discontinued operations pursuant to IFRS 5 (note 2.20.A.VIII).

³ Operating Expenses line presented excludes the capital structure optimization expenses.

⁴ The Group defines "EBITDA" as "Operating Profit/(Loss) before tax" adjusted for the figures "Profit/(loss) from equity method consolidations", "Profit / (loss) to net monetary position", "Exchange Differences", "Interest and related income", "Interest and similar expenses", "Income/(expenses) from participations and investments", "Write-off and impairment loss of assets", "Gain/(loss) from assets disposal", "Reorganization costs" and "Assets depreciation and amortization".

EBT (Profit/(loss) before tax from continuing operations)	16,3	8,0	103,3%
EBT Margin (%)	9,3%	3,9%	+5,4pps
NIATMI (Profit/(loss) after tax attributable to the equity holders of the parent company)	4,4	-0,5	n/a

Revenue, GGR, Operating Expenses & EBITDA, EBT and NIATMI from Continuing Operations

Reported consolidated revenue decreased by 14,4% compared to 1H22, leading to a total revenue for the six-month period ended June 30, 2023, of €175,3 million:

• Lottery Games was the largest contributor to our top line, comprising 58,7% of our revenue, followed by Sports Betting which contributed 17,6% to Group turnover for the six-month period. VLTs monitoring accounted for 12,7% and Technology contracts accounted for 10,9% of Group turnover, while Racing constituted the 0,1% of total revenue for the first half of 2023.

Reported consolidated revenue for the six-month period is lower by €29,6 million year over year. The main factors that drove top line performance per Business Activity are:

• €-43,2 million (-66,2%) from our Licensed Operations (B2C) activity line, with the variance driven by the revenue absence in Malta (€-43,0m; license expiration early July 2022) and the slightly lower revenue in Argentina (€-0,2m). In local currency, the current year's results posted a +111,8% y-o-y increase.
• €+8,0 million (+36,7%) from our Management (B2B/ B2G) contracts activity line, with the variance driven mainly by Turkey (€+7,8 million or +64,6%; due to the online market growth) and US Sports Betting in Montana and Washington D.C. (€+0,2 million or +8,6%).
• €+5,6 million (+4,7%) from our Technology and Support Services (B2B/ B2G) activity line with the variance attributed to US operations' increased revenue (€+5,4m or +7,4% y-o-y) mostly driven by the growth in the categories of Numerical and Instant games, Croatia (€+0,7m or +18,9%) as a result of the local market growth and lower revenue from the rest of jurisdictions (€-0,4m or -1,3%).

Gross Gaming Revenue (GGR) decreased by 2,9% (€-4,9 million to €163,6 million) year over year. The improved performance across most key regions did not manage to fully absorb the loss of sales from Malta and the higher payout ratio in Argentina (-69,3% y-o-y on wagers from licensed operations⁵). 1H23 Payout Ratio⁶ increased by 2,7pps vs. 1H22 (61,2% vs. 58,4%).

⁵ Licensed Operations Revenue also include a small portion of non-payout related revenue, i.e., value-added services, which totalled €2,9 million and €3,0 million for 1H23 and 1H22 respectively.

⁶ Payout ratio calculation excludes the IFRS 15 impact for payments to customers.

INTRALOT Group SEMI-ANNUAL Financial Statements for the period January 1 to June 30, 2023

Payout (in € million)	1H23	1H22
Sale Proceeds from Licensed Operations related to payout	19,1	62,2
Payout	11,7	36,3
Payout (%)	61,2%	58,4%

Total Operating Expenses⁷ ended lower by €2,6m (or -5,2%) in 1H23 (€46,8m vs. €49,4m), mainly due to OPEX avoidance in Malta following the expiration of the license.

Other Operating Income from continuing operations concluded at €14,8m in 1H23 presenting an increase of 26,2% y-o-y (or €+3,1m).

EBITDA⁸, from continuing operations, amounted to €62,8m in 1H23, posting an increase of 14,0% (or €+7,7m) compared to 1H22. In the second half of 2023, organic growth was supported by the significant contribution of our operations in US combined with Bilyoner's improved performance, fully offsetting the impact from Malta license termination.

EBITDA margin on sales on a yearly basis improved to 35,8%, from 26,9% in 1H22 (+8,9pps).

Earnings before Tax in 1H23 totaled €16,3 million, significantly improved compared to €8,0 million in 1H22. The improvement was mainly driven by the impact of the higher recorded EBITDA y-o-y.

NIATMI (Net Income After Tax and Minority Interest) in 1H23 concluded at €4,4 million, compared to €-0,5 million in 1H22.

Statement of Financial Position/Cash Flows (in € million)	1H23	FY22
Total Assets	576,3	617,1
Total Equity	-93,3	-87,7
Cash & Cash Equivalents	101,5	102,4
Partnerships9	13,9	19,5
All other Operating Entities (with revenue contracts) & HQ	87,6	82,8
Net Debt	480,5	490,5
	1H23	1H22

Cash Flow & Net Debt

Operating Cash Flows 49,8 41,4 Net Capital Expenditure -14,1 -10,5

⁷ Operating Expenses analysis excludes expenditures related to capital structure optimization.

⁸ EBITDA analysis excludes Depreciation & Amortization, and expenditures related to capital structure optimization.

⁹ Refers to stakes in Turkey (Inteltek & Bilyoner), and Argentina.

Operating Cash-flow in 1H23 amounted to €49,8m, higher by €8,4m, compared to 1H22, as a result of the increase in EBITDA performance.

Net Capex in 1H23 was €14,1m, higher by €3,6m compared to 1H22, with US projects consuming most of the CAPEX needs.

Net Debt, as of June 30th, 2023, stood at €480,5 million, lower by €10,0 million compared to December 31st, 2022 (€490,5 million). Net debt position and leverage ratios improvement (Net Debt / LTM EBITDA at 3,7x vs. 4,0x in Dec-22) was achieved through the strong cash flow generation and the positive impact of the gross debt movements. Gross debt movements include the capital payments towards the Term Loan in US and the favorable effect from the exchange rate differences for our US denominated debt.

Cash and cash equivalents at the end of the 1H23 period decreased by €0,9 million vs. FY22; of the Cash & Cash Equivalents at the end of June 30th , 2023, €13,9 million are located in our partnerships, and the rest across all other Operating entities (with revenue contracts) and HQ (€87,6 million).

The Group's financial covenant with respect to Net Debt to LTM EBITDA (Leverage ratio) is:

Financial Covenants	1Η 2023
Leverage ratio	3,7

Our Key Gaming Markets Performance¹⁰

United States and Canada

In the United States, we provide technology and support services to state lotteries through our subsidiary Intralot Inc., which was established in December 2001. We are one of the only three vendors who hold contracts with the state lotteries for the supply of online gaming systems, retailer communication networks, and point of sale equipment, such as terminals and vending machines. We became the first non-U.S. company to win a tender for the supply of lottery systems, when we won a contract to supply the Nebraska state lottery in 2003. Intralot Tech, a 100% subsidiary of Intralot Inc., was established in 2019 as USA's development hub in Greece and complements its existing central functions in Atlanta and Mason.

In the continental US, we currently operate 11 contracts in 11 states, holding contracts for the supply and operation of online lottery gaming systems in Illinois, Ohio, Louisiana, Arkansas, New Hampshire, Idaho, Wyoming, Montana, New Mexico and Washington, D.C. We also hold a contract for the provision of central monitoring services for more than 29.000 Coin Operated Amusement Machines in Georgia. In Ohio, in addition to providing the central systems, terminals, equipment, vending machines and retailer network communications, we also provide central monitoring services for seven racinos operating video lottery terminals (VLTs). Furthermore, in May 2019 INTRALOT entered in the Canadian market through a new contract with the British Columbia Lottery Corporation, which

¹⁰ Financial figures refer to the subsidiaries' contribution to the Group and exclude non-operating entities in each of the countries presented.

operates lottery on behalf of the Government of British Columbia, for the provision of software, hardware and support services.

2020 marked the year where INTRALOT broke ground in the newly regulated and prominent US Sports Betting market. In early May, "Sports Bet Montana" in Montana of USA was launched. INTRALOT deployed in Montana its new INTRALOT Orion sports betting platform to enable the Montana Lottery's sports wagering self-service terminals and mobile sports wagering offering. In addition, INTRALOT provides the Montana Lottery with a complete suite of services, such as Managed Trading and Marketing Services (MTMS) and Customer Support (CS). Then, in early June 2022, the Digital Sports Betting solution in Washington, DC, was also launched. INTRALOT, as part of its current contract with the DC Lottery, deployed its new INTRALOT Orion sports betting platform to enable the GambetDC mobile and desktop sports betting offering. Additionally, on December 20th, 2022, Intralot Inc. signed a five-year contract with the Ohio Lottery to implement its INTRALOT Orion Sportsbook solution. The project went live in January 2023. Furthermore, in early April 2023, NTRALOT, Inc. signed a 3-year contract, including an option of three annual extensions, with British Columbia Lottery Corporation (BCLC) for the provision of its next-generation sports betting platform INTRALOT Orion and relevant managed services, to enable the operations and management of BCLC's retail sportsbook.

We have a strong track record in renewing and extending our contracts in the US, thus securing a long-term presence in the country. More specifically, in July 2018, Intralot announced a five-year extension to its current gaming systems contract with the New Hampshire Lottery Commission, through June 2025. In addition, in November 2018, we renewed our contract with the New Mexico Lottery for 2 more years, up to November 2025. In October 2020, a contract extension was signed through 2029 to continue Intralot Inc.'s six-year partnership with the Georgia Lottery Corporation, providing advanced services for the operation of its COAM (Coin Operated Amusement Machines) project. One more development as per contracts extension was realized in June 2021, with the renewal of the existing contract with the Ohio Lottery Commission until June 2023. Furthermore, in late March 2022, Intralot Inc. extended the existing contract with the Montana Lottery up to March 2026. Recently, in July 31st, 2023, Intralot announced that Intralot Inc. signed an extension of its existing contract with the Wyoming Lottery Corporation for an additional five-year until August 2034. In 1H23, our revenue in the United States reached €80,9 million, posting an increase of 7,4%, over the prior year, when our revenue amounted to €75,3 million. This over-performance is mainly driven by the growth in Numerical and Instant games. Revenue of the United States and Canada for the six months ended June 30, 2023, stands for the 46,1% of the Group's total revenue.

Key Consolidated Financial Figures	1H 2023	1H 2022	Δ%
(in € million)
Revenue	80,9	75,3	7,4%
GGR	80,9	75,3	7,4%
EBITDA	34,2	29,8	14,7%
CAPEX (Paid)	8,6	6,9	25,1%

Key Standalone Balance Sheet Figures	1H 2023	FY 2022
Intralot Inc - USA
(in € million)
Assets	252,8	250,9
Liabilities	241,3	246,4
Cash – Cash Equivalents	35,5	23,6
DC09 LLC
(in € million)
Assets	7,6	8,1
Liabilities	17,2	16,8
Cash – Cash Equivalents	0,0	1,5
Intralot Tech
(in € million)
Assets	1,6	1,4
Liabilities	0,7	0,7
Cash – Cash Equivalents	0,9	0,1

Greece

In Greece, we provide technology support and support services for the operation of private gaming and the lottery through Intralot S.A., our parent company. Originally incorporated in Athens in 1992, we won our first domestic contract in 1993. We currently operate three contracts in Greece.

As the center of our Global operations, Greece is also home to our betting-trading center that controls our global fixed odds betting activity, and significant research and development programs (Technology Hub), as well as our corporate Headquarters which supports the wider INTRALOT ecosystem, employing approx. 400 employees at the end of June 30th , 2023. As such, Headquarters expenses serve the different projects of INTRALOT S.A, including among others the Greek projects, but most of the effort is distributed towards servicing and supporting the pipeline of won and upcoming contracts, as well as supporting INTRALOT's subsidiaries and R&D efforts.

Our relationship with Greek Organization of Football Prognostics S.A. (OPAP) began in 1999. On July 31st, 2018, the old OPAP contract ended, and the two parties continue their cooperation under a new contract, specifically in the field of numerical lotteries games, resulting in a smaller contract value due to the limited scope. The new contract is a 3-year contract that also includes an option for OPAP to renew for an additional two years. On January 14th, 2021, INTRALOT announced the extension of its partnership with OPAP. More specifically, OPAP exercised its two-year extension option of the contract with INTRALOT for the continuation of the collaboration of the two companies in the field of numerical lotteries and services from August 2021 to July 2023. Furthermore, on December 2, 2021, we extended our current contract with OPAP for an additional year, up to 31st of July 2024. Additionally, in July 2022, the existing contract with OPAP was further extended until 31st of July 2025 with a one-year extension option. These extensions allow INTRALOT to continue providing its state-of-the-art Lottery Solution, that incorporates its novel core platform "LotosX", launched with great success in 2019, along with several other components and high-quality services.

In the first half of 2021, INTRALOT sold its 20% stake in Intralot de Peru SAC for a cash consideration of USD21 million to Nexus Group, along with a three-year extension of its current contract with Intralot de Peru SAC through 2024, related to the provision of gaming technology and support

services. The net cash consideration, after taxes and transaction expenses, amounted to USD 16,2 million.

Revenue from Greek operations in 1H23 was €7,0 million compared to €6,7 million in the respective period of the prior year, accounting for 4,0% of the Group's total revenue. The favored top line performance in the first half of 2023 is primarily impacted by higher services in the current period.

Key Consolidated Financial Figures	1H 2023	1H 2022	Δ%
(in € million)
Revenue	7,0	6,7	4,8%
GGR	7,0	6,7	4,8%
EBITDA	-7,8	-8,1	3,4%
CAPEX (Paid)	1,5	0,7	119,6%
Key Standalone Balance Sheet Figures	1H 2023	FY 2022
INTRALOT SA
(in € million)
Assets	475,0	470,0
Liabilities	320,8	322,0
Cash – Cash Equivalents	7,2	6,1
Betting Company SA - Greece
(in € million)
Assets	8,9	8,1
Liabilities	4,4	3,9
Cash – Cash Equivalents	0,7	0,7

Argentina

In Argentina, we provide technology support and support services mainly for the operation of lottery games and sports betting in 10 out of the 23 jurisdictions in the country, and we are the lottery operator for the Province of Salta. We entered the market when we acquired a majority stake (50,01%) in our subsidiary Tecno Accion in 2007. We facilitate approximately 7.400 terminals throughout Argentina and operate approximately 800 terminals in Salta.

Through Tecno Accion, we offer integrated technology solutions for lottery organizations, such as portable terminals, provide gaming software and trade management systems and communication consultancy. In Salta, we act as the sole lottery operator in the province, with 12 numerical games. Our partners in Tecno Accion are HAPSA, the operator of horse racing (and CASINO HAPSA) in Buenos Aires, and the Inverclub, which manages casinos.

Our revenue from the Argentina facility management business in 1H23 reached €8,4 million, versus €9,4 million in 1H22. The lottery operator business generated sales of €22,0 million in 1H23, compared to €22,2 million in 1H22, posting a marginal decrease of 0,7%. Our total revenue in Argentina for 1H23 was €30,4 million compared to €31,5 million during the same period in the prior year. Revenue from the Argentinian operations in the six months ended June 30, 2023 was 17,3% of INTRALOT Group's total revenue.

Key Consolidated Financial Figures	1H 2023	1H 2022	Δ%
(in € million)
Revenue	30,4	31,5	-3,7%
GGR	18,7	20,1	-7,0%
EBITDA	6,0	7,5	-19,5%
CAPEX (Paid)	1,0	1,2	-15,5%
Key Standalone Balance Sheet Figures	1H 2023	FY 2022
Tecno Accion SA
(in € million)
Assets	9,8	13,1
Liabilities	4,7	5,4
Cash – Cash Equivalents	0,5	0,8
TecnoAccion Salta SA
(in € million)
Assets	2,9	5,0
Liabilities	1,8	2,3
Cash – Cash Equivalents	0,6	0,8

Oceania

We originally entered the Australian market in 2006, where we currently provide technology and support services in two jurisdictions through our wholly owned subsidiaries Intralot Australia Pty Ltd and Intralot Gaming Services Pty Ltd.

In Victoria, IGS supplies a remote monitoring system to control over 26.000 gaming machines under a 15-year contract signed in September 2011 with the State of Victoria. Our monitoring system is designed to ensure the accurate and uninterrupted monitoring of gaming machine transactions, single and multiple venue linked jackpot arrangements, and the capture of data and information with respect to gaming machines for regulatory, taxation, research, and related purposes. In addition, conformance with the statewide precommitment system (PCS) has been in place since December 2015 and has increased the monitoring of revenue substantially. IGS will operate the precommitment scheme up to the end of the monitoring license referred above, which expires in August 2027.

In Western Australia, we provide the information technology and systems support for the Lotteries Commission of Western Australia (Lotterywest), to enable Lotterywest's retail and online gaming sales, through our wholly owned subsidiary Intralot Australia Pty Ltd. Since 2014, we have provided support services for Lotterywest in its Retail Transformation Program (RTP) and secured an extension of our ongoing contract till 2026.

In New Zealand, we provide technology and support services through our wholly owned subsidiary Intralot New Zealand Ltd Operations, which was first awarded the government contract in 2005. To the government we provide an electronic monitoring system to link approximately 14.378 electronic gaming machines (EGMs) in more than 1.013 locations. The electronic monitoring system is designed to guarantee the integrity of games and limit opportunities for fraud. Our contract was extended in 2016 up to 2022, while in 2020 was further extended up to 2025 with a one-year extension option.

Additionally, in 2010 we were awarded the development and operation of an Integrated Gambling Platform responsible for electronic licensing with the contract ended in February 2021.

Revenue for 1H23 from our Oceania operations has marginally increased by +1,6%, amounting to €12,3 million versus €12,1 million in 1H22. Our business in both Australia and New Zealand remained relatively stable year over year. Revenue from our Oceania operations in the six months ended June 30, 2023, represented 7,0% of INTRALOT Group's total revenue.

Key Consolidated Financial Figures	1H 2023	1H 2022	Δ%
(in € million)
Revenue	12,3	12,1	1,6%
GGR	12,3	12,1	1,6%
EBITDA	8,9	8,6	3,0%
CAPEX (Paid)	0,6	1,0	-41,6%
Key Standalone Balance Sheet Figures	1H 2023	FY 2022
INTRALOT Gaming Services Pty Ltd (IGS)
(in € million)
Assets	13,1	14,5
Liabilities	4,3	9,5
Cash – Cash Equivalents	3,6	3,9
INTRALOT Australia PTY Ltd – Australia
(in € million)
Assets	6,0	6,8
Liabilities	0,5	1,1
Cash – Cash Equivalents	0,5	0,8
INTRALOT New Zealand Ltd - New Zealand
(in € million)
Assets	2,8	2,7
Liabilities	0,7	0,8
Cash – Cash Equivalents	1,7	1,5

Turkey

In Turkey, we currently own approximately 50,01% of Bilyoner, one of the leading online distributors of sports betting games in Turkey. Bilyoner, along with five other online providers, distributes the games of Spor Toto. Bilyoner was established in 2003 and had approximately 4,6 million registered players as of June 30th, 2023. Bilyoner's license agreement was renewed and is valid till December 2029.

Bilyoner's revenue increased to €19,8 million in 1H23 from €12,0 million over the same period last year, favored by the continued growth of the online market. In 1H23, the Sports Betting market expanded close to 2,1 times y-o-y, with the online segment representing close to 89% of the market. Bilyoner's operations were adversely affected by the local currency devaluation (63,5% Euro appreciation versus a year ago). In Turkish Lira terms, Bilyoner's revenue increased by 169,1% vs. a year ago (in Euro terms increased by 64,6%). Bilyoner's revenue represented 11,3% of INTRALOT Group's total revenue for the six months ended June 30, 2023.

Key Consolidated Financial Figures	1H 2023	1H 2022	Δ%
(in € million)
Revenue	19,8	12,0	64,6%
GGR	19,8	12,0	64,6%
EBITDA	10,5	4,7	122,8%
CAPEX (Paid)	1,9	0,2	780,0%
Key Standalone Balance Sheet Figures	1H 2023	FY 2022
Bilyoner AS - Turkey
(in € million)
Assets	55,2	71,9
Liabilities	29,4	43,4
Cash – Cash Equivalents	12,8	17,9

Croatia

We entered the Croatian Market in 2009, when INTRALOT SA and the State Lottery HRVATSKA LUTRIJA D.O.O signed a contract for the supply and maintenance of the i-System interactive gaming platform and internet games, as well as another contract for the supply and maintenance of e-Instants games.

In January 2016, INTRALOT SA passed the contract to Intralot Adriatic, with 100% of the shares held by INTRALOT SA. Since then, Intralot Adriatic has been into a partnership with the State Lottery HRVATSKA LUTRIJA D.O.O, for the joint management of the interactive casino business on a sharedprofit basis in Croatia.

On September 2018, following a competitive process, Intralot Adriatic was awarded a 10-year contract for the supply of new central system, the LOTOS 10 ecosystem for digital, retail and other distribution channels, gaming terminals as well as related services such as implementation, system operations, games selection and planning, retailers and players support, repair lab, maintenance and support services.

Currently, we operate in the verticals of Numerical and Instant games, Betting and Online Casino. The existing contract is in effect from late April 2021 and will last for 10 years with a two-year extension option.

In 1H23, Intralot Adriatic generated revenue of €4,2 million, while in 1H22 the respective revenue amounted to €3,6 million. The improved performance is attributed to the local market growth. Our total revenue from Croatia for the six months ended June 30, 2023, consisted of 2,4% of our Group's total revenue.

Key Consolidated Financial Figures	1H 2023	1H 2022	Δ%
(in € million)
Revenue	4,2	3,6	18,9%
GGR	4,2	3,6	18,9%
EBITDA	2,1	1,6	31,3%
CAPEX (Paid)	0,2	0,2	38,4%

Key Standalone Balance Sheet Figures	1H 2023	FY 2022
INTRALOT Adriatic d.o.o
(in € million)
Assets	21,2	22,2
Liabilities	18,1	19,9
Cash – Cash Equivalents	1,1	2,4

FIRST HALF SUMMARY AND PROSPECTS FOR THE SECOND HALF OF 2023

In the first half of 2023, INTRALOT significantly improved its financial performance through repositioning of the business towards higher margin activities resulting in profitability margin expansion. In December 2022, U.S. subsidiary Intralot Inc. signed a five-year contract with the Ohio Lottery to implement its INTRALOT Orion Sportsbook solution, with project going live in January 2023. In April 2023, U.S. subsidiary Intralot Inc. signed a new 3-years contract, including an option of three annual extensions, with British Columbia Lottery Corporation (BCLC) for the provision of its next-generation sports betting platform INTRALOT Orion and relevant managed services. Following an international competitive tender issued by CTBC Bank Co. in Taiwan, LotRich Information Co., Ltd. a Taiwanese joint venture in which INTRALOT is a major shareholder, has signed a 10-year contract as the lottery system technology provider of CTBC Bank Co., which has been awarded the license from the Taiwanese Government to issue and operate the Public Welfare Lottery.

On the organizational aspect, the Management has decided to strengthen the leadership in key markets and in the technology division. In U.S. subsidiary Intralot Inc., Mr. Nikolaos Nikolakopoulos has taken the position of CEO while Mr. Richard Bateson has assumed position of Chief Commercial Officer. Mr. Konstantinos Farris has been appointed as Group Chief Technology Officer.

On the financing front, even though completion of the capital restructuring process in 2022 has already strengthened INTRALOT's capital profile, the Company is committed to undertake further initiatives in this direction during the second half of 2023.

On the contract renewal front, during the first half of 2023 U.S. subsidiary Intralot, Inc. has signed an extension of its contract with the Wyoming Lottery Corporation for an additional five-year term. Intralot, Inc. will continue to provide its advanced lottery operating system and comprehensive services to support the operations of the Wyoming Lottery Corporation until August 25, 2034.

Looking ahead, in H2 2023 INTRALOT will remain committed in implementing its new strategy for achieving growth and focus on the further improvement of operational efficiencies. Further actions will be taken to enhance the capital profile of the Company, which will allow INTRALOT to focus on the achievement of its financial and operational targets.

In the first half of 2023, we have accelerated the execution of our strategy, created grounds for strong business growth and further improved our organization. In the second half we will continue to emphasize on these verticals, take actions to further improve our capital structure profile, ensuring that our strong focus remains on our mission to best address the evolving needs of our players and lottery customers with state-of-the-art products and services.

RISKS AND UNCERTAINTIES

ENTERPRISE RISK MANAGEMENT

The Enterprise Risk Management (ERM) Framework documents the good practices adopted by the INTRALOT Group in order to identify, assess and manage risks related to the achievement of its business objectives.

INTRALOT ERM targets at the assurance of stakeholder and shareholder trust through the appropriate and continuous balancing of risk and value.

INTRALOT ERM follows a holistic approach for taking into account all parameters that drive the execution of INTRALOT Group Strategy, including INTRALOT's financial health, operations, people, technology, compliance, products and reputation.

ERM provides the means to continuously monitor risk, align it with the changing internal and external parameters and manage it according to the defined corporate risk appetite.

The Enterprise Risk Management (ERM) Framework is designed according to the specifications of COSO (Committee of Sponsorship Organizations of the Treadway Commission) and ISACA (COBIT for RISK). It is a holistic strategic framework taking into account risks related to the business objectives of INTRALOT GROUP.

The framework incorporates the following components:

• 1. Objective setting: Objectives are clearly defined in order to be used as a reference point for the identification of risks. A process is in place for setting objectives that align with INTRALOT's mission and are consistent with the corporate risk appetite.
• 1. Risk assessment: Risks are analyzed in relation to the objectives and by determining the likelihood of and impact from the realization of an adverse event.
• 1. Risk response: Management selects risk responses avoiding, accepting, reducing, or sharing risk – developing a set of actions to align risks with the entity's risk tolerances and risk appetite.
• 1. Event identification: Internal and external events affecting the achievement of INTRALOT objectives are identified.
• 1. Internal environment: The internal environment sets the basis for how risk is viewed and addressed by people, including risk management philosophy and risk appetite, integrity and ethical values, and the environment in which they operate.
• 1. Control activities: Policies, procedures, strategies and action plans in general are established and implemented to help ensure the risk responses are effectively carried out.
• 1. Information and communication: Relevant information is identified, captured, and communicated in a form and time frame that enable people to carry out their responsibilities.
• 1. Monitoring: Risk is monitored and modifications made as necessary. Monitoring is accomplished through ongoing management activities, separate evaluations, or both.

Description of significant risks and uncertainties

FINANCIAL RISKS

The Group's international activities create several financial risks in the Group's operation, due to constant changes in the global financial environment. The Group beyond the traditional risks of

INTRALOT Group SEMI-ANNUAL Financial Statements for the period January 1 to June 30, 2023

liquidity risk and credit risk also faces market risk. The most significant of these risks are currency risk and interest rate risk. The risk management program is a dynamic process that is constantly evolving and adapted according to market conditions and aims to minimize potential negative impact on financial results. The basic risk management policies are set by the Group Management. The risk management policy is implemented by the Treasury Department of the Group which operates under specific guidelines approved by management.

Credit risk

The Group does not have significant credit risk concentration because of the wide dispersion of its customers and the fact that credit limits are set through signed contracts. The maximum exposure of credit risk amounts to the aggregate values presented in the balance sheet. In order to minimize the potential credit risk exposure arising from cash and cash equivalents, the Group sets limits regarding the amount of credit exposure to any financial institution. Moreover, in order to secure its transactions even more, the Group adopted an internal rating system, regarding credit rating evaluation, using the relevant financial indices.

Liquidity risk

Prudent liquidity management means maintaining adequate liquidity, funding ability through approved credit limits, and ability to repay liabilities. The Group has established specific policies to manage and monitor its liquidity in order to continuously have sufficient cash and liquid non-core assets that can meet its obligations. In addition, the Group has set up a system of monitoring and constant optimization of its operating and investing costs in the framework of its liquidity management policies.

The following tables summarize the maturity of the financial liabilities of the Group as at 30/6/2023 and 31/12/2022:

GROUP	30/6/2023
Financial Liabilities:	0-1 years	2-5 years	> 5 years	Total
Creditors and other liabilities ¹	38.102	0	0	38.102
Other long-term liabilities ¹	0	6.090	0	6.090
Bonds & Bank Loans (Senior Notes) ²	29.251	562.736	2.074	594.061
Other Loans and lease liabilities³	5.393	7.124	2.845	15.362
Total	72.746	575.950	4.919	653.615

GROUP	31/12/2022
Financial Liabilities:	0-1 years	2-5 years	> 5 years	Total
Creditors and other liabilities ¹	63.499	0	0	63.499
Other long-term liabilities ¹	0	597	0	597
Bonds & Bank Loans (Senior Notes) ²	29.589	583.842	2.074	615.505
Other Loans and lease liabilities³	5.566	9.857	3.249	18.672
Total	98.654	594.296	5.323	698.273

¹ Excluding "Deferred Income" and "Taxes" refer to liabilities balances as of 30/6/2023 and 31/12/2022 as recognized in the relevant Statements of Financial Position, measured at amortized cost.

² Refer to Facilities "B", "Bank loan" and "Revolving credit facility" of note 2.17 and include bonds balances (outstanding balance – after relevant repurchases) including future contractual interest up to maturity date, on undiscounted values, that differ to the relevant carrying amounts on Statements of Financial Position, that are measured at amortized cost according to IFRS 9.

³ Refer to the remaining Debt of the note 2.17 (excluding the above Bonds) as of 30/6/2023 and 31/12/2022 and is stated as has been recognized to the relevant Statements of Financial Positions, measured at amortized cost.

COMPANY	30/6/2023
Financial Liabilities:	0-1 years	2-5 years	> 5 years	Total
Creditors and other liabilities ¹	32.244	0	0	32.244
Other long-term liabilities ¹	0	18	0	18
Loans and lease liabilities	427	275.173	0	275.600
Total	32.671	275.191	0	307.862
COMPANY	31/12/2022
Financial Liabilities:	0-1 years	2-5 years	> 5 years	Total
Creditors and other liabilities ¹	38.652	0	0	38.652
Other long-term liabilities ¹	0	36	0	36
Loans and lease liabilities	1.690	267.732	0	269.422

Total 40.342 267.768 0 308.110

1 Excluding "Deferred Income" and "Taxes" and refer to liabilities balances as of 30/6/2023 and 31/12/2022 as recognized in the relevant Statements of Financial Position, measured at amortized cost.

Market Risk

1) Foreign Exchange risk

Foreign exchange risk arises from changes in currency exchange rates that affect Group's foreign currency positions. Group transactions are carried out in more than one currency and hence there is a high-risk exposure from exchange rate changes against the base currency, the Euro. However, the Group's activity in many countries generates an advantage, as more portfolio diversification is achieved and, therefore, better exchange rate risk management.

The main foreign exchange translation rates of the financial statements of foreign subsidiaries were:

• Statement of Financial Position:

	30/6/2023	31/12/2022	Change
EUR / USD	1,09	1,07	1,9%
EUR / AUD	1,64	1,57	4,5%
EUR / TRY	28,32	19,96	41,9%
EUR / ARS	280,09	189,70	47,6%

• Income Statement:

	Avg. 1/1- 30/6/2023	Avg. 1/1- 30/6/2022	Change
EUR / USD	1,08	1,09	-0,9%
EUR / AUD	1,60	1,52	5,3%
EUR / TRY¹	28,32	17,32	63,5%
EUR / ARS ¹	280,09	131,28	113,4%

¹ The Income Statement of the first half of 2023 and 2022 of the Group's subsidiaries operating in Argentina and in Turkey was converted at the closing rate of 30/6/2023 and 30/6/2022 instead of the Avg. 1/1-30/6/2023 and 1/1-30/6/2022 pursuant to IAS 21, paragraph 42a, for hyperinflationary economies.

This type of risk arises both from commercial transactions in foreign currency as well as from investments in foreign countries. The Group employs various strategies for hedging foreign exchange risk such as collecting foreign currency dividends from its subsidiaries abroad. The Group's policy regarding the foreign exchange risk concerns not only the parent company but also the Group's subsidiaries.

Sensitivity Analysis in Currency movements amounts of the period 1/1–30/6/2023 (in thousand €)
Foreign Currency	Currency Movement	Effect in Earnings before taxes	Effect in Equity
USD:	5%	286	-214
	-5%	-259	194
TRY:	5%	646	972
	-5%	-585	-879
AUD	5%	300	506
	-5%	-272	-457
ARS:	5%	94	320
	-5%	-85	-290

Sensitivity Analysis in Currency movements amounts of the period 1/1–30/6/2023 (in thousand €)
Foreign Currency	Currency Movement	Effect in Earnings before taxes	Effect in Equity
	5%	125	-267
USD:	-5%	-113	242
TRY:	5%	436	672
	-5%	-395	-608
AUD	5%	185	575
	-5%	-168	-520
ARS:	5%	120	493
	-5%	-109	-446

2) Interest rate risk

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Group's activities are closely linked to interest rates because of investment and long and short-term borrowings. The Group's policy on managing its exposure to interest rate risk affects not only the parent company but also its subsidiaries for the loans concluded in euros or local currency.

The Group's exposure to the risk of changes in market interest rates relates primarily to long-term borrowings of the Group's with a floating rate. The Group manages interest rate risk by having a balanced portfolio of loans with fixed and floating rate borrowings. On June 30, 2023, approximately 64% of the Group's borrowings are at a fixed rate (same as of 31/12/2022) and average duration of about 1,6 years. As a result, the impact of interest rate fluctuations on operating results and cash flows of the Group's operating activities is small.

3) High leverage risk

INTRALOT's ability to incur significant additional amounts of debt so as to finance its operations and expansion depends on capital market conditions that influence the levels of new debt issues interest rates and relevant costs. Furthermore, INTRALOT may be able to incur substantial additional debt in the future, however, under the Senior Notes terms will be able to incur additional debt so long as on an actual basis its consolidated fixed charge coverage ratio is at least 2,00 (30/6/2023: approximately 3,78), and the ratio of total net debt to EBITDA (senior leverage ratio) is not more than 3,75 (30/6/2023: approximately 3,77). Furthermore, the Group proceeded with the refinancing of Intralot Inc. debt with new bank financing (Term Loan) maturing in 2025, the terms of which improve the access of the parent company to the cash flows of the US subsidiary. The new loan agreement signed with a consortium of six US financial institutions also includes a revolving credit line (Revolver Facility) of \$50 million, which will significantly assist the Group's liquidity management. The new Term loans bear the US Sub-group financial covenants for incurring additional debt with respect to the total Net Debt (senior) to EBITDA (Net Leverage ratio <4 up to 30/3/2024 and <3,75 thereafter) and financial expenses coverage ratio (Fixed Coverage ratio >1,25). Both covenant ratios were in compliance as of 30/6/2023.

Further analysis of the Group's leverage is provided in note 2.17 of the interim financial statements.

OPERATING RISKS

Winners' payouts in sports betting

INTRALOT is one of the largest sports betting operators worldwide. The winners' payout in sports betting may fluctuate in the short-term since it depends on the outcome of the events. The fluctuation of the payout may affect the financial results of INTRALOT since it represents a significant cost element for the Company.

Gaming sector and economic activity

The gaming market is affected by the economic cycles since lottery products are consumer products. However, the gaming sector is more resilient than other sectors of the economy in periods of economic crisis. Specifically, during an economic downturn, frequent draw games (like KENO or VLTs) are most likely to present a reduction in revenues, while lotto type games are less affected. With its international expansion INTRALOT has achieved significant diversification and has reduced its dependency on the performance of individual markets and economies.

Gaming Taxation

The financial crisis has increased the budget deficits of many countries. The increase of the taxation of lottery games constitutes sometimes an easy, but not correct in Group's opinion, solution for the governments to finance these deficits. Nevertheless, such measures may affect INTRALOT's financial results.

Regulatory risk

The gaming industry is subject to extensive regulations and oversight and regulatory requirements vary from jurisdiction to jurisdiction. Because of the broad geographical reach of INTRALOT's operations, it is subject to a wide range of complex gaming laws and regulations in the jurisdictions in which it is licensed or operate. These regulations govern, for example, advertisement, payouts, taxation, cash and anti-money laundering compliance procedures and other specific limitations, such as the number of gaming machines in a given POS and their proximity to each other. Most jurisdictions require that INTRALOT be licensed. If a license, approval or finding of suitability is required by a regulatory authority and INTRALOT fails to seek or does not receive the necessary approval, license or finding of suitability, then it may be prohibited from providing its products or services for use in the particular jurisdiction. INTRALOT relies on government licenses in order to conduct its main business activities and termination of these licenses would have a material adverse effect on Group revenue. The regulatory environment in any particular jurisdiction may change in the future, and any such change could have a material adverse impact on Group results of operations, cash flows, business or prospects.

INTRALOT Group SEMI-ANNUAL Financial Statements for the period January 1 to June 30, 2023

Technological changes

The gaming industry is characterized by rapidly changing technology and evolving industry standards. Many of INTRALOT's software and hardware products are based on proprietary technologies. INTRALOT's competitiveness in the future will depend on its ability to respond to technological changes and satisfy future technology demands by developing or licensing innovative and appealing products in a timely and cost-effective manner. INTRALOT invests significant financial resources in R&D efforts to develop innovative products so as to compete effectively in the gaming markets.

Emerging markets risk

INTRALOT is active and offers its products and services in many countries worldwide, being active in fast-growing and emerging markets. Possible social, political, legal and economic instability in these markets, such as the political turmoil in Turkey in 2016, may pose significant risks to the Group's ability to conduct and expand its operations in these markets. Although the management believes that its activities in Turkey have not been affected, there are no guarantees that such events will not have an impact in the future.

Competition risk and margin squeeze

Intralot operates in a highly competitive industry and its success depends on its ability to effectively compete with numerous domestic and foreign companies. Also, Intralot is heavily dependent on its ability to renew its long-term contracts with its customers and could lose substantial revenue and profits if is unable to renew such contracts or renew them with less favorable terms (profit margins, smaller range of services, etc.) due to high competition during public tender process.

Environmental Sustainability

INTRALOT embodies environmental sustainability by identifying best practices and performing green initiatives that align with its' values, in order to reduce its' environmental footprint. Paper and energy consumption are the largest environmental impacts identified. INTRALOT is committed to reducing the amount of waste and improve its' recycling rates. Additionally, it reduces the use of physical resources such as paper and ink by reducing printing within the offices. INTRALOT is measuring its environmental impact in order to operate in a more sustainable way in the future.

Other Operating Risks

• risks posed by illegal betting (loss of market share),
• changes in consumer preferences,
• increased competition in the gaming industry,
• non-renewal or termination of material contracts and licenses,
• seasonality of sports schedules,
• player fraud.

MATERIAL TRANSACTIONS BETWEEN THE COMPANY AND RELATED PARTIES:

The most important transactions between the Company and its related parties as per IAS 24 are presented on the table below:

Group (total operations)	Revenues		Expenses / Purchases of assets & inventories
	30/6/2023	30/6/2022	30/6/2023	30/6/2022
Intracom Holdings Group	0	3	125	383
Lotrich Information Co LTD	970	1.020	0	0
VSC	0	45	2.699	2.742
Hitay Group	35	0	1.906	338
Other related parties	179	209	575	-82
Executives and members of the board	0	0	3.103	3.838
Total	1.184	1.277	8.408	7.219

	Revenues		Expenses / Purchases of assets & inventories
Company	30/6/2023	30/6/2022	30/6/2023	30/6/2022
Intracom Holdings Group	0	3	125	387
Lotrich Information Co LTD	1.191	1.238	0	0
Intralot Finance UK LTD	2	0	9.029	8.477
Intralot Gaming Services Pty Ltd	2.724	2.675	0	0
Intralot Benelux B.V.	1.320	576	0	0
Intralot Inc	732	1.139	0	0
Bilyoner Interaktif Hizmelter A.S.	3.664	1.716	35	69
Intralot Global Holdings B.V.	16.756	1	0	0
Other related parties	2.983	2.822	1.307	496
Executives and members of the board	0	0	2.423	2.391
Total	29.372	10.170	12.919	11.820

Group	Receivables		Provisions for doubtful receivables		Payables
(total operations)	30/6/2023	31/12/2022	30/6/2023	31/12/2022	30/6/2023	31/12/2022
Intracom Holdings Group	456	3.427	0	0	6.124	8.965
Lotrich Information Co LTD	661	982	0	0	0	0
VSC	4.179	4.559	0	0	0	0
Inver Club SA	548	1.317	-1	-2	0	0
Hitay Group	104	1.350	0	0	591	47
Other related parties	865	1.624	-242	-242	327	-133
Executives and members of the board	0	0	0	0	38	334
Total	6.813	13.259	-243	-244	7.080	9.213

INTRALOT Group
SEMI-ANNUAL Financial Statements for the period January 1 to June 30, 2023

Company	Receivables		Provisions for doubtful receivables		Payables
	30/6/2023	31/12/2022	30/6/2023	31/12/2022	30/6/2023	31/12/2022
Intracom Holdings Group	0	2.707	0	0	914	3.579
Intralot International Ltd	12.959	12.825	0	0	0	17
Betting Company S.A	3.889	3.462	0	0	6.561	5.984
Intralot Global Holdings B.V.	17.629	878	0	0	4.142	4.142
Intralot Gaming Services PTY	1.340	1.753	0	0	0	39
Lotrom S.A.	1.663	1.663	0	0	12.698	12.733
Intralot Inc	2.929	2.178	0	0	24	0
Intralot Finance UK LTD	4.141	4.139	0	0	274.838	267.309
Lotrich Information Co LTD	661	982	0	0	0	0
Intralot Maroc S.A.	6.710	8.331	0	0	1.282	1.068
Intralot Global Operations B.V.	4.257	8.018	0	0	1.310	4.880
Intralot Adriatic DOO	9.180	9.621	0	0	48	12
Intralot Benelux B.V.	1.291	1.498	0	0	0	3
Bilyoner Interaktif Hizmelter AS	0	0	0	0	0	1.195
Other related parties	2.049	3.170	-463	-463	1.286	1.054
Executives and members of the board	0	0	0	0	0	260
Total	68.698	61.225	-463	-463	303.103	302.275

From the company profits for the period 1/1-30/6/2023, €3.885 thousand (1/1-30/6/2022: €1.933 thousand) refer to dividends from the subsidiary Bilyoner AS, as well as the associated company Lotrich Information Co LTD.

The BoD and Key Management Personnel transactions and fees for the Group and the Company for the year 1/1-30/6/2023 were €3,1 million and €2,4 million respectively (1/1-30/6/2022: €3,8 million and €2,4 million respectively).

ALTERNATIVE PERFORMANCE MEASURES ("APM")

The Group uses Alternative Performance Measurements ("APM") in decision-making regarding its financial, operational and strategic planning as well as for the evaluation and publication of its performance. These APMs serve to better understand the financial and operating results of the Group, its financial position and the cash flow statement. Alternative indicators ("APM") should always be taken into account in conjunction with the financial results prepared in accordance with IFRS and under no circumstances replace them.

Definitions and reconciliation of APM

In the description of the Group's performance, "Adjusted" indicators are used:

• Net sales after winner's payout (GGR)
• EBITDA, and
• Net Debt.

Net Sales after winners' payout (GGR)

The "Net Sales after winners' payout (GGR)" are calculated by subtracting the "Pay out" from "Sale proceeds". The relevant calculations are illustrated below:

	GROUP
	1/1-30/6/2023	1/1-30/6/2022
Sale proceeds	175.266	204.841
Winners Pay out	-11.677	-36.329
Net sales after winners' payout (GGR)	163.590	168.512

EBITDA

International Financial Reporting Standards (IFRS) do not define the content of the "EBITDA" & "EBIT". The Group defines "EBITDA" as "Operating Profit/(Loss) before tax" adjusted for the figures "Profit/(loss) from equity method consolidations", "Profit / (loss) to net monetary position", "Exchange Differences", "Interest and related income", "Interest and similar expenses", "Income/(expenses) from participations and investments", "Write-off and impairment loss of assets", "Gain/(loss) from assets disposal", "Reorganization expenses" and "Assets depreciation and amortization".

Reconciliation of operating profit before tax to	GROUP
EBIT & EBITDA (continuing operations):	1/1-30/6/2023	1/1-30/6/2022
Operating profit/(loss) before tax	16.312	8.028
Profit/(loss) to net monetary position	-3.773	-9.353
Profit/(loss) equity method consolidation	-77	-134
Foreign exchange differences	369	495
Interest and similar income	-1.730	-1.030
Interest and similar expenses	20.869	20.536
Income / (expenses) from participations and investments	-1.163	237
Gain / (loss) from assets disposal, impairment loss and write-off of assets	129	-540
EBIT	30.936	18.239
Depreciation and amortization	31.881	36.538
Reorganization expenses	0	313
EBITDA	62.818	55.091

Net Debt

Net debt is an APM used by the management to assess the capital structure of the Group. Net debt is calculated by adding to "Long-term debt" the "Long-term lease liabilities" the "Short-term debt" and the "Short-term lease liabilities" and deducting from total the "Cash and cash equivalents".

The relevant calculations are presented below:

GROUP	30/6/2023	31/12/2022
Long-term loans	550.999	558.929
Long-term lease liabilities	8.759	11.424
Short-term loans	17.659	17.774
Short-term lease liabilities	4.541	4.698
Total Debt	581.958	592.825
Cash and cash equivalents	-101.490	-102.366
Net Debt	480.468	490.459

From the information stated above and from the Financial Statements you are able to have a complete picture of the Group for the year 1/1-30/6/2023.

Peania, August 31, 2023 Sincerely,

Chairman of the Board of Directors

and Group CEO

Sokratis P. Kokkalis

Independent Auditors' Review Report

To the Board of Directors of "INTRALOT SA INTEGRATED LOTTERY SYSTEMS AND SERVICES"

Report on Review of Interim Financial Information

Introduction

We have reviewed the accompanying condensed interim separate and consolidated statement of financial position of INTRALOT SA INTEGRATED LOTTERY SYSTEMS AND SERVICES as at June 30, 2023 and the relative condensed statements of income and other comprehensive income, changes in equity and cash flows for the sixmonth period then ended, as well as the selected explanatory notes, that constitute the condensed interim financial information, which is an integral part of the six-month financial report under the L. 3556/2007.

Management is responsible for the preparation and presentation of this condensed interim financial information, in accordance with International Financial Reporting Standards, as adopted by the European Union (EU) and which apply to Interim Financial Reporting (International Accounting Standard "IAS 34"). Our responsibility is to express a conclusion on this condensed interim financial information based on our review.

Scope of Review

We conducted our review in accordance with International Standard on Review Engagements (ISRE) 2410 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity". A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing that have been incorporated into the Greek Legislation and consequently, does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the accompanying condensed interim financial information is not prepared, in all material respects, in accordance with International Accounting Standard "IAS 34".

Report on other Legal and Regulatory Requirements

Our review did not identify material inconsistency or error in the statements of the members of the Board of Directors and the information of the six-month Financial Report of the Board of Directors, as these are defined in article 5 and 5a of L. 3556/2007, with respect to the condensed interim separate and consolidated financial information.

Athens, August 31, 2023

The Certified Public Accountants

Anastasios Dallas SOEL Reg. No. 27021

Panagiotis Noulas SOEL Reg. No. 40711

SOL S.A. Member of Crowe Global 3, Fok. Negri Str., 112 57 Athens, Greece Institute of CPA (SOEL) Reg. No. 125

© 2023 SOL SA

INTERIM FINANCIAL STATEMENTS INCOME STATEMENT GROUP / COMPANY FOR THE FIRST HALF OF 2023

	Notes	GROUP		COMPANY
Amounts reported in thousand €		1/1-30/6/2023 1/1-30/6/2022		1/1-30/6/2023	1/1-30/6/2022
Sale Proceeds	2.2	175.266	204.841	31.376	13.408
Less: Cost of Sales		-112.344	-148.565	-12.366	-12.715
Gross Profit /(loss)		62.922	56.276	19.010	693
Other Operating Income	2.3	14.754	11.697	155	524
Selling Expenses		-9.159	-10.188	-2.729	-3.174
Administrative Expenses		-36.454	-36.227	-4.655	-5.177
Research and Development Expenses		-615	-869	-630	-869
Reorganization expenses		0	-313	0	0
Other Operating Expenses	2.7	-512	-2.137	-239	-38
EBIT	2.1.5	30.936	18.239	10.912	-8.041
EBITDA	2.1.5	62.818	55.091	16.685	-995
Income/(expenses) from participations and investments	2.5	1.163	-237	4.125	1.909
Gain/(loss) from assets disposal, impairment loss and write-off of assets	2.6	-129	540	-25	547
Interest and similar expenses	2.8	-20.869	-20.536	-9.156	-8.697
Interest and similar income	2.8	1.730	1.030	116	434
Exchange Differences	2.9	-369	-495	-410	744
Profit / (loss) from equity method consolidations		77	134	0	0
Profit / (loss) to net monetary position	2.23	3.773	9.353	0	0
Profit/(loss) before tax from continuing operations		16.312	8.028	5.562	-13.105
Tax	2.4	-7.177	-7.790	517	-579
Profit / (loss) after tax from continuing operations (a)		9.135	238	6.079	-13.685
Profit / (loss) after tax from discontinued operations (b) ¹	2.20	0	5.568	0	0
Profit / (loss) after tax (continuing and discontinued operations) (a)+(b)		9.135	5.806	6.079	-13.685
Attributable to:
Equity holders of parent
-Profit/(loss) from continuing operations		4.408	-6.089	6.079	-13.685
-Profit/(loss) from discontinued operations ¹	2.20	0	5.568	0	0
		4.408	-521	6.079	-13.685
Non-Controlling Interest
-Profit/(loss) from continuing operations		4.726	6.328	0	0
-Profit/(loss) from discontinued operations ¹	2.20	0	0	0	0
		4.726	6.328	0	0
Earnings/(losses) after tax per share (in €) from total operations
-basic		0,0119	-0,0035	0,0164	-0,0921
-diluted		0,0119	-0,0035	0,0164	-0,0921
Weighted Average number of shares		371.337.000	148.536.785	371.337.000	148.536.785

INTRALOT Group Interim Financial Statements for the period January 1 to June 30, 2023

STATEMENT OF COMPREHENSIVE INCOME GROUP / COMPANY FOR THE FIRST HALF OF 2023

	Notes		GROUP	COMPANY
Amounts reported in thousand €		1/1-30/6/2023	1/1-30/6/2022	1/1-30/6/2023	1/1-30/6/2022
Profit / (loss) after tax (continuing and discontinued operations) (a)+(b)		9.135	5.806	6.079	-13.685
Attributable to:
Equity holders of parent
-Profit/(loss) from continuing operations		4.408	-6.089	6.079	-13.685
-Profit/(loss) from discontinued operations ¹	2.20	0	5.568	0	0
		4.408	-521	6.079	-13.685
Non-Controlling Interest
-Profit/(loss) from continuing operations		4.726	6.328	0	0
-Profit/(loss) from discontinued operations ¹	2.20	0	0	0	0
		4.726	6.328	0	0
Other comprehensive income after tax
Amounts that may not be reclassified to profit or loss:
Defined benefit plans revaluation for subsidiaries and parent company	2.15	44	16	34	0
Defined benefit plans revaluation for associates and joint ventures		0	0	0	0
Valuation of assets measured at fair value through other comprehensive income of parent and subsidiaries	2.15	13	-11	13	-10
Amounts that may be reclassified to profit or loss:
Exchange differences on subsidiaries consolidation	2.15	-10.901	-1.293	0	0
Share of exchange differences on consolidation of associates and joint ventures	2.15	-214	102	0	0
Other comprehensive income/ (expenses) after tax		-11.058	-1.186	47	-10
Total comprehensive income / (expenses) after tax		-1.923	4.620	6.126	-13.695
Attributable to:
Equity holders of parent		-2.015	-646	6.127	-13.695
Non-Controlling Interest		92	5.267	0	0

Interim Financial Statements for the period 1 January to 30 June 2023

INCOME STATEMENT GROUP / COMPANY FOR THE SECOND QUARTER OF 2023

	GROUP	COMPANY
Amounts reported in thousand €	1/4-30/6/2023	1/4-30/6/2022	1/4-30/6/2023	1/4-30/6/2022
Sale Proceeds	85.787	107.185	24.668	7.455
Less: Cost of Sales	-55.415	-76.078	-6.350	-6.232
Gross Profit /(loss)	30.372	31.107	18.318	1.223
Other Operating Income	6.968	6.011	126	430
Selling Expenses	-4.332	-5.519	-1.404	-1.663
Administrative Expenses	-19.028	-19.609	-2.204	-2.684
Research and Development Expenses	-264	-452	-264	-452
Reorganization expenses	0	-8	0	0
Other Operating Expenses	-413	-1.995	-164	-2
EBIT	13.303	9.535	14.408	-3.148
EBITDA	29.087	28.977	17.292	291
Income/(expenses) from participations and investments	42	132	461	193
Gain/(loss) from assets disposal, impairment loss and write-off of assets	-38	-3	-26	3
Interest and similar expenses	-10.195	-10.258	-4.613	-4.400
Interest and similar income	906	485	85	217
Exchange Differences	299	17	-315	447
Profit / (loss) from equity method consolidations	34	67	0	0
Profit / (loss) to net monetary position	1.030	10.360	0	0
Profit/(loss) before tax from continuing operations	5.381	10.335	10.000	-6.688
Tax	-2.104	-5.151	926	-315
Profit / (loss) after tax from continuing operations (a)	3.277	5.184	10.926	-7.003
Profit / (loss) after tax from discontinued operations (b) ¹	0	5.568	0	0
Profit / (loss) after tax (continuing and discontinued operations) (a)+(b)	3.277	10.752	10.926	-7.003
Attributable to:
Equity holders of parent
-Profit/(loss) from continuing operations	1.291	-436	10.925	-7.004
-Profit/(loss) from discontinued operations ¹	0	5.568	0	0
	1.291	5.132	10.925	-7.004
Non-Controlling Interest
-Profit/(loss) from continuing operations	1.987	5.620	0	0
-Profit/(loss) from discontinued operations ¹	0	0	0	0
	1.987	5.620	0	0
Earnings/(losses) after tax per share (in €) from total operations -basic	0,0035	0,0345	0,0294	-0,0472
-diluted	0,0035	0,0345	0,0294	-0,0472
Weighted Average number of shares	371.337.000	148.536.785	371.337.000	148.536.785

Interim Financial Statements for the period 1 January to 30 June 2023

STATEMENT OF COMPREHENSIVE INCOME GROUP / COMPANY FOR THE SECOND QUARTER OF 2023

	GROUP		COMPANY
Amounts reported in thousand €	1/4-30/6/2023	1/4-30/6/2022	1/4-30/6/2023	1/4-30/6/2022
Profit / (loss) after tax (continuing and discontinued operations) (a)+(b)	3.277	10.752	10.926	-7.003
Attributable to:
Equity holders of parent
-Profit/(loss) from continuing operations	1.291	-436	10.925	-7.004
-Profit/(loss) from discontinued operations ¹	0	5.568	0	0
	1.291	5.132	10.925	-7.004
Non-Controlling Interest
-Profit/(loss) from continuing operations	1.987	5.620	0	0
-Profit/(loss) from discontinued operations ¹	0	0	0	0
	1.987	5.620	0	0
Other comprehensive income after tax
Amounts that may not be reclassified to profit or loss:
Defined benefit plans revaluation for subsidiaries and parent company	22	-32	17	0
Defined benefit plans revaluation for associates and joint ventures	0	0	0	0
Valuation of assets measured at fair value through other comprehensive income of parent and subsidiaries	13	-11	13	-10
Amounts that may be reclassified to profit or loss:
Exchange differences on subsidiaries consolidation	-7.637	-2.432	0	0
Share of exchange differences on consolidation of associates and joint ventures	-125	226	0	0
Other comprehensive income/ (expenses) after tax	-7.727	-2.249	30	-10
Total comprehensive income / (expenses) after tax	-4.450	8.503	10.956	-7.013
Attributable to:
Equity holders of parent	-3.178	3.482	10.955	-7.014
Non-Controlling Interest	-1.271	5.022	0	0

STATEMENT OF FINANCIAL POSITION GROUP/COMPANY
		GROUP COMPANY
Amounts reported in thousand €	Notes	30/6/2023	31/12/2022	30/6/2023	31/12/2022
ASSETS
Tangible assets	2.10	101.666	113.770	11.849	13.457
Investment property	2.10	2.526	2.556	2.526	2.556
Intangible assets	2.10	191.247	208.607	48.852	51.954
Investment in subsidiaries, associates and joint ventures	2.11	12.820	13.178	268.883	268.948
Other financial assets	2.12	98	87	98	84
Deferred Tax asset		14.126	13.215	6.933	5.383
Other long-term receivables	2.19	27.169	29.542	25.268	26.481
Total Non-Current Assets		349.652	380.954	364.409	368.863
Inventories	2.13	24.307	23.921	3.814	3.199
Trade and other short-term receivables	2.19	100.836	109.844	99.751	91.923
Other financial assets	2.12	4	8	0	0
Cash and cash equivalents	2.14	101.490	102.366	7.151	6.141
Total Current Assets		226.637	236.138	110.716	101.263
TOTAL ASSETS		576.289	617.092	475.125	470.126
EQUITY AND LIABILITIES
Share capital	2.15	111.401	111.401	111.401	111.401
Share premium	2.15	62.081	62.081	62.081	62.081
Treasury shares	2.15	0	0	0	0
Other reserves	2.15	68.513	68.488	56.944	56.897
Foreign currency translation	2.15	-109.203	-102.723	0	0
Retained earnings		-240.657	-247.156	-76.135	-82.214
Total equity attributable to shareholders of the parent		-107.865	-107.909	154.291	148.165
Non-Controlling Interest		14.595	20.196	0	0
Total Equity		-93.270	-87.713	154.291	148.165
Long term debt	2.17	550.999	558.929	274.838	267.309
Staff retirement indemnities		1.111	1.411	805	1.154
Other long-term provisions	2.20	16.800	16.446	10.157	9.735
Deferred Tax liabilities		11.027	9.982	0	0
Other long-term liabilities	2.19	6.325	950	18	36
Long term lease liabilities	2.17	8.759	11.424	335	423
Total Non-Current Liabilities		595.021	599.143	286.153	278.657
Trade and other short-term liabilities	2.19	48.772	78.251	34.214	41.357
Short term debt and lease liabilities	2.17	22.200	22.472	427	1.690
Income tax payable		145	767	0	218
Short term provision	2.20	3.421	4.172	40	40
Total Current Liabilities		74.538	105.662	34.681	43.304
TOTAL LIABILITIES		669.559	704.805	320.834	321.961
TOTAL EQUITY AND LIABILITIES		576.289	617.092	475.125	470.126

INTRALOT Group

subsidiary

share capital increase/(decrease) of

Interim Financial Statements for the period January 1 to June 30, 2023

STATEMENT OF CHANGES IN EQUITY GROUP
STATEMENT OF CHANGES IN EQUITY INTRALOT GROUP (Amounts reported in thousands of €)	Share Capital	Treasury Shares	Share premium	Legal Reserve	Other Reserves	Foreign exchange differences	Retained Earnings	Total	Non Controlling Interest	Grand Total
Opening Balance as of January 1, 2023	111.401	0	62.081	23.716	44.772	-102.722	-247.156	-107.908	20.196	-87.712
Share Capital Increase	0	0	0	0	0	0	0	0	0	0
Period's results	0	0	0	0	0	0	4.408	4.408	4.726	9.135
Other comprehensive income / (expenses) after tax	0	0	0	0	57	-6.480	0	-6.424	-4.634	-11.058
Dividends to equity holders of parent / non controlling interest	0	0	0	0	0	0	0	0	-4.818	-4.818
Non-controlling interest's participation in

Effect due to change in participation 0 0 0 0 0 0 0 0 0 0 Adjustment to net monetary position 0 0 0 113 0 0 1.946 2.059 2.059 4.118 Cancelation of own shares 0 0 0 0 0 0 0 0 0 0 Transfer between reserves 0 0 0 -93 -52 0 144 0 0 0 Balances as June 30, 2023 111.401 0 62.081 23.736 44.777 -109.203 -240.657 -107.865 14.595 -93.270

0 0 0 0 0 0 0 0 -2.935 -2.935

STATEMENT OF CHANGES IN EQUITY GROUP

STATEMENT OF CHANGES IN EQUITY INTRALOT GROUP (Amounts reported in thousands of €)	Share Capital	Treasury Shares	Legal Reserve	Other Reserves	Foreign exchange differences	Retained Earnings	Total	Non Controlling Interest	Grand Total
Opening Balance as of January 1, 2022	45.679	-3.018	24.309	44.680	-96.854	-138.246	-123.450	7.985	-115.465
Effect from the application of IAS 29	0	0	140	0	0	5.225	5.365	5.366	10.731
Opening Balance as at 1 January 2022 after the revaluation from reconsideration of IAS 29 2022	45.679	-3.018	24.449	44.680	-96.854	-133.021	-118.085	13.351	-104.734
Effect on retained earnings from previous years adjustments	0	0	-265	0	0	265	0	0	0
Period's results	0	0	0	0	0	-521	-521	6.328	5.806
Other comprehensive income / (expenses) after tax	0	0	0	-2	-5.870	-1	-5.873	-1.061	-6.934
Dividends to equity holders of parent / non-controlling interest	0	0	0	0	0	0	0	-4.304	-4.304
Subsidiary disposal/liquidation	0	0	-8	0	0	-7	-15	0	-15
Effect due to change in participation percentage	0	0	0	0	0	0	0	0	0
Adjustment to net monetary position	0	0	68	0	0	571	639	639	1.278
Cancelation of own shares	-1.117	3.018	0	0	0	-1.901	0	0	0
Sale of own shares	0	0	0	0	0	0	0	0	0
Associate companies stock options	0	0	0	-9	0	0	-9	-9	-18
Transfer between reserves	0	0	0	0	0	0	0	0	0
Balances as June 30, 2022	44.561	0	24.244	44.669	-102.724	-134.614	-123.864	14.944	-108.920

STATEMENT OF CHANGES IN EQUITY COMPANY

STATEMENT OF CHANGES IN EQUITY INTRALOT S.A. (Amounts reported in thousands of €)	Share Capital	Treasury Shares	Share premium	Legal Reserve	Other Reserves	Retained Earnings	Total
Opening Balance as of January 1, 2023	111.401	0	62.081	15.896	41.001	-82.214	148.165
Share Capital Increase	0	0	0	0	0	0	0
Period's results	0	0	0	0	0	6.079	6.079
Other comprehensive income /(expenses) after taxes	0	0	0	0	48	0	47
Cancelation of own shares	0	0	0	0	0	0	0
Transfer between reserves	0	0	0	0	0	0	0
Balances as June 30, 2023	111.401	0	62.081	15.896	41.048	-76.135	154.291

STATEMENT OF CHANGES IN EQUITY INTRALOT S.A.
(Amounts reported in thousands of €)	Share Capital	Treasury Shares	Legal Reserve	Other Reserves	Retained Earnings	Total
Opening Balance as of January 1, 2022	45.679	-3.018	15.896	38.622	-59.388	37.791
Period's results	0	0	0	0	-13.685	-13.685
Other comprehensive income /(expenses) after taxes	0	0	0	-10	0	-10
Cancelation of own shares	-1.117	3.018	0	0	-1.901	0
Transfer between reserves	0	0	0	2.300	-2.300	0
Balances as June 30, 2022	44.561	0	15.896	40.912	-77.273	24.096

CASH FLOW STATEMENT GROUP/COMPANY
Amounts reported in thousands of € (total		GROUP		COMPANY
operations)	Notes	1/1- 30/6/2023	1/1- 30/6/2022	1/1- 30/6/2023	1/1- 30/6/2022
Operating activities
Profit / (loss) before tax from continuing operations		16.312	8.028	5.562	-13.104
Profit / (loss) before tax from discontinued operations	2.20	0	5.568	0	0
Profit / (loss) before Taxation		16.312	13.596	5.562	-13.104
Plus / Less adjustments for:
Depreciation and amortization		31.882	36.538	5.773	7.047
Provisions		-834	151	-280	-664
Results (income, expenses, gain and loss) from investing activities		-837	-6.688	-3.715	-2.991
Interest and similar expenses	2.8	20.869	20.536	9.156	8.697
Interest and similar income	2.8	-1.730	-1.030	-116	-434
(Gain) / loss to net monetary position	2.23	-3.773	-9.353	0	0
Reorganization expenses	2.1.5	0	313	0	0
Plus / less adjustments for changes in working capital:
Decrease / (increase) of inventories		-884	-6.188	-616	181
Decrease / (increase) of receivable accounts		2.730	7.803	-13.962	538
(Decrease) / increase of payable accounts (except		-10.801	-11.763	-376	-2.126
banks) Income tax (paid)/received		-3.143	-2.505	-218	405
Total inflows / (outflows) from operating
activities (a)		49.791	41.410	1.207	-2.452
Investing Activities
(Purchases) / Sales of subsidiaries, associates, joint ventures and other investments		-528	-71	-450	128
Purchases of tangible and intangible assets		-14.088	-10.514	-1.505	-685
Proceeds from sales of tangible and intangible assets	2.10	6	1	0	0
Interest received		2.633	1.406	1.416	775
Dividends received Total inflows / (outflows) from investing		963	0	3.297	11
activities (b)		-11.014	-9.178	2.758	229
Financing Activities
Proceeds from issues of shares and other equity securities		0	0	0	0
Return of Capital to minority shareholders of	2.20.VI	-1.499	0	0	0
subsidiary Sale of own shares		0	0	0	0
Cash inflows from loans	2.17	0	31	0	23
Repayment of loans	2.17	-5.742	-859	-2.389	-425
Repayments of lease liabilities	2.17	-2.546	-1.877	-90	-173
Interest and similar expenses paid	2.17	-18.360	-20.592	-437	-172
Dividends paid	2.16	-4.537	-2.577	0	0
Reorganization expenses paid		0	-129	0	0
Total inflows / (outflows) from financing
activities (c)		-32.684	-26.003	-2.916	-747
Net increase / (decrease) in cash and cash equivalents for the period (a) + (b) + (c)		6.093	6.229	1.049	-2.970
Cash and cash equivalents at the beginning of	2.14	102.366	107.339	6.141	8.338
the period
Net foreign exchange difference		-6.969	2.800	-39	168
Cash and cash equivalents at the end of the period from total operations	2.14	101.490	116.368	7.151	5.536

1. GENERAL INFORMATION

INTRALOT S.A. – "Integrated Lottery Systems and Gaming Services", with the distinct title «INTRALOT» is a business entity that was established based on the Laws of Hellenic Republic, whose shares are traded in the Athens Stock Exchange. Reference to «INTRALOT» or the «Company» includes INTRALOT S.A. whereas reference to the «Group» includes INTRALOT S.A. and its fully consolidated subsidiaries, unless otherwise stated. The Company was established in 1992 and has its registered office in Peania of Attica.

INTRALOT, a public listed company, is the leading supplier of integrated gaming and transaction processing systems, innovative game content, sports betting management and interactive gaming services to state-licensed gaming organizations worldwide. Its broad portfolio of products & services, its know-how of Lottery, Betting, Racing & Video Lottery operations and its leading-edge technology, give INTRALOT a competitive advantage, which contributes directly to customers' efficiency, profitability and growth. With presence in 39 countries and states, with approximately 1.700 employees and revenues from continuing operations of €393 million for 2022, INTRALOT has established its presence on all 5 major continents.

The interim financial statements of the Group and the Company for the period ended June 30, 2023 were approved by the Board of Directors on August 31st , 2023.

2. NOTES TO THE INTERIM FINANCIAL STATEMENTS

2.1.1 Basis of preparation of the Financial Statements

The attached financial statements have been prepared on the historical cost basis, except for the financial assets measured at fair value through other comprehensive income and the derivative financial instruments that are measured at fair value, or at cost if the difference is not a significant amount, and on condition that the Company and the Group would continue as a going concern, as described below. The attached financial statements are presented in Euros and all values are rounded to the nearest thousand (€000) except if indicated otherwise.

Going concern

The Group maintains sufficient liquidity to cover its cash needs in the near future. The Group has completed a series of actions aiming to optimize its capital structure and create value for its shareholders. Through the exchange offering in August 2021, the Group successfully completed extension of Senior Notes due 2021, resulting in deleverage of €163m. Further on, in 2022 the Company proceeded with Share Capital Increase of approximately €129,2 million, adding a new strategic investor with strong presence in US market to shareholder's base. Using the proceeds from the share capital increase, the Group acquired the minority shares in Intralot Inc., thus bringing the controlling share of the Intralot Group to 100%. In addition, Intralot Inc. proceeded with debt refinancing by entering new loan agreement with syndicate of US financial institutions for a 3-year Term Loan of \$230 million plus a committed Revolving Credit Facility (RCF) of \$50 million, the proceeds of which were used for the full repayment of the PIK Toggle 2025 Notes, which were subsequently cancelled. Execution of those transactions strengthened the capital profile of the Company, allowing it to pursue significant opportunities, both in Lottery and Sports betting markets.

In this field, the Management is continuously monitoring the cash flow of the Group and enhancing its efforts for further sales increase through operational improvements, while at the same time focusing on the cost reduction through operational efficiencies and development of synergies.

The geopolitical tension arising from the war in Ukraine coupled with the energy crisis, the supply chain disruptions and the rising inflation are factors that are expected to determine the economic outlook over the coming months. Although our Group does not have direct exposure in terms of operations or dependency on suppliers in Ukraine and Russia, the potential risks from the reduction in the household disposable income and the possible increase in operating expenses due to inflationary pressures cannot be overlooked.

An important impact is the increase of interest rates, which has affected the new banking facility of our subsidiary in the US since it is a fluctuating interest rate bearing banking facility and therefore the servicing cost has temporarily increased. However, given that our subsidiary in the US generates strong cash flows, it can meet the increased servicing obligations of its debt.

The Management has prepared a detailed business plan with expected cash flows for a period up to December 2024, taking into consideration the trading performance and the current trends per operating activity, macroeconomic environment in markets we operate and new developments in financial markets.

Given that the maturity date of the bond, with a nominal value of €500 million (€356 million after repurchases), is September 15, 2024, within a 12-month time horizon from the date of publication of the Financial Statements for the first half of 2023, the Management has already started examining a series of options for refinancing the bond with a new bond or a bank loan, and in any case, in the optimal way for the interests of the Group and all parties involved, taking into account the current market conditions and the objective capabilities of the Group. We estimate that within the next few months, and certainly within the timeline specified by the Indenture, the Management will be in a position to announce a refinancing plan.

In conclusion, taking into account the Forecasted Cash Flows plan, the successful share capital increase, the successful refinancing of the Intralot Inc.'s debt that led to the improvement of Net Debt, which combined with the improvement of operational profitability significantly enhanced the leverage ratio, as well as all available information about the foreseeable future, the Management estimates that the Going Concern assumption is valid for the preparation of the financial statements and there is no longer any material uncertainty in this regard. In view of the above, the Financial Statements of the Group were prepared on the basis of the going concern principle.

2.1.2 Statement of compliance

These financial statements for the period ended June 30, 2023 have been prepared in accordance with IAS 34 "Interim Financial Reporting". Those interim condensed financial statements do not include all the information and disclosures required by IFRS in the annual financial statements and should be read in conjunction with the Group's and Company's annual financial statements as at December 31, 2022.

2.1.3 Financial Statements

The consolidated and standalone Financial Statements of the Company have been prepared in accordance with the International Financial Reporting Standards (hereinafter IFRS) of the International Accounting Standards Board (IASB) and the Interpretations of the International Financial Reporting Interpretations Committee (hereinafter IFRIC Interpretations) as adopted by the European Union.

INTRALOT's Greek subsidiaries keep their accounting books and records and prepare their financial statements in accordance with GAS (L.4308/2014), the International Financial Reporting Standards (IFRS) and current tax regulations. INTRALOT's foreign subsidiaries keep their accounting books and records and prepare their financial statements in accordance with the applicable laws and regulations in their respective countries. For the purpose of the consolidated financial statements, Group entities' financial statements are adjusted and prepared in relation to the requirements of the International Financial Reporting Standards (IFRS).

2.1.4 Changes in accounting policies

For the preparation of the financial statements of period ended June 30, 2023, the accounting policies adopted are consistent with those followed in the preparation of the most recent annual financial statements (December 31, 2022), except for the below mentioned adoption of new standards and interpretations applicable for fiscal periods beginning at January 1, 2023.

Standards and Interpretations compulsory for the fiscal year 2023

New standards, amendments of published standards and interpretations mandatory for accounting periods beginning on 1st January 2023. The Group's assessment of the impact of these new and amended standards and interpretations is set out below.

IFRS 17 'Insurance contracts' and Amendments to IFRS 17

IFRS 17 has been issued in May 2017 and, along with the Amendments to IFRS 17 issued in June 2020, supersedes IFRS 4. IFRS 17 establishes principles for the recognition, measurement, presentation and disclosure of insurance contracts within the scope of the Standard and its objective is to ensure that an entity provides relevant information that faithfully represents those contracts. The new standard solves the comparison problems created by IFRS 4 by requiring all insurance contracts to be accounted for in a consistent manner. Insurance obligations will be accounted for using current values instead of historical cost.

Further amendments were made in December 2021 which added a transition option relating to comparative information about financial assets presented on initial application of IFRS 17. The amendments aim at helping entities to avoid temporary accounting mismatches between financial assets and insurance contract liabilities, and therefore improve the usefulness of comparative information for users of financial statements. The amendment did not have any impact on the Group Financial Statements.

IAS 1 (Amendments) 'Presentation of Financial Statements' and IFRS Practice Statement 2 'Disclosure of Accounting policies'

The amendments require companies to disclose their material accounting policy information and provide guidance on how to apply the concept of materiality to accounting policy disclosures. The amendment did not have any impact on the Group Financial Statements.

IAS 8 (Amendments) 'Accounting policies, Changes in Accounting Estimates and Errors: Definition of Accounting Estimates'

The amendments clarify how companies should distinguish changes in accounting policies from changes in accounting estimates. The amendment did not have any impact on the Group Financial Statements.

IFRS 17 (Amendment) 'Initial Application of IFRS 17 and IFRS 9 – Comparative Information'

The amendment is a transition option relating to comparative information about financial assets presented on initial application of IFRS 17. The amendment is aimed at helping entities to avoid temporary accounting mismatches between financial assets and insurance contract liabilities, and therefore improve the usefulness of comparative information for users of financial statements. The amendment did not have any impact on the Group Financial Statements.

IΑS 12 (Amendments) 'Deferred tax related to Assets and Liabilities arising from a Single Transaction'

The amendments require companies to recognise deferred tax on transactions that, on initial recognition, give rise to equal amounts of taxable and deductible temporary differences. This will typically apply to transactions such as leases for the lessee and decommissioning obligations. The amendment did not have any impact on the Group Financial Statements.

IAS 12 'Income taxes' (Amendments): International Tax Reform – Pillar Two Model Rules

The amendments introduce a mandatory temporary exception from accounting for deferred taxes arising from the Organization for Economic Co-operation and Development's (OECD) international tax reform. The amendments also introduce targeted disclosure requirements.

The temporary exception applies immediately and retrospectively in accordance with IAS 8, whereas the targeted disclosure requirements will be applicable for annual reporting periods beginning on or after 1 January 2023. The amendments have not yet been endorsed by the EU. The amendment did not have any impact on the Group Financial Statements.

Standards and Interpretations compulsory after June 30, 2023

The following new standards, amendments and IFRICs have been published but are in effect for the annual fiscal period beginning the 1st of January 2024 and have not been adopted from the Group earlier.

IAS 1 'Presentation of Financial Statements' (Amendments) (effective for annual periods beginning on or after 1 January 2024)

2020 Amendment 'Classification of liabilities as current or non-current'

The amendment clarifies that liabilities are classified as either current or non-current depending on the rights that exist at the end of the reporting period. Classification is unaffected by the expectations of the entity or events after the reporting date. The amendment also clarifies what IAS 1 means when it refers to the 'settlement' of a liability. The amendment has not yet been endorsed by the EU.

2022 Amendments 'Non-current liabilities with covenants'

Τhe new amendments clarify that if the right to defer settlement is subject to the entity complying with specified conditions (covenants), this amendment will only apply to conditions that exist when compliance is measured on or before the reporting date. Additionally, the amendments aim to improve the information an entity provides when its right to defer settlement of a liability is subject to compliance with covenants within twelve months after the reporting period.

The 2022 amendments changed the effective date of the 2020 amendments. As a result, the 2020 and 2022 amendments are effective for annual reporting periods beginning on or after 1 January 2024 and should be applied retrospectively in accordance with IAS 8. As a result of aligning the effective dates, the 2022 amendments override the 2020 amendments when they both become effective in 2024. The amendments have not yet been endorsed by the EU. The Group will assess the impact of the amendment on its financial statements.

IFRS 16 (Amendment) 'Lease Liability in a Sale and Leaseback' (effective for annual periods beginning on or after 1 January 2024)

The amendment clarifies how an entity accounts for a sale and leaseback after the date of the transaction. Sale and leaseback transactions where some or all the lease payments are variable lease payments that do not depend on an index or rate are most likely to be impacted. An entity applies the requirements retrospectively back to sale and leaseback transactions that were entered into after the date when the entity initially applied IFRS 16. The amendment has not yet been endorsed by the EU. The Group will assess the impact of the amendment on its financial statements.

IAS 7 'Statement of Cash Flows' and IFRS 7 'Financial Instruments' (Amendments) - Disclosures: Supplier Finance Arrangements (effective for annual periods beginning on or after 1 January 2024)

The amendments require companies to disclose information about their Supplier Finance Arrangements such as terms and conditions, carrying amount of financial liabilities that are part of such arrangements, ranges of payment due dates and liquidity risk information. The amendments have not yet been endorsed by the EU.

2.1.5 EBITDA & EBIT

International Financial Reporting Standards (IFRS) do not define the content of the "EBITDA" & "EBIT". The Group taking into account the nature of its activities, defines "EBITDA" as "Operating Profit/(Loss) before tax" adjusted for the figures "Profit/(loss) from equity method consolidations", "Profit/(loss) on net monetary position", "Exchange Differences", "Interest and similar income", "Interest and similar expenses", "Income/(expenses) from participations and investments", "Write-off and impairment loss of assets", "Gain/(loss) from assets disposal", "Reorganization costs" and "Assets depreciation and amortization". Also, the Group defines "EBIT" as "Operating Profit/(Loss) before tax" adjusted for the figures "Profit/(loss) from equity method consolidations", "Profit/(loss) on net monetary position", "Exchange Differences", "Interest and similar income", "Interest and similar expenses", "Income/(expenses) from participations and investments" ,"Write-off and impairment loss of assets" and "Gain/(loss) from assets disposal".

Reconciliation of operating profit before tax to EBIT and	GROUP
EBITDA (continuing operations):	1/1-30/6/2023	1/1-30/6/2022
Operating profit/(loss) before tax	16.312	8.028
Profit / (loss) to net monetary position	-3.773	-9.353
Profit / (loss) from equity method consolidations	-77	-134
Exchange Differences	369	495
Interest and similar income	-1.730	-1.030
Interest and similar expenses	20.869	20.536
Income/(expenses) from participations and investments	-1.163	237
Gain/(loss) from assets disposal, impairment loss and write-off of assets	129	-540
EBIT	30.936	18.239
Depreciation and amortization	31.881	36.538
Reorganization costs	0	313
EBITDA	62.818	55.091

Reconciliation of operating profit before tax to EBIT and	COMPANY
EBITDA (continuing operations):	1/1-30/6/2023	1/1-30/6/2022
Operating profit/(loss) before tax	5.562	-13.105
Exchange Differences	410	-744
Interest and similar income	-116	-434
Interest and similar expenses	9.156	8.697
Income/(expenses) from participations and investments	-4.125	-1.909
Gain/(loss) from assets disposal, impairment loss and write-off of assets	25	-547
EBIT	10.912	-8.041
Depreciation and amortization	5.772	7.047
Reorganization costs	0	0
Income from recharging reorganization expenses to subsidiaries	0	0
EBITDA	16.685	-995

2.1.6 Significant accounting judgments estimates and assumptions

The preparation of the consolidated financial statements requires management to make judgements, estimates and assumptions that affect the amounts of revenues, expenses, assets liabilities and disclosures of contingent liabilities that included in the financial statements. On an ongoing basis, management evaluates its judgements, estimates and assumptions that mainly refer to goodwill impairment, allowance for doubtful receivables – expected credit

losses, provision for staff retirement indemnities, provision for impairment of inventories value, impairment of tangible and intangible assets as well as estimation of their useful lives, recognition of revenue and expenses, pending legal cases, provision for income tax and recoverability of deferred tax assets. These judgements, estimates and assumptions are based on historical experience and other factors including expectations of future events that are considered reasonable under the circumstances.

The key judgements, estimates and assumptions concerning the future and other key sources of uncertainty at the reporting date of the interim condensed financial statements for the period ended on June 30, 2023 and have a significant risk of causing material adjustment to the carrying amounts of assets and liabilities within the next financial year, are consistent with those applied and were valid at the reporting date of the annual financial statements December 31, 2022.

More specifically, the Management of the Group evaluates the going concern assumption based on the approved business plans that cover a period of five years. Following this, it prepares Expected Cash Flows that cover a period of at least 15 months from the financial statement's approval date.

The estimates and assumptions used to prepare the business plans and Expected Cash Flows are based on historical data as well as on various factors that are considered reasonable given the circumstances and are reconsidered taking into account current and expected future market conditions. The preparation of business plans also includes long-term assumptions for important economic factors that involve a significant use of Management judgement.

2.1.7 Seasonality and cyclicality of operations

The Group revenue can fluctuate due to seasonality in some components of the worldwide operations. In particular, the majority of the Group sports betting revenue is generated from bets placed on European football, which has an off-season in the European summer that typically causes a corresponding periodic decrease in the Group revenue. In addition, Group revenue from lotteries can be somewhat dependent on the size of jackpots of lottery games during the relevant period. The Group revenue may also be affected by the scheduling of major football events that do not occur annually, notably the FIFA World Cup and UEFA European Championships, and by the performance of certain teams within specific tournaments, particularly where the national football teams, in the markets where the Group earns the majority of its revenue, fail to qualify for the World Cup. Furthermore, the cancellation or curtailment of significant sporting events, for example due to adverse weather, traffic or transport disruption or civil disturbances, may also affect Group revenue. This information is provided to allow for a better understanding of the revenue; however, Group management has concluded that this is not "highly seasonal" in accordance with IAS 34.

2.2 INFORMATION PER SEGMENT

Intralot Group manages in 39 countries and states an expanded portfolio of contracts and gaming licenses. The grouping of the Group companies is based on the geographical location in which they are established. The financial results of the Group are presented in the following operating geographic segments based on the geographic location of the Group companies:

European Union:	Greece, Malta, Cyprus, Luxembourg, Spain, Nederland, Germany, Croatia and Republic of Ireland.
Other Europe:	United Kingdom
America:	USA, Peru, Argentina, Chile
Other Countries:	Australia, New Zealand, South Africa, Turkey, Taiwan and Morocco.

No operating segments have been added.

The following information is based on the internal financial reports provided to the manager responsible for taking decisions, who is the CEO. The performance of the segments is evaluated based on the sales and profit/(loss) before tax. The Group applies the same accounting policies for the financial results of the above segments as those of the

consolidated financial statements. The transactions between segments are realized within the natural conditions present in the Group in a similar way to that with third parties. The intragroup transactions are eliminated in group level and are included in the column "Eliminations".

INTRALOT Group

Interim Financial Statements for the period January 1 to June 30, 2023

1/1-30/6/2023 (in million €)	European Union	Other Europe	America	Other Countries	Eliminations	Total
Sales to third parties	21,35	0,00	114,48	39,44	0,00	175,27
Intragroup sales	29,38	0,00	0,32	0,00	-29,70	0,00
Total Sales	50,73	0,00	114,80	39,44	-29,70	175,27
Gross Profit/(loss)	18,99	0,00	32,36	33,26	-21,70	62,91
(Debit)/Credit interest & similar (expenses)/income	-3,36	0,00	-8,93	0,66	-7,50	-19,13
Depreciation/Amortization	-10,01	0,00	-19,62	-3,76	1,50	-31,89
Profit/(loss) consolidated with equity method	-0,01	0,00	0,00	0,08	0,00	0,07
Write-off & impairment of assets	0,00	0,00	-0,11	0,00	0,00	-0,11
Write-off & impairment of investments	-0,06	0,00	0,00	0,00	0,06	0,00
Doubtful provisions, write-off & impairment of receivables	0,16	0,00	0,00	-0,09	-0,18	-0,11
Reversal of doubtful provisions & recovery of written off receivables	0,00	0,00	0,05	0,02	0,00	0,07
Profit / (loss) to net monetary position	0,00	0,00	1,18	2,59	0,00	3,77
Profit/(Loss) before tax and continuing operations	15,89	0,00	9,48	23,40	-32,46	16,31
Tax	0,33	0,00	-1,03	-6,15	-0,32	-7,17
Profit/(Loss) after tax from continuing operations	16,22	0,00	8,45	17,25	-32,78	9,14
Profit/(Loss) after tax from discontinued operations	0,00	0,00	0,00	0,00	0,00	0,00
Profit/(Loss) after tax from total operations	16,22	0,00	8,45	17,25	-32,78	9,14

1/1-30/6/2022 (in million €)	European Union	Other Europe	America	Other Countries	Eliminations	Total
Sales to third parties	62,88	0,00	110,51	31,45	0,00	204,84
Intragroup sales	12,02	0,00	0,20	0,02	-12,24	0,00
Total Sales	74,90	0,00	110,71	31,47	-12,24	204,84
Gross Profit/(loss)	8,42	0,00	26,54	26,40	-5,08	56,28
(Debit)/Credit interest & similar (expenses)/income	-4,76	0,00	-9,29	-1,29	-4,18	-19,52
Depreciation/Amortization	-13,75	0,00	-17,62	-6,36	1,19	-36,54
Profit/(loss) consolidated with equity method	0,00	0,00	0,00	0,14	0,00	0,14
Write-off & impairment of assets	0,54	0,00	0,00	-0,01	0,00	0,53
Write-off & impairment of investments	-6,47	0,00	0,00	0,00	6,47	0,00
Doubtful provisions, write-off & impairment of receivables	-0,33	0,00	0,29	-0,17	0,33	0,12
Reversal of doubtful provisions & recovery of written off receivables	0,00	0,00	0,00	0,09	0,00	0,09
Profit / (loss) to net monetary position	0,00	0,00	0,34	9,02	0,00	9,36
Profit/(Loss) before tax and continuing operations	-11,16	0,00	7,71	8,45	3,02	8,02
Tax	-2,71	0,00	-2,69	-2,39	0,00	-7,79
Profit/(Loss) after tax from continuing operations	-13,87	0,00	5,02	6,06	3,02	0,23
Profit/(Loss) after tax from discontinued operations	0,00	0,00	0,00	5,57	0,01	5,58
Profit/(Loss) after tax from total operations	-13,87	0,00	5,02	11,63	3,03	5,81

Sales per business activity (continuing operations)
(in thousand €)	30/6/2023	30/6/2022	Change
Licensed operations	21.997	65.150	-66,24%
Management contracts	29.782	21.779	36,75%
Technology and support services	123.488	117.911	4,73%
Total	175.266	204.841	-14,44%

Sales per business activity

Sales per product type (continuing operations)
	30/6/2023	30/6/2022
Lottery games	58,7%	64,1%
Sports Betting	17,6%	15,7%
IT products & services	10,9%	8,6%
Racing	0,1%	0,4%
Video Lottery Terminals	12,7%	11,2%
Total	100%	100%

Revenue Net of Payout (GGR) per business activity (continuing operations)
(in thousand €)	30/6/2023	30/6/2022	Change
Licensed operations	10.319	28.821	-64,20%
Management contracts	29.782	21.779	36,75%
Technology and support services	123.488	117.911	4,73%
Total	163.590	168.512	-2,92%

Revenue Net of Payout (GGR) per business activity

Public

2.3 OTHER OPERATING INCOME

	GROUP		COMPANY
(continuing operations)	30/6/2023	30/6/2022	30/6/2023	30/6/2022
Income from rents from third parties	10.240	9.872	54	54
Income from rents from subsidiaries	0	0	58	39
Proceeds from legal disputes	0	0	0	0
Income from recharging reorganization expenses to subsidiaries	0	0	0	0
Income from reversal of doubtful provisions and proceeds for written off receivables from subsidiaries	0	0	0	0
Income from reversal of doubtful provisions and proceeds for written off receivables from third parties	845	94	0	0
Income from rents from other related parties	0	0	0	0
Income from reversal of doubtful provisions and proceeds for written off receivables from other related parties	0	0	0	0
Other income	3.669	1.731	42	81
Other income from other related parties	0	0	0	0
Other income from subsidiaries	0	0	0	348
Total	14.754	11.697	155	524

2.4 INCOME TAX

CURRENT & DEFERRED INCOME TAX
GROUP (continuing operations)	30/6/2023	30/6/2022
Current income tax	4.112	6.188
Deferred income tax	1.679	1.075
Tax audit differences and other taxes non-deductible	1.386	526
Total impact of income tax in income statement	7.177	7.790

The income tax expense for the Company and its Greek subsidiaries was calculated to 22% on the taxable profit of the periods 1/1-30/6/2023 and 1/1-30/6/2022 respectively.

The deferred income tax for the Company and its Greek subsidiaries was calculated using the rate 22%, pursuant to Law 4799/2021, for tax years 2022 and after.

COMPANY	30/6/2023	30/6/2022
Current income tax	0	0
Deferred income tax	-1.559	579
Tax audit differences and other taxes non-deductible	1.042	0
Total impact of income tax in income statement	-517	579

2.5 INCOME / (EXPENSES) FROM PARTICIPATIONS AND INVESTMENTS

	GROUP		COMPANY
(continuing operations)	30/6/2023	30/6/2022	30/6/2023	30/6/2022
Income from dividends	963	0	3.885	1.933
Gain from sale of participations and investments	262	274	305	0
Other income from participations and investments	0	0	0	0
Total income from participations and	1.225	274	4.190	1.933
investments
Loss from sale of participations and investments	-62	-510	0	0
Loss from impairment / write-offs of participations	0	0	-65	-24
and investments
Total expenses from participations and	-62	-510	-65	-24
investments
Net result from participations and investments	1.163	-237	4.125	1.909

2.6 GAIN / (LOSS) FROM ASSETS DISPOSAL, IMPAIRMENT LOSS & WRITE OFF OF ASSETS

	GROUP		COMPANY
(continuing operations)	30/6/2023	30/6/2022	30/6/2023	30/6/2022
Gain from disposal of tangible and intangible assets	0	2	0	0
Loss from disposal of tangible and intangible assets	1	0	0	0
Loss from impairment and write-off of tangible and intangible assets	-108	-9	0	0
Gain from write-off lease liability	0	0	0	0
Gain/(Loss) from modification or write-off right of use assets	-22	3	-25	3
Gain from Reversal of tangible & intangible assets' Impairment	0	544	0	544
Net result from tangible and intangible assets	-129	540	-25	547

2.7 OTHER OPERATING EXPENSES

	GROUP		COMPANY
(continuing operations)	30/6/2023	30/6/2022	30/6/2023	30/6/2022
Impairment, write-off and provisions for doubtful debt	108	-118	0	0
Provisions for contractual fines-penalties	67	244	0	0
Other expenses from other related parties	0	10	0	10
Other expenses 1	338	2.001	239	28
Total	512	2.137	239	38

¹ Within June 2022, there was an increase in legal provisions of € 1.5m in our subsidiary in Malta, Maltco Lotteries Ltd, concerning to an action brought by a horse racing bettor for unpaid winnings. Refer also to note 2.21.A.

Analysis of the account "Impairment, write-off and provisions for doubtful debt":

	GROUP		COMPANY
(continuing operations)	30/6/2023	30/6/2022	30/6/2023	30/6/2022
Provisions for doubtful receivables from subsidiaries	0	0	0	0
Doubtful provisions from trade receivables	108	-121	0	0
Write-off of trade receivables	0	0	0	0
Write-off of receivables from associates	0	0	0	0
Write-off of receivables from other related parties	0	3	0	0
Total	108	-118	0	0

2.8 INTEREST AND SIMILAR EXPENSES / INTEREST AND SIMILAR INCOME

		GROUP	COMPANY
(continuing operations)	30/6/2023	30/6/2022	30/6/2023	30/6/2022
Interest Expense ¹	-19.990	-19.996	-9.086	-8.628
Financial Expense	-879	-540	-70	-70
Discounting	0	0	0	0
Total Interest and similar expenses	-20.869	-20.536	-9.156	-8.697
Interest Income	1.701	1.030	87	434
Financial Income	0	0	0	0
Discounting	29	0	29	0
Total Interest and similar Income	1.730	1.030	116	434
Net Interest and similar Income / (Expenses)	-19.139	-19.506	-9.040	-8.263

¹ Including the amortized costs, expenses and fees of banking institutions in connection with the issue of bond and syndicated loans, as well as repurchase of bond loans costs.

2.9 FOREIGN EXCHANGE DIFFERENCES

The Group reported in the Income Statement of the first half of 2023 loss from «Exchange differences» of €369 thousand (six months 2022: loss €495 thousand) mainly from valuation of commercial and borrowing liabilities (intercompany and non) in EUR that various subsidiaries abroad had, as at 30/6/2023, with a

different functional currency than the Group, from valuation of cash balances in foreign currency other than the functional currency of each entity, as well as from valuation of trade receivables (from third parties and associates) mainly in USD that held by the Company on 30/6/2023.

2.10 TANGIBLE, INTANGIBLE ASSETS AND INVESTMENTS PROPERTIES

Acquisitions and disposals of tangible and intangible assets:

During the six months of 2023, the Group acquired tangible (owner occupied) and intangible assets with acquisition cost €12.467 thousand (six months 2022: €11.119 thousand).

Also, during the six months of 2023, the Group disposed tangible (owner occupied) and intangible assets with a net book value of €589 thousand (six months 2022: €71 thousand), without any impact in the income statement (six months 2022: net gain €2 thousand).

Write-offs and impairment of tangible and intangible assets:

During six months of 2023, the Group proceeded to writes-offs and impairments of tangible (owner-occupied) and intangible assets with a net book value of €108 thousand (six months 2022: €9 thousand), without any effect on the results of the period (six months 2022: €544 thousands, recorded in the account "Profit / (loss) from assets disposal, impairment loss & write-off of assets").

Exchange differences on valuation of tangible and intangible assets:

The net book value of tangible (owner-occupied) and intangible assets of the Group decreased in the six months of 2023 due to foreign exchange valuation differences by €22 million.

Restatement of tangible and intangible fixed assets into current measuring units (IAS 29): The net book value of the Group's tangible (owner-occupied) and intangible assets increased by €11 million in the six months of 2023 due to a recalculation in current measuring units pursuant to IAS 29 "Financial Reporting in Hyperinflationary Economies".

Tangible Assets include Right-of-Use-Assets (RoU Assets) through Leases pursuant to IFRS 16:

	RIGHT OF USE ASSETS
GROUP	BUILDINGS AND INSTALLATIONS	TRANSPORT EQUIPMENT	MACHINERY AND EQUIPMENT	FURNITURE AND FIXTURES	Total
Balance 01/01/2023	12.580	4.099	2.867	25	19.571
Additions	10	176	209	0	395
Termination/expiration of contracts	0	-33	0	0	-33
Foreign Exchange differences	-317	-90	-402	0	-809
Effect from IAS 29	31	8	170	0	209
Change of consolidation method / Sale of subsidiary	0	0	0	0	0
Depreciation	-1.227	-1.425	-321	-5	-2.978
Write off of asset	0	0	0	0	0
Transfers	172	0	101	0	273
Balance 30/6/2023	11.249	2.735	2.624	20	16.628

Below amounts recognized in Income Statement pursuant to IFRS 16:

GROUP (continuing operations)	01/01 -30/6/2023
Depreciation from right of use assets	2.978
Interest expenses from lease liabilities	482
Rental expenses from short-term contracts	591
Rental expenses from contracts of low value assets	23
Total amounts recognized in Income Statement	4.074

	RIGHT OF USE ASSETS
COMPANY	BUILDINGS AND INSTALLATIONS	TRANSPORT EQUIPMENT	MACHINERY AND EQUIPMENT	FURNITURE AND FIXTURES	Total
Balance 01/01/2023	2.388	503	0	20	2.911
Additions	7	60	0	0	67
Termination/expiration of contracts	0	-28	0	0	-28
Write off of asset	0	0	0	0	0
Depreciation	-257	-116	0	-3	-376
Balance 30/6/2023	2.138	419	0	17	2.574

2.11 INVESTMENT IN SUBSIDIARIES, ASSOCIATES AND JOINT VENTURES

GROUP INVESTMENT IN ASSOCIATES AND JOINT VENTURES	% Participation	Country	30/6/2023	31/12/2022
LOTRICH INFORMATION Co LTD	40%	Taiwan	6.134	6.486
KARENIA ENTERPRISES COMPANY LTD	50%	Cyprus	6.682	6.688
Other			5	5
Total			12.820	13.178
GROUP INVESTMENT IN ASSOCIATES AND JOINT VENTURES			30/6/2023	31/12/2022
Opening Balance			13.178	13.434
Participation in net profit / (loss) of associates and joint ventures			77	256
Exchange differences			-214	-295
Impairment /Reverse of impairment			0	0
Dividends			-221	-217
Transfer to Assets held for sale			0	0
Additions in kind			0	0
Other			0	0
Closing Balance			12.820	13.178

COMPANY INVESTMENT IN ASSOCIATES AND JOINT VENTURES	% Participation	Country	30/6/2023	31/12/2022
Lotrich Information Co LTD	40%	Taiwan	5.131	5.131
Total			5.131	5.131

COMPANY INVESTMENT IN SUBSIDIARIES	% Participation	Country	30/6/2023	31/12/2022
ΙΝTRALOT HOLDINGS INTERNATIONAL LTD	100%	Cyprus	464	464
BETTING COMPANY S.A.	95%	Greece	139	139
INTELTEK INTERNET AS	100%	Turkey	659	659
BILYONER INTERAKTIF HIZMELTER AS GROUP	50,01%	Turkey	3.990	3.990
INTRALOT GLOBAL SECURITIES B.V.	100,00%	Netherlands	176.461	176.461
INTRALOT GLOBAL HOLDINGS B.V.	99,98%	Netherlands	76.374	76.374
INTRALOT IBERIA HOLDINGS S.A.	100%	Spain	5.638	5.638
Other			27	92
Total			263.752	263.817
Grand Total			268.883	268.948

COMPANY INVESTMENT IN SUBSIDIARIES, ASSOCIATES AND JOINT VENTURES	30/6/2023	31/12/2022
Opening Balance	268.948	143.833
Increase of share capital of subsidiary	0	125.500
Provisions/ reversals of provisions for impairment of subsidiaries	0	0
Capitalization of receivables from subsidiaries	0	0
Liquidations	-65	-24
Return of subsidiaries' capital	0	-361
Acquisition of additional percentage in an existing subsidiary	0	0
Closing Balance	268.883	268.948

2.12 OTHER FINANCIAL ASSETS

The other financial assets that have been classified by the Group as "equity instruments at fair value through other comprehensive income" and as "debt instruments at amortized cost" are analyzed below:

	GROUP		COMPANY
	30/6/2023	31/12/2022	30/6/2023	31/12/2022
Opening Balance	95	110	84	80
Purchases	0	0	0	4
Disposals	0	0	0	0
Receipts	-3	-4	0	0
Fair value revaluation	13	0	13	0
Foreign exchange differences	-3	-11	0	0
Closing balance	102	95	98	84
Quoted securities	102	95	98	84
Unquoted securities	0	0	0	0
Total	102	95	98	84
Long-term Financial Assets	98	87	98	84
Short-term Financial Assets	4	8	0	0
Total	102	95	98	84

For investments that are actively traded in organized financial markets, the fair value is determined by reference to the closing price at the reporting date. For investments where there is no corresponding market price, fair value is determined by reference to the current market value of another instrument that is substantially the same or estimated based on expected cash flows of the net assets underlying the investment or acquisition value.

2.13 INVENTORIES

	GROUP		COMPANY
	30/6/2023	31/12/2022	30/6/2023	31/12/2022
Merchandise – Equipment	19.535	18.939	3.814	3.199
Other	6.217	6.431	0	0
Total	25.752	25.370	3.814	3.199
Provisions for impairment	-1.445	-1.449	0	0
Total	24.307	23.921	3.814	3.199

The burden for the six months of 2023, from disposals/usage and provision of inventories for the Group amounts to €865 thousand (six months 2022: €84 thousand) while for the Company amounts to €196 thousand (six months 2022: €200 thousand) and is included in "Cost of Sales".

Reconciliation of changes in inventories		GROUP	COMPANY
provision for impairment	30/6/2023	31/12/2022	30/6/2023	31/12/2022
Opening balance for the period	-1.449	-1.449	0	0
Provisions of the period	0	0	0	0
Foreign exchange differences	4	0	0	0
Sale of subsidiary	0	0	0	0
Closing balance for the period	-1.445	-1.449	0	0

There are no liens on inventories.

2.14 CASH AND CASH EQUIVALENTS

Bank current accounts are either non-interest bearing or interest bearing and yield income at the daily bank interest rates. The short-term deposits are made for periods from one day to three months depending on the Group's cash requirements and yield income at the applicable prevailing interest rates.

For the purposes of the Statement of Cash Flows, cash and cash equivalents consist of:

	GROUP		COMPANY
	30/6/2023	31/12/2022	30/6/2023	31/12/2022
Cash and bank current accounts	101.147	101.598	7.151	6.141
Short term time deposits/investments (cash equivalents)	342	768	0	0
Total	101.490	102.366	7.151	6.141

2.15 SHARE CAPITAL, TREASURY SHARES AND RESERVES

Share Capital

Total number of authorized shares	30/6/2023	31/12/2022
Ordinary shares of nominal value €0,30 each	371.337.000	371.337.000
Issued and fully paid shares	Number of Ordinary Shares	€'000
Balance June 30,2023	371.337.000	111.401

According to the decision of the Board of Directors of the Company dated 21.06.2022, pursuant to the provisions of article 24 par. 1 (b) of Law 4548/2018 and by virtue of the authority granted to the Board of Directors by the Extraordinary General Meeting of the Company's shareholders dated 23.05.2022, inter alia, a resolution was made to increase the share capital of the Company by an amount of sixty six million eight hundred forty thousand sixty four Euro and fifty cents (€ 66.840.064,50), with the issuance of 222.800.215 new, common, intangible, registered voting shares with a nominal value of 0,30 Euros each, and at issue price fifty-eight cents of Euro (€ 0,58) for each New Share, with cash payment and with a pre-emption right of the existing shareholders of the Company.

After the completion of the share capital increase mentioned above, its share capital now amounts to €111.401.100, divided into 371.337.000 common, nominal, intangible, voting shares, with a nominal value of €0,30 each.

Share Premium

Following the completion of the share capital increase mentioned above, the total raised funds of the Increase amount to € 129.224.124,70. Based on the above, the share capital of the Company increased by sixty-six million eight hundred forty thousand sixty-four Euros and fifty cents (€66.840.064,50) through the issuance of 222.800.215 new ordinary registered voting shares, with a nominal value of 0,30 Euros. The total difference between the Selling Price and the nominal value of the New Shares, total amount sixty-two million three

Public

hundred eighty-four thousand sixty Euros and twenty cents (€ 62.384.060,20) will be credited to the "Share Premium" account.

The Share premium reserve was decreased by the expenses direct attributable to the share capital increase, thus the total balance of the share premium amounted to € 62.081.366,01.

Treasury Shares

Share buyback program 29.05.2020 - 29.05.2022:

According to article 49, Law 4548/2018, article 4.1.4.2 of the regulation of ATHEX and based on the resolution of the Shareholder's Annual General Meeting which took place on the 29.05.2020, that a treasury shares buy – back program by the Company of up to 10% of its paid share capital, taking into account the shares which had been acquired and held by the Company (in the amount of 9.200.033 treasury shares as of 29.05.2020, that is 5,861% of its share capital), for a period of 24 months with effect from 29.05.2020 and until 29.05.2022, with a minimum price of €0,30 and maximum price of €12, is approved. It was approved also that the treasury shares which will eventually be acquired may be distributed to its personnel and/or to the personnel of Company's affiliates and/or to be kept for future acquisition of shares in another company.

INTRALOT, in accordance with the current legislation and its relevant announcement dated 13/04/2021 and 11/05/2021, informed that, by May 31, 2021, it completed the sale of 775.097 own shares, or 0,49% of its total share capital, with an average selling price of €0,16 per share and a total value of €126.392,04.

The Annual General Meeting of the Company's shareholders that took place on June 29, 2021 decided the reduction of the Company's share capital by the amount of one million four hundred ten thousand euro (€1.410.000,00) through the reduction of the total number of shares from 156.961.721 to 152.261.721 common registered shares, due to the cancellation of four million seven hundred thousand (4.700.000) own common registered shares, with the amendment of article 5 of the Company's Articles of Association.

The Extraordinary General Meeting of the Company's shareholders that took place on May 17, 2022 decided the cancellation of three million seven hundred twenty four thousand nine hundred thirty six (3.724.936) own shares which have been acquired by the Company with a respective decrease of the Company's share capital by the amount of one million one hundred and seventeen thousand four hundred eighty Euros and eighty cents (€1.117.480,80) and a relevant amendment of article 5 of the Company's Articles of Association relating to its Share Capital. INTRALOT does not possess any own shares.

Reserves

Foreign exchange differences reserve

This reserve is used to report the exchange differences arising from the translation of foreign subsidiaries' financial statements. The balance of this reserve in the Group on 30/06/2023 was €-109,2 million (31/12/2022: €-102,7 million). The Group had a total net loss which was reported in the statement of comprehensive income from the change in the foreign exchange differences reserve during 2023 amounting to €11,12 million, out of which loss of €6,48 million is attributable to the owners of the parent and a loss of €4,63 million to non-controlling interest. The above total net loss for the first six months of 2023 comes mainly from the negative fluctuation of TRY and ARS against the EUR.

The main exchange rates of abroad subsidiaries financial statements conversion were:

• Statement of Financial Position:

	30/6/2023	31/12/2022	Change
EUR / USD	1,09	1,07	1,9%
EUR / AUD	1,64	1,57	4,5%
EUR / TRY	28,32	19,96	41,9%
EUR / ARS	280,09	189,70	47,6%

• Income Statement:

	AVG 1/1- 30/6/2023	AVG 1/1- 30/6/2022	Change
EUR / USD	1,08	1,09	-0,9%
EUR / AUD	1,60	1,52	5,3%
EUR / TRY¹	28,32	17,32	63,5%
EUR / ARS ¹	280,09	131,28	113,4%

¹The Income Statement of the six months of 2023 and 2022 of the Group's subsidiaries operating in Argentina and in Turkey was converted at the closing rate of 30/6/2023 and 30/6/2022 instead of the Avg. 1/1-30/6/2023 and Avg.1/1-30/6/2022 pursuant to IAS 21, paragraph 42a, for hyperinflationary economies.

Other Reserves

	GROUP		COMPANY
	30/6/2023	31/12/2022	30/6/2023	31/12/2022
Statutory Reserve	23.735	23.716	15.896	15.896
Extraordinary Reserves	4.191	4.190	1.456	1.456
Tax Free and Specially Taxed Reserves	40.655	40.655	40.391	40.391
Treasury shares reserve	-760	-760	-760	-760
Actuarial differences reserve	18	27	57	23
Revaluation reserve	674	661	-95	-109
Total operations	68.513	68.488	56.944	56.897

Analysis of changes in other comprehensive income by category of reserves

COMPANY 1/1-30/6/2023	Actuarial differences Reserve	Revaluation Reserve	Total
Defined benefit plans revaluation	34	0	34
Valuation of assets measured at fair value through other comprehensive income	0	13	13
Other comprehensive income / (expenses) after tax	34	13	47

COMPANY 1/1-30/6/2022	Actuarial differences Reserve	Revaluation Reserve	Total
Defined benefit plans revaluation	0	0	0
Valuation of assets measured at fair value through other comprehensive income	0	-10	-10
Other comprehensive income / (expenses) after tax	0	-10	-10

Interim Financial Statements for the period January 1 to June 30, 2023

Analysis of changes in other comprehensive income by category of reserves

GROUP 1/1-30/6/2023	Actuarial differences Reserve	Revaluation Reserve	Foreign exchange differences Reserve	Total	Non controlling interest	Grand Total
Defined benefit plans revaluation for subsidiaries and parent company	44	0	0	44	0	44
Valuation of assets measured at fair value through other comprehensive income of parent and subsidiaries	0	13	0	13	0	13
Foreign exchange differences on consolidation of subsidiaries	0	0	-6.267	-6.267	-4.634	-10.901
Share of foreign exchange differences on consolidation of associates and joint ventures	0	0	-214	-214	0	-214
Total operations	44	13	-6.481	-6.424	-4.634	-11.058

Analysis of changes in other comprehensive income by category of reserves

GROUP 1/1-30/6/2022	Actuarial differences Reserve	Revaluation Reserve	Foreign exchange differences Reserve	Total	Non controlling interest	Grand Total
Defined benefit plans revaluation for subsidiaries and parent company	8	0	0	8	8	16
Revaluation of defined benefit plans of associates and joint ventures	0	0	0	0	0	0
Valuation of assets measured at fair value through other comprehensive income of parent and subsidiaries	0	-11	0	-11	0	-11
Foreign exchange differences on consolidation of subsidiaries	0	0	-224	-224	-1.069	-1.293
Share of foreign exchange differences on consolidation of associates and joint ventures	0	0	102	102	0	102
Total operations	8	-11	-122	-125	-1.061	-1.186

Interim Financial Statements for the period January 1 to June 30, 2023

2.16 DIVIDENDS

Declared dividends of ordinary		GROUP	COMPANY
shares:	30/6/2023	31/12/2022	30/6/2023	31/12/2022
Final dividend of 2021	0	4.662	0	0
Final dividend of 2022	4.818	0	0	0
First dividend of 2023	0	0	0	0
Dividend per statement of changes in equity	4.818	4.662	0	0

Paid Dividends on ordinary shares:

During the six months of 2023 dividends paid on ordinary shares, aggregated €4.537 thousand (six months 2022: €2.577 thousand).

2.17 DEBT

Long-term loans and lease liabilities:

			GROUP		COMPANY
	Currency	Interest rate	30/6/2023	31/12/2022	30/6/2023	31/12/2022
Facility B (€500,0 million)	EUR	5,25%	504.191	502.845	0	0
Supplemental Indenture (€2,1 million)	EUR	0,001%	2.073	2.073	0	0
Bank Loan (\$ 230 million)	EUR	Floating rate	202.628	211.190	0	0
Revolving Credit Facility	EUR	Floating rate	4.197	4.168	0	0
Intercompany Loans	EUR	-	0	0	274.996	268.698
Other	EUR	-	1.211	1.681	0	0
Total Loans (long-term and short-term) before repurchasing			714.300	721.957	274.996	268.698
Less: Payable during the next year			-17.659	-17.774	-158	-1.389
Repurchase of Facility B			-145.643	-145.254	0	0
Long-term loans after repurchasing			550.998	558.930	274.838	267.309
Long-term lease liabilities ¹			8.759	11.424	335	423
Total long-term debt (loans and lease liabilities)			559.758	570.353	275.173	267.732

¹In the Group and the Company on 30/6/2023 included Long-term lease liabilities from other related parties amount to €5.150 thousand and €117 thousand respectively (31/12/2022: €5.360 thousands and €154 thousands respectively) (note 2.20.Ε).

Short-term loans and lease liabilities:

			GROUP		COMPANY
	Currency	Interest rate	30/6/2023	31/12/2022	30/6/2023	31/12/2022
Facility B (€500,0 million)	EUR	5,25%	7.127	6.996	0	0
Supplemental Indenture (€2,1 million)	EUR	0,001%	0	0	0	0
Bank Loan (\$ 230 million)	EUR	Floating rate	11.712	11.842	0	0
Revolving Credit Facility	EUR	Floating rate	26	23	0	0
Other	EUR	-	852	868	158	1.389
Short-term loans before repurchasing			19.717	19.729	158	1.389
Repurchasing Facility B			-2.059	-1.955	0	0
Short-term loans after repurchasing			17.658	17.774	158	1.389
Short-term lease liabilities ¹			4.541	4.698	269	301
Total short-term debt (loans and lease liabilities)			22.200	22.472	427	1.690

¹ In the Group and the Company as at 30/6/2023 included Short-term lease liabilities from other related parties amount to €282 thousand and €81 thousand respectively (31/12/2022: € 281 thousands and € 77 thousands respectively) (note 2.20.Ε).

		GROUP	COMPANY
	30/6/2023	31/12/2022	30/6/2023	31/12/2022
Total debt (loans and lease liabilities)	581.958	592.825	275.600	269.422

• Facility B: In September 2017, Intralot Capital Luxembourg issued Senior Notes with a nominal value of €500,0 million, guaranteed by the parent company and subsidiaries of the Group, due 15 September 2024. The Notes were offered at an issue price of 100,000%. Interest is payable semi-annually at an annual fixed nominal coupon of 5,25%. The Notes are trading on the Luxembourg Stock Exchanges Euro MTF Market. The Notes bear the Group financial covenants for incurring additional debt with respect to total Net Debt (senior) to EBITDA (EBITDA/ "Consolidated Cash Flow") (Senior Leverage ratio <3,75), and financial expenses coverage ratio (Fixed Charge Coverage ratio >2,00). The Group proceeded to the repurchase of bonds from the open market with nominal value of €5,0 million during 2018, as well as €21,2 million during the second half of 2019, forming the total outstanding nominal amount at €473,8 million. The Group finalized on 3/8/2021 the transfer of shares from Intralot Global Holdings B.V., amounting to 34,27% of the share capital of Intralot US Securities B.V. (indirect parent of Intralot, Inc.), to the holders of existing Notes of the Facility B with a nominal value of €118.240.000 who participated in the exchange. Following the above procedure, these Notes came to the possession of Intralot Global Holdings B.V.. So, the total outstanding nominal value of Facility B on 3/8/2021 came up to €355,6 million. On 8/8/2023 the above-mentioned bond repurchases owned by the subsidiary of the Group, Intralot Global Holdings B.V., with nominal value € 144.432.000, following their repurchase from the subsidiary of the Group Intralot Capital Luxembourg, were cancelled from the Luxembourg Stock Exchange. The remaining outstanding principal amount of the issued Senior Notes is now €355.568.000.
• Bank Loan (\$ 230 million) & RCF (\$ 50 million): On July 28th, 2022, the US Subsidiary, Intralot, Inc. signed a Credit Agreement with KeyBank National Association Inc. as Administrative Agent and Issuing Lender and with a syndicate of US financial institutions for a 3-year Term Loan of \$230.000.000 plus a committed Revolving Credit Facility (RCF) of \$50.000.000. The capital raised were utilized to repay the bonds (\$254.042.911) maturing in 2025. The Notes bear the US Sub-group financial covenants for incurring additional debt with respect to the total Net Debt (senior) to EBITDA (Net Leverage ratio <4 up to 30/3/2024 and <3,75 thereafter) and financial expenses coverage ratio (Fixed Charge Coverage ratio >1,25). Both covenant ratios were in compliance as of 30/6/2023.
• Supplemental Indenture: On August 3rd, 2021, New Notes (Supplemental Indenture) with a nominal value of €2.1 million due in September 15, 2050 were issued by Intralot Capital Luxembourg, guaranteed by the parent company and subsidiaries of the Group.

The Group under the Senior Notes (Facility B) terms will be able to incur additional debt so long as on an actual basis its consolidated fixed charge coverage ratio is at least 2,00 (30/6/2023: 3,78 approx.) and will be able to incur additional senior debt as long as on an actual basis its total Net Debt (senior) to EBITDA consolidated (Senior leverage ratio) is not more than 3,75 (30/6/2023: approx. 3,77). Additionally, the Group proceeded with the refinancing of Intralot Inc. debt with new bank financing (Term Loan) maturing in 2025, the terms of which improve the access of the parent company to the cash flows of the US subsidiary. The new loan agreement signed with a consortium of six US financial institutions also includes a revolving credit line (Revolver Facility) of \$50 million, which will significantly assist the Group's liquidity management.

The Company, the subsidiaries of the Group or other related parties, or agents on its or their behalf, may from time-to-time purchase and/or re-sell bonds of the Group in one or more series of open-market transactions from time to time. The Group does not intend to disclose the extent of any such purchase or re-sale otherwise than in accordance with any legal or regulatory obligation the Group may have to do so.

• Facility C: In February and March 2020 Intralot Global Holdings BV signed a loan agreement, with relevant securities on financial assets, amounting up to €18 million as a revolving facility and issuing bank letters of guarantee. Loan agreement bears a floating reference rate (relevant bank's cost of funding cost) plus a 1,65% margin. The above financing does not include financial terms and has been fully paid as at 30/6/2021 and the in-force letters of guarantee as at 30/6/2023 amounted to €10,3 million.

Maturity analysis of lease liabilities

GROUP	Minimum of the lease payments 30/6/2023	Present value of the minimum lease payments 30/6/2023	Minimum of the lease payments 31/12/2022	Present value of the minimum lease payments 31/12/2022
Within 1 year	5.272	4.541	5.419	4.698
Between 2 and 5 years	6.711	5.913	9.133	8.175
Over 5 years	2.939	2.846	3.649	3.249
Minus: Interest	-1.622	0	-2.079	0
Total	13.300	13.300	16.122	16.122

COMPANY	Minimum of the lease payments 30/6/2023	Present value of the minimum lease payments 30/6/2023	Minimum of the lease payments 31/12/2022	Present value of the minimum lease payments 31/12/2022
Within 1 year	301	269	336	301
Between 2 and 5 years	365	335	447	423
Over 5 years	0	0	0	0
Minus: Interest	-62	0	-59	0
Total	604	604	724	724

INTRALOT Group Interim Financial Statements for the period January 1 to June 30, 2023

CAPITAL MANAGEMENT

The Group aims through the management of capital to ensure that the Group can operate smoothly in the future, maximize the value of its shareholders and maintain the appropriate capital structure in terms of costs of capital. The Group monitors its capital adequacy on a Net Debt to EBITDA ratio basis. Net borrowings include borrowing and lease liabilities minus cash and cash equivalents.

GROUP	30/6/2023	31/12/2022
Long-term loans	550.999	558.929
Long-term lease liabilities	8.759	11.424
Short-term loans	17.659	17.774
Short-term lease liabilities	4.541	4.698
Total Debt	581.958	592.825
Cash and cash equivalents	-101.490	-102.366
Net Debt	480.468	490.459
Lending of discontinued operations	0	0
Cash and cash equivalents	0	0
Net Debt (adjusted)	480.468	490.459
EBITDA from continuing operations	130.598	122.871
Leverage	3,68	3,99

1 EBITDA refers to the period of the last twelve months ended on 30/6/2023.

The Group proceeded with the refinancing of Intralot Inc. debt with a new banking facility (Term Loan) maturing in 2025. The new loan agreement signed with a consortium of six US financial institutions also includes a revolving credit line (Revolver Facility) of \$50 million, which will significantly assist the Group's liquidity management.

Interim Financial Statements for the period January 1 to June 30, 2023

Reconciliation of liabilities arising from financing activities:

Non cash adjustments
	BALANCE		Accrued	Foreign exchange		Impact from	Purchases of fixed assets	Change of	BALANCE
Group	31/12/2022	Cash flows	interest	differences & IAS 29 effect	Transfers	debt restructuring	under leases/contract cancellation	consolidation method & other transfers	30/6/2023
Long term loans	558.929	-23.506	19.488	-3.966	54	0	0	0	550.999
Short term loans	17.774	-26	41	-76	-54	0	0	0	17.659
Long term lease liabilities	11.424	-2.946	482	-329	-25	0	153	0	8.759
Short term lease liabilities	4.698	-2.114	0	-178	25	0	2.110	0	4.541
Total liabilities from financing activities	592.825	-28.592	20.011	-4.549	0	0	2.263	0	581.958

Non cash adjustments
BALANCE			Foreign exchange		Impact from	Purchases of fixed assets	Change of	BALANCE
Group	31/12/2021	Cash flows	Accrued interest	differences & IAS 29 effect	Transfers	debt restructuring	under leases/contract cancellation	consolidation method & other transfers	31/12/2022
Long term loans	578.805	198.258	37.001	-9.810	-245.324	0	0	0	558.929
Short term loans	13.678	-266.226	79	24.919	245.324	0	0	0	17.774
Long term lease liabilities	9.179	-3.160	1.194	243	332	0	3.636	0	11.424
Short term lease liabilities	2.857	-116	0	-50	-288	0	2.295	0	4.698
Total liabilities from financing activities	604.519	-71.244	38.274	15.302	44	0	5.931	0	592.825

2.18 SHARED BASED BENEFITS

The Group had no active option plan during the six months of 2023.

2.19 FINANCIAL ASSETS AND LIABILITIES

The financial assets and liabilities of the Group, excluding cash and cash equivalents are analyzed as follows:

30/6/2023	GROUP
Financial assets:	Debt instruments at amortized cost	Equity instruments at fair value through other comprehensive income	Derivative financial assets at fair value through other comprehensive income	Total
Trade receivables	49.802	0	0	49.802
Provisions for doubtful receivables	-10.100	0	0	-10.100
Receivables from related parties	6.812	0	0	6.812
Provisions for doubtful receivables from related parties	-244	0	0	-244
Pledged bank deposits	9.480	0	0	9.480
Οther receivable	31.676	0	0	31.676
Provisions for doubtful receivables (other receivable)	-3.109	0	0	-3.109
Other quoted financial assets	4	98	0	102
Total	84.321	98	0	84.419
Long-term	26.358	98	0	26.456
Short-term	57.963	0	0	57.963
Total	84.321	98	0	84.419

31/12/2022	GROUP
Financial assets:	Debt instruments at amortized cost	Equity instruments at fair value through other comprehensive income	Derivative financial assets at fair value through other comprehensive income	Total
Trade receivables	57.253	0	0	57.253
Provisions for doubtful receivables	-10.219	0	0	-10.219
Receivables from related parties	13.259	0	0	13.259
Provisions for doubtful receivables from related parties	-244	0	0	-244
Pledged bank deposits	9.067	0	0	9.067
Οther receivable	33.413	0	0	33.413
Provisions for doubtful receivables (other receivable)	-3.971	0	0	-3.971
Other quoted financial assets	10	85	0	95
Total	98.567	85	0	98.652
Long-term	27.541	85	0	27.626
Short-term	71.026	0	0	71.026
Total	98.567	85	0	98.652

30/6/2023	GROUP
Financial liabilities:	Financial liabilities measured at amortized cost	Financial liabilities at fair value through profit and loss	Financial liabilities at fair value through other comprehensive income	Total
Creditors	26.395	0	0	26.395
Payables to related parties	7.080	0	0	7.080
Other liabilities	15.952	0	0	15.952
Borrowing and lease liabilities	576.723	0	0	576.723
Total	626.150	0	0	626.150
Long-term	565.848	0	0	565.848
Short-term	60.302	0	0	60.302
Total	626.150	0	0	626.150

INTRALOT Group

Interim Financial Statements for the period January 1 to June 30, 2023

31/12/2022	GROUP
Financial liabilities:	Financial liabilities measured at amortized cost	Financial liabilities at fair value through profit and loss	Financial liabilities at fair value through other comprehensive income	Total
Creditors	42.794	0	0	42.794
Payables to related parties	9.213	0	0	9.213
Other liabilities	17.730	0	0	17.730
Borrowing and lease liabilities	587.184	0	0	587.184
Total	656.921	0	0	656.921
Long-term	570.950	0	0	570.950
Short-term	85.971	0	0	85.971
Total	656.921	0	0	656.921

Below is the analysis of the financial assets and liabilities of the Company excluding cash and cash equivalents:

30/6/2023		COMPANY
Financial assets:	Debt instruments at amortized cost	Equity instruments at fair value through other comprehensive income	Derivative financial assets at fair value through other comprehensive income	Total
Trade receivables	10.768	0	0	10.768
Provisions for doubtful receivables	-7.759	0	0	-7.759
Receivables from related parties	68.699	0	0	68.699
Provisions for doubtful receivables from related parties	-463	0	0	-463
Pledged bank deposits	5.479	0	0	5.479
Οther receivable	28.975	0	0	28.975
Provisions for doubtful receivables (other receivable)	-1.838	0	0	-1.838
Other quoted financial assets	0	98	0	98
Total	103.860	98	0	103.958
Long-term	25.224	98	0	25.322
Short-term	78.636	0	0	78.636
Total	103.860	98	0	103.958

31/12/2022	COMPANY
Financial assets:	Debt instruments at amortized cost	Equity instruments at fair value through other comprehensive income	Derivative financial assets at fair value through other comprehensive income	Total
Trade receivables	11.221	0	0	11.221
Provisions for doubtful receivables	-7.759	0	0	-7.759
Receivables from related parties	61.225	0	0	61.225
Provisions for doubtful receivables from related parties	-463	0	0	-463
Pledged bank deposits	5.029	0	0	5.029
Οther receivable	30.083	0	0	30.083
Provisions for doubtful receivables (other receivable)	-1.838	0	0	-1.838
Other quoted financial assets	0	84	0	84
Total	97.498	84	0	97.582
Long-term	26.452	84	0	26.536
Short-term	71.046	0	0	71.046
Total	97.498	84	0	97.582

INTRALOT Group

Interim Financial Statements for the period January 1 to June 30, 2023

30/6/2023	COMPANY
Financial liabilities:	Financial liabilities measured at amortized cost	Financial liabilities at fair value through profit and loss	Financial liabilities at fair value through other comprehensive income	Total
Creditors	3.073	0	0	3.073
Payables to related parties	303.103	0	0	303.103
Other liabilities	1.083	0	0	1.083
Borrowing and lease liabilities	604	0	0	604
Total	307.863	0	0	307.863
Long-term	275.191	0	0	275.191
Short-term	32.671	0	0	32.671
Total	307.862	0	0	307.862

31/12/2022	COMPANY
Financial liabilities:	Financial liabilities measured at amortized cost	Financial liabilities at fair value through profit and loss	Financial liabilities at fair value through other comprehensive income	Total
Creditors	3.354	0	0	3.354
Payables to related parties	302.275	0	0	302.275
Other liabilities	1.988	0	0	1.988
Borrowing and lease liabilities	494	0	0	494
Total	308.111	0	0	308.111
Long-term	267.768	0	0	267.768
Short-term	40.342	0	0	40.342
Total	308.110	0	0	308.110

Estimated fair value

Below is a comparison by category of carrying amounts and fair values of financial assets and liabilities of the Group and the Company as at June 30, 2023 and December 31, 2022:

	GROUP
Financial Assets	Carrying Amount 30/6/2023	Carrying Amount 31/12/2022	Fair Value 30/6/2023	Fair Value 31/12/2022
Other long-term financial assets - classified as "equity instruments at fair value through other comprehensive income "	98	85	98	85
Other long-term financial assets - classified as "debt instruments at fair value at amortized cost"	0	2	0	2
Other long-term receivables	26.358	27.539	26.358	27.539
Trade and other short-term receivables	57.959	71.018	57.959	71.018
Other short-term financial assets - classified as "debt instruments at amortized cost"	4	8	4	8
Cash and cash equivalents	101.490	102.366	101.490	102.366
Total	185.909	201.018	185.909	201.018

	GROUP
Financial Liabilities	Carrying Amount 30/6/2023	Carrying Amount 31/12/2022	Fair Value 30/6/2023	Fair Value 31/12/2022
Long-term loans	550.999	558.929	542.853	526.958
Other long-term liabilities	6.090	597	6.090	597
Long-term lease liabilities	8.759	11.424	8.759	11.424
Trade and other short-term payables	38.102	63.499	38.102	63.499
Short-term loans and lease liabilities	22.200	22.472	22.084	22.019
Total	626.150	656.921	617.888	624.496

	COMPANY
Financial Assets	Carrying Amount 30/6/2023	Carrying Amount 31/12/2022	Fair Value 30/6/2023	Fair Value 31/12/2022
Other long-term financial assets - classified as "equity instruments at fair value through other comprehensive income "	98	84	98	84
Other long-term receivables	25.224	26.452	25.224	26.452
Trade and other short-term receivables	78.636	71.046	78.636	71.046
Cash and cash equivalents	7.151	6.141	7.151	6.141
Total	111.109	103.723	111.109	103.723

	COMPANY
Financial Liabilities	Carrying Amount 30/6/2023	Carrying Amount 31/12/2022	Fair Value 30/6/2023	Fair Value 31/12/2022
Long-term loans	274.838	267.309	274.838	267.309
Other long-term liabilities	18	36	18	36
Long-term lease liabilities	335	423	335	423
Trade and other short-term payables	32.244	38.652	32.244	38.652
Short-term loans and lease liabilities	427	1.690	427	1.690
Total	307.862	308.110	307.862	308.110

The management estimated that the carrying value of cash and cash equivalents, trade and other receivables, trade and other payables approximates their fair value, primarily because of their shortterm maturities.

Fair value hierarchy

The Group classifies fair value measurements using a fair value hierarchy that reflects the significance of the inputs used in making these measurements. The levels of the fair value hierarchy are as follows: Level 1: official quoted prices (unadjusted) in markets with significant volume of transactions for similar assets or liabilities

Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices)

Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs).

The Group and the Company held on 30/6/2023 the following assets and liabilities measured at fair value:

	Fair Value	Fair value hierarchy
GROUP	30/6/2023	Level 1	Level 2	Level 3
Financial assets measured at fair value
Other financial assets classified as "equity
instruments at fair value through other	98	98	0	0
comprehensive income"
- Quoted securities	98	98	0	0
- Unquoted securities	0	0	0	0
Other financial assets classified as "debt instruments
at amortized cost"	4	0	0	4
- Quoted securities	4	0	0	4
- Unquoted securities	0	0	0	0
Derivative financial instruments	0	0	0	0
Financial liabilities measured at fair value
Derivative financial instruments	0	0	0	0

	Fair Value	Fair value hierarchy
COMPANY	30/6/2023	Level 1	Level 2	Level 3
Financial assets measured at fair value
Other financial assets classified as "equity
instruments at fair value through other	98	98	0	0
comprehensive income"
- Quoted securities	98	98	0	0
- Unquoted securities	0	0	0	0
Derivative financial instruments	0	0	0	0
Financial liabilities measured at fair value
Derivative financial instruments	0	0	0	0

During 2023 there were no transfers between Level 1 and Level 2 of the fair value hierarchy, no transfers to and from Level 3.

The Group and the Company held on 31/12/2022 the following assets and liabilities measured at fair value:

	Fair Value	Fair value hierarchy
GROUP	31/12/2022	Level 1	Level 2	Level 3
Financial assets measured at fair value
Other financial assets classified as "equity instruments at fair value through other comprehensive income"	85	85	0	0
- Quoted securities	85	85	0	0
- Unquoted securities	0	0	0	0
Other financial assets classified as "debt instruments at amortized cost"	10	0	0	10
- Quoted securities	10	0	0	10
- Unquoted securities	0	0	0	0
Derivative financial instruments	0	0	0	0
Financial liabilities measured at fair value
Derivative financial instruments	0	0	0	0
COMPANY	Fair Value 31/12/2022	Level 1	Fair value hierarchy Level 2	Level 3
Financial assets measured at fair value
Other financial assets classified as "equity instruments at fair value through other comprehensive income"	84	84	0	0
- Quoted securities	84	84	0	0
- Unquoted securities	0	0	0	0
Derivative financial instruments	0	0	0	0
Financial liabilities measured at fair value
Derivative financial instruments	0	0	0	0

During 2022 there were no transfers between Level 1 and Level 2 of the fair value hierarchy, no transfers to and from Level 3.

Reconciliation for recurring fair value measurements:

Quoted securities	GROUP	COMPANY
Balance 31/12/2021	29	0
Fair value adjustment	0	0
Receipts	-8	0
Foreign exchange differences	-11	0
Balance 31/12/2022	10	0
Fair value adjustment	0	0
Receipts	-3	0
Exchange differences	-3	0
Balance 30/6/2023	4	0

Valuation methods and assumptions

The fair value of the financial assets and liabilities is the amount at which the asset could be sold or the liability transferred in a current transaction between market participants, other than in a forced or liquidation sale.

The following methods and assumptions are used to estimate the fair values:

• Fair value of the quoted shares (classified as "equity instruments at fair value through other comprehensive income") derives from quoted market closing prices in active markets at the reporting date.
• Fair value of the unquoted shares (classified as "equity instruments at fair value through other comprehensive income") is estimated by reference to the current market value of another item substantially similar or using a DCF model. The valuation through the DCF model requires management to make certain assumptions about the model inputs, including forecast cash flows, the discount rate, credit risk and volatility. The probabilities of the various estimates within the range can be reasonably assessed and are used in management's estimate of fair value for these unquoted equity investments.
• Fair value of the quoted bonds is based on price quotations at the reporting date. The fair value of unquoted instruments, loans from banks and other financial liabilities, obligations under leases, as well as other non-current financial liabilities is estimated by discounting future cash flows using rates currently available for debt on similar terms, credit risk and remaining maturities.

Description of significant unobservable inputs to valuation:

The fair value of unquoted shares (classified as "equity instruments at fair value through other comprehensive income") except that it is sensitive to a reasonably possible change in the forecast cash flows and the discount rate, is also sensitive to a reasonably possible change in growth rates. The valuation requires management to use unobservable inputs in the model, of which the most significant are disclosed in the tables below. The management regularly assesses a range of reasonably possible alternatives for those significant unobservable inputs and determines their impact on the total fair value.

Unquoted shares (classified as "equity instruments at fair value through other comprehensive income")

On 30/6/2023 and 31/12/2022 the Group did not hold any unquoted shares (classified as "Equity instruments valued at fair value through other comprehensive income").

2.20 SUPPLEMENTARY INFORMATION

A. BUSINESS COMBINATION AND METHOD OF CONSOLIDATION

The companies included in the consolidation, with the relevant addresses and the relevant participation percentages are the following:

	I. Full consolidation	Domicile	Nature of business	% Direct Part'n	% Indirect Part'n	% Total Part'n
	INTRALOT S.A.	Peania, Greece	Holding company / Technology and support services	Parent	Parent	-
3.	BETTING COMPANY S.A.	Peania, Greece	Technology and support services	95%	5%	100%
12.	BETTING CYPRUS LTD	Nicosia, Cyprus	Technology and support services		100%	100%
	INTRALOT IBERIA HOLDINGS S.A.	Madrid, Spain	Holding company	100%		100%
8.	INTRALOT CHILE SPA	Santiago, Chile	Technology and support services		100%	100%
	INTELTEK INTERNET AS	Istanbul, Turkey	Management contracts	100,00%		100%
	BILYONER INTERAKTIF HIZMELTER AS GROUP	Istanbul, Turkey	Management contracts	50,01%		50,01%
	INTRALOT MAROC S.A.	Casablanca, Morocco	Management contracts	99,83%		100%
	INTRALOT INTERACTIVE S.A.	Peania, Greece	Technology and support services	100%		100%
	INTRALOT GLOBAL SECURITIES B.V.	Amsterdam, Netherlands	Holding company	100,00%		100%
1.	INTRALOT CAPITAL LUXEMBOURG S.A.	Luxembourg, Luxembourg	Financial services		100%	100%
1,2,3,4.	INTRALOT GLOBAL HOLDINGS B.V.	Amsterdam, Netherlands	Holding company	99,98%	0,02%	100%
5.	INTRALOT US SECURITIES B.V.	Amsterdam, Netherlands	Holding company		100,00%	100,00%
9.	INTRALOT US HOLDINGS B.V.	Amsterdam, Netherlands	Holding company		100%	100%
10.	INTRALOT INC	Atlanta, USA	Technology and support services		100%	100%
11.	DC09 LLC	Wilmington, USA	Technology and support services		49%	49%
11.	INTRALOT TECH SINGLE MEMBER S.A.	Peania, Greece	Technology and support services		100%	100%
5.	INTRALOT AUSTRALIA PTY LTD	Melbourne, Australia	Technology and support services		100%	100%
7.	INTRALOT GAMING SERVICES PTY	Melbourne, Australia	Technology and support services		100%	100%
5.	INTRALOT NEDERLAND B.V.	Amsterdam, Netherlands	Technology and support services		100%	100%
13.	INTRALOT BENELUX B.V.	Amsterdam, Netherlands	Technology and support services		100%	100%
5.	LOTROM S.A.	Bucharest, Romania	Management contracts		84%	84%
5.	TECNO ACCION S.A.	Buenos Aires, Argentina	Technology and support services		50,01%	50,01%
5.	TECNO ACCION SALTA S.A.	Buenos Aires, Argentina	Licensed operations		50,01%	50,01%

	I. Full consolidation (Continue)	Domicile	Nature of business	% Direct Part'n	% Indirect Part'n	% Total Part'n
5.	MALTCO LOTTERIES LTD	Valetta, Malta	Licensed operations		73%	73%
5.	INTRALOT NEW ZEALAND LTD	Wellington, New Zealand	Technology and support services		100%	100%
5.	INTRALOT GERMANY GMBH	Munich, Germany	Technology and support services		100%	100%
5.	INTRALOT FINANCE UK LTD	Hertfordshire, United Kingdom	Financial services		100%	100%
5.	INTRALOT BETTING OPERATIONS (CYPRUS) LTD	Nicosia, Cyprus	Holding company		54,95%	54,95%
5,6.	ROYAL HIGHGATE LTD	Nicosia, Cyprus	Licensed operations		35,08%	35,08%
5.	INTRALOT IRELAND LTD	Dublin, Ireland	Technology and support services		100%	100%
5.	INTRALOT GLOBAL OPERATIONS B.V.	Amsterdam, Netherland	Technology and support services		100%	100%
5.	BIT8 LTD	Valletta, Malta	Technology and support services		100%	100%
5.	INTRALOT ADRIATIC DOO	Zagreb, Croatia	Technology and support services		100%	100%
5.	INTRALOT BETCO EOOD	Sofia, Bulgaria	Technology and support services		100%	100%
5.	INTRALOT CYPRUS GLOBAL ASSETS LTD	Nicosia, Cyprus	Holding company		100%	100%
	ΙΝTRALOT HOLDINGS INTERNATIONAL LTD	Nicosia, Cyprus	Holding company		100%	100%
2.	INTRALOT INTERNATIONAL LTD	Nicosia, Cyprus	Technology and support services		100%	100%
3.	INTRALOT OPERATIONS LTD	Nicosia, Cyprus	Technology and support services		100%	100%
2,4.	NETMAN SRL	Bucharest, Romania	Management contracts		100%	100%
2.	INTRALOT BUSINESS DEVELOPMENT LTD	Nicosia, Cyprus	Technology and support services		100%	100%

II. Equity method		Domicile	Nature of business	% Direct Part'n	% Indirect Part'n	% Total Part'n
	LOTRICH INFORMATION Co LTD	Taipei, Taiwan	Technology and support services	40%		40%
	INTRALOT SOUTH AFRICA LTD	Johannesburg, S. Africa	Technology and support services	45%		45%
5.	KARENIA ENTERPRISES COMPANY LTD	Nicosia, Cyprus	Holding company		50%	50%

Subsidiary of the company:
1: Intralot Global Securities B.V.	6: Intralot Betting Operations (Cyprus) LTD	11: Intralot Inc
2: Intralot Holdings International LTD	7: Intralot Australia PTY LTD	12: Betting Company S.A.
3: Intralot International LTD	8: Intralot Iberia Holdings S.A.	13: Intralot Nederland B.V.
4: Intralot Operations LTD	9: Intralot US Securities B.V.
5: Intralot Global Holdings B.V.	10: Intralot US Holdings B.V.

The standalone annual financial statements of the most important subsidiaries of the Group (not listed on a stock exchange) are posted on the INTRALOT website (www.intralot.com) pursuant to article 1 of the Board of Directors' decision 8/754/14.04.2016 of the Hellenic Capital Market Commission.

The entity Bit8 is under liquidation process.

On 30/6/2023, the Group or its subsidiaries did not have any significant contractual or statutory restrictions on their ability to access or use the assets and settle the liabilities of the Group.

III. Acquisitions

The Group did not proceed to any acquisition of new entities for the six months of 2023.

IV. New Companies of the Group

The Group did not proceed in establishing new entities during the six months of 2023.

V. Changes in ownership percentage

During the six months of 2023 the Group did not proceed in changing ownership percentages.

VI. Subsidiaries' Share Capital Increase / Decrease

On 2/3/2023, the subsidiary of the Group, Tecno Accion SA, issued 1.416.902.992 new voting shares with a nominal value of 1 ARS per share, through the capitalization of accumulated inflation adjustments of equal value. At the same time, it reduced its share capital by canceling 650 million voting shares with a nominal value of 1 ARS per share and returned capital of equal value to its shareholders.

On 10/4/2023, the subsidiary of the Group, Maltco Ltd, reduced its Share Capital by 2.383.800 shares with nominal value € 2,329373 each, from 4.100.000 shares to 1.717.200 shares, with a respective return of capital to its minority shareholders amounting to € 1.499 thousand and to its parent entity in Netherlands, Intralot Global Holdings B.V., amounting to € 4.502 thousand.

VII. Strike off - Disposal of Group Companies

The Group completed the liquidation of the company INTRALOT SA. "INTERACTIVE SYSTEMS & SERVICES" (April 2023).

VIII. Discontinued Operations A) Taiwan

On April 2022, the Group proceeded with the sale of the GoReward LtD group through its subsidiaries in Cyprus, INTRALOT INTERNATIONAL LTD and INTRALOT HOLDINGS INTERNATIONAL LTD, which held the Group's entire shareholding (38,84%). The total price from the sale of the participation amounts to Euro 170 thousand and has been collected entirely within June 2022.

Below are presented the earnings / (losses) after taxes per share of the Group's discontinued operations from the associate of the Group in Taiwan (GoReward Ltd):

Earnings/(losses) after tax per share (in €) from	1/1-	1/1 –
discontinued operations	30/6/2023	30/6/2022
-basic	0,0000	0,0375
-diluted	0,0000	0,0375
Weighted Average number of shares	371.337.000	148.536.785

IX. Companies merge

The Group did not proceed with any merger of companies in the six months of 2023.

B. REAL LIENS

A subsidiary of the Group in Netherlands has a banking facility amounting €18,0 million for revolving facility and issuing bank letters of guarantee, with relevant securities on financial assets (on 30/6/2023 the utilized letters of guarantee amounted to €10,3 million).

Also, the subsidiary of the Intralot Group, Inc., has signed a loan agreement totaling \$280 million with KeyBank National Association and a consortium of banks, according to which the lending banks have been granted real collateral over all of the company's movable and immovable property, as well as on its shares of its subsidiary and of Intralot Tech. Finally, according to the Bond Loan maturing 2024 issued by the Group's subsidiary Intralot Capital Luxembourg S.A., are provided the usual law of obligations restrictions on the transfer of the Group's assets (asset sales covenants), excluding the Dutch company Intralot US Holdings and its subsidiaries in America, without any existing real collateral. There are no other restrictions than the above, in the ownership, transfer or other encumbrances on the Group's movable and immovable property.

In the Group Statement of Financial Position (line "Trade and other short-term receivables") of 30/6/2023 are included restricted bank deposits as security coverage for banking facilities amounting to €9.480 thousand (31/12/2022: €9.067 thousand) against mainly from bank deposits. Respectively, for the Company on 30/06/2023 are included restricted bank deposits as security coverage for banking facilities amounting to €5.479 thousand (31/12/2022: €5.029 thousand) against mainly from bank deposits.

GROUP	Litigation cases ¹	Unaudited fiscal years and tax audit expenses ²	Other provisions ³	Total provisions
Period opening balance	3.160	6.684	10.775	20.619
Period additions	592	-37	184	739
Utilized provisions	0	-11	-1.032	-1.043
Unused provisions	0	0	0	0
Foreign exchange differences	0	-5	-90	-95
Period closing balance	3.752	6.630	9.838	20.220
Long-term provisions	3.542	6.630	6.628	16.800
Short-term provisions	210	0	3.210	3.421
Total	3.752	6.630	9.838	20.220

C. PROVISIONS

¹ Relate to litigation cases as analyzed in note 2.21.A

² Relate to provisions for the coverage of differences from future audits for income taxes and other taxes. It is expected to be used in the next 1-3 years.

³ Relate to provisions for risks none of which are individually material to the Group except from provisions for additional fees (bonus) and other employee benefits of the Group amounting to €2.545 thousand as well as provisions amounting to €2.760 thousand for earned winnings which relate to sports betting prices and other provisions based on contractual terms of the contracts. The Other provisions are expected to be used in the next 1-6 years.

COMPANY	Litigation cases ¹	Unaudited fiscal years and tax audit expenses ²	Other provisions ³	Total provisions
Period opening balance	3.145	6.630	0	9.775
Utilized provisions	0	0	0	0
Period additions	421	0	0	421
Period closing balance	3.566	6.630	0	10.196
Long-term provisions	3.526	6.630	0	10.157
Short-term provisions	40	0	0	40
Total	3.565	6.630	0	10.196

¹ Relate to litigation cases as analyzed in note 2.21.A

² Relate to provisions for the coverage of differences from future audits for income taxes and other taxes. It is expected to be used in the next 1-3 years.

D. PERSONNEL EMPLOYED

The number of employees of the Group on 30/6/2023 amounted to 1.724 persons (Company/subsidiaries 1.712 and associates 12) and the Company's to 369 persons. Respectively on 30/6/2022 the number of employees of the Group amounted to 1.740 persons (Company/subsidiaries 1.704 and associates 36) and the Company 370 persons. At the end of 2022 fiscal year, the number of employees of the Group amounted to 1.707 persons (Company/subsidiaries 1.696 and associates 11) and the Company 369 persons.

E. RELATED PARTY DISCLOSURES

other related parties:

Intralot SA purchases goods and services and/or provides goods and services to various related companies, in the ordinary course of business. These related companies consist of subsidiaries, associates or other related companies which have common ownership and / or management with Intralot SA. Below is a condensed report of the transactions for six months of 2023 and the balances on 30/6/2023 of

Amounts reported in thousands of €	1/1 -30/6/2023
(total operations)	GROUP	COMPANY
Income
-from subsidiaries	0	28.180
-from associates and joint ventures	970	1.191
-from other related parties	214	0
Expenses / Purchases of assets & inventories
-to subsidiaries	0	9.879
-to associates and joint ventures	0	0
-to other related parties	5.305	617
BoD and Key Management Personnel transactions and fees	3.103	2.423

	30/6/2023
Amounts reported in thousands of €	GROUP	COMPANY
Receivables
-from subsidiaries	0	67.773
-from associates and joint ventures	716	661
-from other related parties	6.095	263
Doubtful Provisions
-to subsidiaries	0	-221
-to associates and joint ventures	0	0
-to other related parties	-244	-242
Payables
-to subsidiaries	0	301.861
-to associates and joint ventures	0	0
-to other related parties	7.042	1.242
BoD and Key Management Personnel receivables	0	0
BoD and Key Management Personnel payables	38	0

Below there is a summary of the transactions for the six months of 2022 and the balances on 31/12/2022 with related parties:

Amounts reported in thousands of €	1/1 -30/6/2022
(total operations)	GROUP	COMPANY
Income
-from subsidiaries	0	8.917
-from associates and joint ventures	1.020	1.238
-from other related parties	257	15
Expenses / Purchases of assets & inventories
-to subsidiaries	0	9.039
-to associates and joint ventures	0	0
-to other related parties	3.382	390
BoD and Key Management Personnel transactions and fees	3.838	2.391

	31/12/2022
Amounts reported in thousands of €	GROUP	COMPANY
Receivables
-from subsidiaries	0	57.269
-from associates and joint ventures	1.027	982
-from other related parties	12.233	2.974
Doubtful Provisions
-to subsidiaries	0	-221
-to associates and joint ventures	0	0
-to other related parties	-244	-242
Payables
-to subsidiaries	0	298.569
-to associates and joint ventures	0	0
-to other related parties	8.879	3.446
BoD and Key Management Personnel receivables	0	0
BoD and Key Management Personnel payables	334	260

Sales and services to related parties are made based on Arm's Length Principles. Outstanding balances at year end are unsecured and settlement occurs in cash. No guarantees have been provided or received for the above receivables.

2.21 CONTINGENT LIABILITIES, ASSETS AND COMMITMENTS

A. LITIGATION CASES

a. In Colombia, INTRALOT, on 22nd July 2004, entered into an agreement with an entity called Empresa Territorial para la salud ("Etesa"), under which it was granted with the right to operate games of chance in Colombia. In accordance with terms of the abovementioned agreement, INTRALOT has submitted an application to initiate arbitration proceedings against Etesa requesting to be recognized that there has been a disruption to the economic balance of abovementioned agreement to the detriment of INTRALOT and for reasons not attributable to INTRALOT and that Etesa to be compelled to the modification of the financial terms of the agreement in the manner specified by INTRALOT as well as to pay damages to INTRALOT (including damages for loss of profit) or alternatively to terminate now the agreement with no liability to INTRALOT. The arbitration court adjudicated in favor of Etesa the amount of 23,6 billion Colombian pesos (approx. €5,1 m). The application for annulment of the arbitration award filed by INTRALOT before the High Administrative Court was rejected on 25/5/2011. The Company filed a lawsuit before the Constitutional Court of Colombia which was rejected on 18/12/2012. On 31 August 2016, an application was served to the Company requesting to render the abovementioned arbitration decision as executable in Greece which was heard before the Athens One-Member First Instance Court and the decision issued accepted it. The Company filed an appeal against this decision which was rejected by the Athens Court of Appeals. The Company filed, before the Supreme Court, a cassation appeal against the decision of the Athens Court of Appeals which was rejected. The Company filed, before the Athens Court of Appeals, an application for the revocation of the above decision of the Athens Court of Appeals that rejected the appeal, which has been scheduled for hearing, following a postponement, on 7 December 2023. The Company has created relative provision in its financial statements part of which (€2,2m) has already been used for the payment to Etesa of a letter of guarantee amounting to 7.694.081.042 Colombian pesos.

b. Against the subsidiary Intralot Holdings International Ltd., a shareholder of LOTROM SA and against LOTROM SA, another shareholders of LOTROM SA, Mr. Petre Ion filed a lawsuit before the competent court of Bucharest requesting that Intralot Holdings International Ltd to be obliged to purchase his shares in LOTROM SA for €2.500.000 and that LOTROM SA to be obliged to register in the shareholders book such transfer. Following the hearing of 28th September 2010 a decision of the court was issued accepting the lawsuit of the plaintiff. Intralot Holdings International Ltd and LOTROM SA filed an appeal which was rejected. The abovementioned companies further filed a recourse before the Supreme Court which was heard and rejected. Mr. Petre Ion initiated an enforcement procedure of the above decision in Romania. The companies will exercise legal means against the enforcement procedure according to the provisions of the Romanian laws.

c. Mr. Petre Ion filed in Romania a lawsuit against Intralot Holdings International Ltd and LOTROM requesting to issue a decision to replace the share purchase contract of its shares in LOTROM SA for €2.500.000 (for which he had filed the above lawsuit) in order to oblige Intralot Holdings International Ltd a) to pay the amount of €400.000 as tax on the above price, b) to sign on the shareholders book for the transfer of the shares, c) to pay the price of the transfer and the legal costs. The Court of First Instance rejected Mr. Petre Ion's lawsuit. Mr. Petre Ion filed an appeal which was heard on 4 November 2014 and was partially accepted. The Company filed an appeal against this decision which was rejected.

INTRALOT Group Interim Financial Statements for the period January 1 to June 30, 2023

Following postponements, the case was heard on 10 June 2016 and the respective first instance decision was issued on 19 July 2016; the lawsuit against LOTROM was rejected while it was accepted partially in respect to its part filed against Intralot Holdings International Ltd., obligating the latter to pay the amount of the purchase and the legal expenses. Both Intralot Holdings International Ltd. and Mr. Petre Ion filed appeals against this decision which was heard and were rejected. The decision became final, while the application for cassation filed by Intralot Holdings International Ltd was rejected. While since 2018 there has been no action by the plaintiff, at the beginning of 2021 it was notified to Intralot Holdings International Ltd. that, following a unilateral petition of the plaintiff (ex parte procedure, i.e. without Intralot Holdings International Ltd. to be summoned and represented), a decision was issued by the Cypriot court appointing Bank of Cyprus as custodian of the amount of the account held by Intralot Holdings International Ltd. in that bank, as precautionary measure to ensure the payment of the claim of the plaintiff pursuant to the decision of the courts of Romania. This decision has been rendered enforceable in Cyprus by the local court in October 2020 also without any knowledge of Intralot Holdings International Ltd. since the same unilateral procedure ex parte had been followed by the plaintiff. After being informed on the above, Intralot Holdings International Ltd. objected before the court of Cyprus which, on 23 July 2021, didn't accept its arguments. Intralot Holdings International Ltd. filed an appeal against this decision before the competent courts of Cyprus which is pending. Intralot Holdings International Ltd. considers that has valid grounds to deny the execution of the decision in Cyprus.

d. In Romania, the tax authority imposed to the subsidiary LOTROM SA, following a review, an amount RON 3.116.866 (€627.957,29) relating to tax differences (VAT) of the period 2011-2016. The company paid the amount of RON 2.880.262 (€580.288,51), while the remaining amount was counterbalanced with VAT amount owed to the company. The company filed before the local tax authority an appeal for the return of the amount of RON 3.116.866 (€627.957,29) which was rejected; the company will file a lawsuit before the competent courts in Romania.

e. On 30 July 2012, Intralot filed before the Athens Multi-member Court of First Instance a lawsuit against the company "Hellenic Organization of Horse Racing S.A." (ODIE) requesting the payment of the amount of €2.781.381,15 relating to system maintenance services provided but not paid. The case was heard on 6th May 2015 and a decision was issued accepting Intralot's lawsuit in full. ODIE filed an appeal against this decision which has been heard on 1 November 2018 before the Athens Court of Appeal which was rejected with the decision no. 3153/2019 of the Athens Court of Appeal. The decision has not been further appealed and, therefore, has become final and irrevocable. Moreover, Intralot filed a recourse to the arbitration panel on 13 August 2012 against the same company ODIE requesting the payment of the amount of €9.551.527,34 relating to operational services of integrated system provided but not paid. The arbitration was concluded on 1st March 2013 and the arbitration decision no 27/2013 was issued vindicating Intralot and compelling ODIE to pay to Intralot the total amount requested (€9.551.527,34). Intralot has not been notified of any legal remedy against the above arbitral decision.

In order to secure its claims, Intralot:

a) by virtue of the above arbitration decision, has already recorded on the mortgage books of the Land Registry Office of Kropia a mortgage on a land property of ODIE and specifically on the property where

the Horse Racetrack of Athens in Markopoulo Attica is operating, and on the buildings thereupon, for an amount of €11.440.655,35.

b) by virtue of the decision no 2209/2014 of the Athens Single Member Court of First Instance, has already recorded on the mortgage books of the Land Registry Office of Kropia, a note of mortgage on the same real estate of ODIE for an amount of €9.481.486,11, which, following the issue of the above decision no. 3153/2019 of the Athens Court of Appeal, partially turned to a mortgage for the total amount adjudicated, i.e. for the amount of €2.781.381,15.

c) advanced the procedure of compulsory execution against ODIE in order to execute its claims. Furthermore, on 20 March 2014, Intralot filed before the Athens Multi-member Court of First Instance a lawsuit against ODIE requesting the payment of the amount of €8.043.568,69 which is owed to it pursuant to the "Agreement of Maintenance and Operation of the System of the Mutual Betting on Horse Races of ODIE" dated 6 March 2012. The lawsuit was heard on 4 October 2017 and the decision issued accepted the lawsuit. ODIE filed an appeal which was rejected by the Athens Court of Appeals in December 2019. No petition for cassation and no appeal for failure to appear before the court have been notified to the Company.

The confiscation on the above land property of ODIE in Markopoulo Attica imposed in the frame of the abovementioned procedure of compulsory execution against ODIE, was reversed with the consent of Intralot on 15 December 2015 in execution of the terms of the agreement dated 24 November 2015 between Intralot and ODIE which settled the payment of all above claims of Intralot. Pursuant to this agreement, ODIE assigned to Intralot 2/3 of the rent which it will receive from the lease agreement relating to that real estate to the company "Ippodromies SA". The payment of the assigned rent amounts has already been started.

Additionally, without the above decisions and encumbrances being affected, Intralot filed before the Athens Multi Member Court of First Instance a lawsuit dated 8.3.2021 against ODIE (under liquidation), the company "Hellenic Republic Asset Development Fund SA" (HRADF) and the Greek State, requesting to be recognized that the above agreement is binding, in addition to ODIE, for HRADF and the Greek State, to oblige all defendants to pay to INTRALOT €487.079,32 and to be recognized that all defendants are obliged to pay to INTRALOT the total amount of €4.747.489,91, while HRADF and the Greek State the amount of €12.676.846,6. The case was heard on 22 September 2022 and the decision issued rejected the lawsuit. The company filed an appeal which has been scheduled for hearing on 30 January 2024.

f. A former officer of the Company filed a lawsuit before the Athens First Instance Court requesting to be recognized that the Company had to pay him the amount of €121.869,81 as non-paid wages. The decision issued partially accepted the lawsuit in relation to the amount of €80.685,42. Both parties have filed appeals which are on 24 November 2020. The decision issued by the Athens Court of Appeals accepts the appeal of the Company and totally rejects the appeal of the plaintiff. The decision is final. A petition for cassation was filed by the plaintiff which was heard before the Supreme Court on 25 October 2022. The Supreme Court ruled that the hearing of the petition is inadmissible. Following a petition of the plaintiff, the new hearing date, before the Supreme Court, for the petition for cassation is 14 November 2023.

g. In Cyprus, the National Betting Authority had suspended the Class A license of the company Royal Highgate Pcl Ltd. in which the Company has an indirect participation of approx. 35,08%, initially for a period of two months, alleging non-compliance of Royal Highgate Pcl Ltd. with specific terms of the license. Royal Highgate Pcl Ltd. considering that those requested by the National Betting Authority are beyond the provisions of the law, filed a recourse before the competent administrative court of Nicosia which was heard on 30 March 2018. The decision issued rejected the recourse for typical reasons. Royal Highgate Pcl Ltd. filed an appeal against this decision which has been heard, following postponement, on 8 March 2021 and was rejected for the same typical reasons. Royal Highgate Pcl Ltd. filed a complaint application in relation to that case before the European Court of Human Rights which was rejected. In parallel, Royal Highgate Pcl Ltd. had filed three more recourses against decisions of the National Betting Authority relating to the suspension of the license of Royal Highgate Pcl Ltd. Following withdrawal of two of the three recourses, the third one has been scheduled for hearing, following postponements, on 14 September 2023. National Betting Authority started the procedure for the revocation of the license of Royal Highgate Pcl Ltd. and the latter submitted its arguments on 30 November 2018 without any further actions from the National Betting Authority. On 31 December 2018, the contractual term of the license of Royal Highgate Pcl Ltd. expired.

h. In USA, in South Carolina State, class actions were filed against the local lottery South Carolina Education Lottery Commission and the subsidiary Intralot Inc. for breach of contract with the allegation that because of malfunctioning of the system there were winning tickets which were not paid and claiming a total compensation of approx. 35 million USD (€32,2 million). The local court accepted Intralot Inc.'s motions to dismiss in two lawsuits, holding that the plaintiffs were required to exhaust administrative remedies and failed to do so. The other side filed appeals against such decisions which were heard on 9 November 2022 and were rejected by the court. The third similar lawsuit was rejected finally by the court. It is noted that with regards to such cases, the Group has its respective insurance coverage.

i. A former employee of the Company filed two lawsuits before the Athens First Instance Court requesting, with the first one, the payment of the amount of €133.179,47 for unpaid salaries and €150.000 as compensation for moral damages and, with the second one, the amount of €259.050 for overdue salaries calculated until 3 December 2019 and €150.000 as compensation for moral damages. The first lawsuit was heard on 28 February 2018 and the decision issued partially accepted the lawsuit in relation to the amount of €46.500,82. Both parties filed appeals against this decision which were heard on 22 September 2020 and the decision issued orders the re-hearing of the case after the submission of further evidences. The case was heard on 20 September 2022 and the Court of Appeal issued a decision which partially accepted the lawsuit and adjudicated in favor of the plaintiff the amount of €6.235,56. The second lawsuit has been scheduled for hearing, following postponements, on 26 October 2023. The Company had made respective provisions to its financial statements.

j. On 1 April 2019, the Company filed a Request for Arbitration before the ICC International Court of Arbitration requesting to be declared that the defendant Sisal SpA has breached a contract signed with Intralot by using, in Morocco, terminals and the software embedded therein. A decision of the ICC was issued declaring that Sisal SpA has breached the terms of the abovementioned contract and specifically that it has breach the intellectual property rights of Intralot with regards to the software TAPIS

embedded in the terminals which Sisal SpA installed in Morocco, it ordered to cease supplying such terminals in Morocco and also ordered their removal until 31 December 2021, it rejected the requests for compensation against the respondent and ordered Sisal SpA to pay part of the costs and expenses of the arbitration.

k. In Morocco, "La Société de Gestion de la Loterie Nationale" ("SGLN") filed a lawsuit against the Company and its subsidiary Intralot Maroc claiming that it exercised unilaterally its option to transfer to it the equipment of Intralot which was used jointly by SGLN and the other local lottery "La Marocaine des Jeux et des Sports" ("MDJS") and, because of Intralot's denial, it suffered damages in the amount of MAD 18.000.000 (€1.674.465,33) which corresponds to the value of the equipment, while, additionally, it requests MAD 34.000.000 (€3.162.878,96) as loss of profit. It is also requesting the call of the letter of guarantee amounting to MAD 30.000.000 (€2.790.775,56). It is noted that according to the terms of the Intralot's contracts with the two lotteries SGLN & MDJS, the option for the transfer of the equipment as well as any call of the letters of guarantee can only be exercised with a joint request of both entities SGLN & MDJS. The case was scheduled to be heard, following postponements, on 7 June 2021 when a report of a judicial expert was submitted to the court and the court ordered, once more, the submission of a third expert's report which was submitted and a new hearing date has been scheduled for 7 April 2022. The court's decision has been issued and adjudicates the payment to SGLN of the amount of MAD 14.175.752,50 (€1.318.711,45). An appeal was filed against this decision and the Commercial Court of Appeal of Casablanca issued a decision adjudicating the payment to SGLN of the amount of MAD 6.000.000 (558.155,11). The possibility of filing a petition for cassation is under examination. Intralot Maroc has created provision in its financial statements for the amount of MAD 7.330.840,77 (€681.957,71).

l. In Morocco, "La Société de Gestion de la Loterie Nationale" ("SGLN") filed a lawsuit against the Company and its subsidiary Intralot Maroc claiming that an amount of MAD 33.600.000 (€3.125.668,62) is owed to it for investments which were not realized and, in addition, MAD 13.360.000 (€1.242.825,38)) for compensation (damages, loss profits). A judicial expert's report has been submitted to the court. Following that, the court rejected the lawsuit. No legal means against this decision have been notified to the Company or its subsidiary Intralot Maroc.

m. In Malta a lawsuit was filed against the subsidiary Maltco Lotteries Ltd. and the company ATG, having its registered offices in Sweden, by a player of horse races betting games who is requesting the payment of the amount of approx. €1,5m as non-paid winnings. The specific betting game is conducted by the company ATG which refused the payment of the requested amount due to breach of the gaming rules by the player. The case has been scheduled for hearing, following postponements, on 13 November 2023. The Group has recognized a related provision in the financial statements.

n. In U.S.A. the funds Northlight European Fundamental Credit Fund, HCN LP and Bardin Hill Investment Partners LP, claiming holding notes due in 2024 amounting approximately to 3,5%-4%, filed a complaint on 29 July 2021 before the US District Court for the Southern District of New York against Intralot and companies of its group (Intralot Capital Luxembourg S.A., Intralot Global Holdings B.V., Intralot, Inc. and Intralot US Securities, B.V.), requesting to be declared that the exchanges of notes due in 2021 and in 2024 breach certain provisions of the indenture agreement governing the notes maturing in 2024,

as well as the New York legislation. The plaintiffs amended their complaint by on 31 January 2022 by adding new plaintiffs (Halcyon Eversource Credit LLC, Halcyon Vallee Blanche Master Fund LP, HDML Fund II LLC, CQS Credit Opportunities Master Fund, CQS ACS Fund, CQS Directional Opportunities Master Fund Ltd & BIWA Fund Ltd.) and new defendants (Intralot U.S. Holdings BV and The Law Debenture Trust Corporation P.L.C.). On 31 March 2022, Intralot requested the court to consider a motion to dismiss. On 21 April 2022, UMB Bank, N.A. filed suit as successor trustee against the above defendants, for alleged breaches of certain provisions of the indenture agreement for the notes maturing in 2024. The suit has been assigned to the same judge as a "related case". The plaintiffs (the above funds holding Notes due in 2024 and UMB Bank, N.A., as successor trustee of the Notes due 2024) voluntarily dismissed without prejudice the above cases on 19 September 2022. A Plaintiffs' motion seeking a temporary restraining order to enjoin the notes exchanges was denied by the court on 2 August 2021 and the exchanges of notes due in 2021 and in 2024 were completed.

Until August 23rd, 2023, apart from the legal issues for which a provision has been recognized, the Group Management estimates that the rest of the litigations will be finalized without a material effect on the Group's and the Company's financial position and results.

B. FISCAL YEARS UNAUDITED BY THE TAX AUTHORITIES

Ι) COMPANY AND SUBSIDIARIES

COMPANY	YEARS	COMPANY	YEARS
INTRALOT S.A.	2018-2022	TECNO ACCION S.A.	2015-2022
BETTING COMPANY S.A.	2017-2022	TECNO ACCION SALTA S.A.	2015-2022
BETTING CYPRUS LTD	2017-2022	MALTCO LOTTERIES LTD	2017-2022
INTRALOT IBERIA HOLDINGS SA	2018-2022	INTRALOT NEW ZEALAND LTD	2013 & 2017-2022
INTRALOT CHILE SPA	2020-2022	INTRALOT GERMANY GMBH	2019-2022
INTELTEK INTERNET AS	2018-2022	INTRALOT FINANCE UK LTD	2021-2022
BILYONER INTERAKTIF HIZMELTER AS GROUP	2021-2022	INTRALOT BETTING OPERATIONS (CYPRUS) LTD	2018-2022
INTRALOT MAROC S.A.	2019-2022	ROYAL HIGHGATE LTD	2017-2022
INTRALOT INTERACTIVE S.A.	2017-2022	INTRALOT IRELAND LTD	2016-2022
INTRALOT GLOBAL SECURITIES B.V.	2013-2022	INTRALOT GLOBAL OPERATIONS B.V.	2016-2022
INTRALOT CAPITAL LUXEMBOURG S.A.	2018-2022	BIT8 LTD	2017-2022
INTRALOT ADRIATIC DOO	2015-2022	GAMING SOLUTIONS INTERNATIONAL SAC	2017-2022
INTRALOT GLOBAL HOLDINGS B.V.	2013-2022	INTRALOT BETCO EOOD	2020-2022
INTRALOT US SECURITIES B.V.	2021-2022	INTRALOT CYPRUS GLOBAL ASSETS LTD	2018-2022
INTRALOT US HOLDINGS B.V.	2021-2022	ΙΝTRALOT HOLDINGS INTERNATIONAL LTD	2018-2022
INTRALOT INC	2019-2022	INTRALOT INTERNATIONAL LTD	2018-2022
DC09 LLC	2019-2022	INTRALOT OPERATIONS LTD	2019-2022
INTRALOT TECH SINGLE MEMBER S.A.	2019-2022	NETMAN SRL	2017-2022
INTRALOT AUSTRALIA PTY LTD	2018-2022	INTRALOT BUSINESS DEVELOPMENT LTD	2019-2022
INTRALOT GAMING SERVICES PTY	2018-2022	INTRALOT DE COLOMBIA (BRANCH)	2018-2022
INTRALOT NEDERLAND B.V.	2010-2022
INTRALOT BENELUX B.V.	2018-2022
LOTROM S.A.	2017-2022

In Bilyoner İnteraktif Hizmetler AS the tax audit for the fiscal year 2020 was completed with an obligation to pay tax of 150 thousand TRY (€ 7,5 thousand), while there is a tax audit for the fiscal year 2021 in progress. In Intralot Germany GMBH the tax audit for the years 2016-2018 was completed without the final report having been communicated yet. In Inteltek Internet AS has been notified of a dividend tax

audit for 2018. The audit concerns Turkcell but also Inteltek Internet AS due to its relationship with Turkcell in the year 2018. In Lotrom S.A. the audit initiated by the local tax authorities with respect to financial activities for transactions subject to VAT for the period 2004-2014 was completed in the fourth quarter of 2016. By order of the competent Prosecutor of Romania, the case was filed. No appeal has been lodged against this provision. Another VAT audit for the period 2011-2016 was also completed and a tax audit report was notified with an obligation to pay RON 3.116.866 (€630 thousand). The Company paid the total amount and appealed against the decision which was rejected. The company will file an appeal before the competent courts in Romania.

In the context of Law 4174/2013 Art. 65A and POL.1124/2015, Betting Company SA has received a tax certificate for the years 2017-2021, while Intralot Interactive SA for the years 2017-2020 (from 21/3/2022 was under liquidation process which was completed within second quarter of 2023), Intralot Services SA for the years 2017-2018 and 1/1-22/7/2019 when the liquidation process started (end of liquidation 20/9/2022). Intralot Tech – Single Member SA has received a tax certificate for the fiscal years 2019- 2021. Intralot SA has received a tax certificate for the fiscal years 2017-2018 and the issuance of a tax certificate is pending for the years 2019, 2020 & 2021. Finally, for the companies Intralot SA, Betting Company SA and Intralot Tech – Single Member SA there is in progress a tax certificate for the fiscal year 2022.

In Intralot SA during the tax audit for the year 2011 which was completed in 2013, were imposed taxes on accounting differences plus surcharges amounting to €3,9 million. The Company lodged an administrative appeal against the relevant control sheets resulting in a reduction of taxes to €3,34 million. The Company filed new appeals to the Greek Administrative Courts which did not justify the Company, which filed an appeal before the Council of State. The Company's management and its legal advisors estimate that there is a significant probability that the appeal will be in favor for the most part. The Company has formed sufficient provisions and has paid the whole amount of taxes.

In Intralot SA, during the tax audit for 2013, as well as the partial re-audit of 2011 and 2012 which both completed in 2019, taxes, VAT, fines, and surcharges of €15,7 million were imposed. The Company filed appeals against the relevant control sheets resulting in a reduction of taxes to €5,4 million. On 11.11.2020, the Company filed six appeals to the Athens Three-Member Administrative Court of Appeal against decisions of the Dispute Resolution Directorate of A.A.D.E. (Greek Tax Authorities) to the extent that they rejected the company's appeals, requesting their annulment. The total amount charged is €5,4 million. As of 7/4/2022 court decisions issued and amounted (against) to €4,6 million, while for the amount of €0,78 million, court decision were issued according to which: a) the first appeal was partially accepted and the amount of €260 thousand was reduced by the court at €2,5 thousand, b) the second appeal (charged amount €146 thousand) was partially accepted and decreased by €135 thousand, and c) the third appeal (charged amount €376 thousand) was rejected. Appeals will be brought against the last two decisions. Also, appeals for an amount of € 218 thousand were issued by the court, according to which they were partially accepted and the imputed amount of € 218 thousand was reduced by the court to € 2,5 thousand. Finally appeals for a tax amount of € 85 thousand plus fines and surcharges were issued by the court according to which they were partially accepted and the imputed amount of € 85 thousand plus fines and surcharges was reduced by the court to € 58 thousand plus fines and surcharges. It is noted that all the imputed amounts have already been paid by the Company and therefore the final result of the appeals will not in any case result in further financial burden for the Company.

Furthermore, during the tax audit of the years 2014 & 2015, completed in 2020, taxes and surcharges were charged for accounting difference of €353 thousand. The Company filed appeals against the relevant control sheets resulting in a reduction of taxes to €301 thousand. The Company on 31/5/2021 issued appeals in the Administrative Courts, against the decisions of the Dispute Resolution Directorate of A.A.D.E., to the extent that the company's appeals had been rejected, requesting their annulment. The appeals were heard on 19/1/2022 and a decision is expected. The total amount charged amounts to €301 thousand. The Company's management and its legal advisors estimate that the case has high success rates for the most part, either at this stage or at the highest court level. The Company has already paid all the taxes and surcharges charged. The Company has formed sufficient relevant tax provisions amounting to €3,5 million.

In the second half of 2022, the tax audit for the Company, regarding the fiscal years 2016 & 2017 was completed, and taxes were charged from accounting differences plus surcharges of € 676 thousand which were paid in full while a partial tax audit of the fiscal years 2018 & 2019 as well as the fiscal years 2020 & 2021 is already in progress after relevant orders.

Finally, a partial VAT audit is in progress for the Company for the period 1/2/2010-31/10/2012 upon request of assistance from Romanians to the Greek tax authorities on transactions with a Romanian company.

ΙΙ) ASSOCIATE COMPANIES & JOINT VENTURES

COMPANY	YEARS	COMPANY	YEARS
LOTRICH INFORMATION Co LTD	2022	KARENIA ENTERPRISES COMPANY LTD	2016-2022
INTRALOT SOUTH AFRICA LTD	2022

C. COMMITMENTS

I) Guarantees

The Company and the Group on June 30, 2023 had the following contingent liabilities from guarantees for:

		GROUP		COMPANY
	30/6/2023	31/12/2022	30/6/2023	31/12/2022
Bid	1.339	879	1.229	769
Performance	112.006	114.193	4.441	4.337
Financing	1.083	2.010	200	200
Other	110	110	0	0
Total	114.538	117.191	5.870	5.306

	GROUP
	30/6/2023	31/12/2022
Guarantees issued by the parent and subsidiaries:
-to third party	114.538	117.191
Total	114.538	117.191

	COMPANY
	30/6/2023	31/12/2022
Guarantees issued by the parent:
- to third party on behalf of subsidiaries	3.070	2.956
- to third party on behalf of the parent	2.800	2.350
Total	5.870	5.306

Beneficiaries of Guarantees on 30/6/2023:

Bid: Marocaine Des Jeux et des Sports, Premier Lotteries Ireland Designated Activity Company, Magnum Corporation Sdn Bhd, New Zealand Lotteries Commission

Performance: Arkansas Lottery Commission, Camelot Illinois LLC, Centre Monetique Interbancaire (CMI), City of Torrington, District of Columbia, Georgia Lottery Corporation, GPT Pty Ltd, Hrvatska Lutrija D.O.O., Icra Dairesi Mudurlugu, Idaho State Lottery, La Marocaine Des Jeux et des Sports, Lotteries Commission of Western Australia, Department of Justice and Community Safety for and on behalf of the Crown in right of the State of Victoria, Lotto Hamburg, Louisiana Lottery Commission, Meditel Telecom SA, Milli Piyango Idaresi Genel Mudurlugu, New Hampshire Lottery Commission, New Mexico Lottery Authority, Polla Chilena de Beneficencia S.A., Spor Toto, State of Montana, State of Ohio - Lottery Gaming System, State of Vermont - Vermont Lottery Commission, Town of Greybull, Town of Jackson, City of Gillette, Wyoming Lottery Corporation, TJK, D106 Dijital, Hrvatska Lutrija d.o.o. ΟPAP SA.

Financing: Bogazici Kurumlar Vergi Dairesi Mudurlugu, Denizli 9.Icra Mudurlugu, Airport EL. Venizelos Customs.

Other: Magnum Corporation Sdn Bh

II) Other commitments

The Group has contractual obligations for the purchase of telecommunication services for the interconnection of points of sale. The minimum future payments for the remaining contract duration on June 30, 2023 were:

GROUP	30/6/2023	31/12/2022
Within 1 year	1.883	2.479
Between 2 and 5 years	808	1.502
Over 5 years	0	0
Total	2.691	3.981

As of June 30, 2023, the Group did not have material contractual commitments for acquisition of tangible and intangible assets.

2.22 COMPARABLE FIGURES

In the presented data of the previous years, there were limited adjustments/reclassifications for comparability purposes, with no significant impact on "Equity", "Sale Proceeds" and "Profit / (loss) after tax" of the Group and the Company.

2.23 APPLICATION OF IAS 29 "FINANCIAL REPORTING IN HYPERINFLATIONARY ECONOMIES"

The Group operates in Argentina through its two subsidiaries Tecno Accion SA and Tecno Accion Salta SA. Since the third quarter of 2018, the cumulative 3-year inflation index in Argentina has exceeded 100% and the country is now considered as a hyperinflationary economy for accounting purposes under IAS 29. The Group applied, for the first time in the nine months of 2018, IAS 29 and restated to current purchasing power in the financial statements (transactions and non-cash balances) of the above subsidiaries that use ARS as functional currency and present their financial statements at historical cost. The restatement was made using the (IPIM) Internal Index Wholesale Prices and applied pursuant to IAS 29, as if Argentina has always been a hyperinflationary economy.

Since the first semester of 2022, the cumulative 3-year inflation index in Turkey has exceeded 100% and the country is now considered as a hyperinflationary economy for accounting purposes under IAS 29. The Group applied, for the first time in the six months of 2022, IAS 29 and restated to current purchasing power in the financial statements (transactions and non-cash balances) of its subsidiaries

BILYONER INTERAKTIF HIZMELTER AS GROUP and INTELTEK INTERNET AS that use TRY as functional currency and present their financial statements at historical cost.

The result (after the relevant consolidation eliminations) from the restatement of the non-cash assets, liabilities and transactions of the six months of 2023 following the application of IAS 29 amounted to a gain of €3.773 thousand (€9.353 for the six month of 2022) and was recorded in the Income Statement (line "Gain/(loss) on net monetary position").

The conversion FX rates of the financial statements of the above subsidiaries were:

Statement of Financial Position:

	30/6/2023	31/12/2022	Change
EUR / ARS	280,09	189,70	47,7%
EUR / TRY	28,32	19,96	41,8%

Income statement:

	AVG 1/1- 30/6/2023	AVG 1/1- 30/6/2022	Change
EUR / ARS ¹	280,09	131,28	113,4%
EUR / TRY ¹	28,32	17,32	63,5%

¹The Income Statement of the six months of 2023 and 2022 of the Group's subsidiaries operating in Argentina and Turkey (only for the six months of 2023) was converted at the closing rate of 30/6/2023 and 30/6/2022 instead of the Avg. 1/1-30/6/2023 and Avg.1/1-30/6/2022 pursuant to IAS 21, paragraph 42a, for hyperinflationary economies.

2.24 SIGNIFICANT FLUCTUATIONS, RECLASSIFICATIONS & REVERSALS

Income Statement

Below are the most significant fluctuations in the Group's Income Statement for the period 1/1- 30/6/2023 compared to 1/1-30/6/2022:

Sale proceeds

Reported consolidated revenue for the six-month period of 2023 is lower by €-29,6m year over year.

The main factors that drove top line performance per Business Activity are:

• ➢ €-43,2m (-66,2%) from our Licensed Operations (B2C) activity line with the variance driven by:
  • Revenue absence in Malta (€-43,0m) due to the license expiration early July 2022 and
  • Slightly lower revenue in Argentina (€-0,2m), driven by the depreciation of the Argentinian Peso (+113,4% vs. a year ago). In local currency, current year results posted a +117,3% y-o-y increase.
• ➢ +8,0m (or +36,7%) from our Management (B2B/ B2G) contracts activity line with the variance driven by:
  • Strong momentum of our Turkish operations (€+7,8m or +64,6%), driven by Bilyoner's improved performance, favoured by the growth of the online market. In 1H23, the local Sports Betting market,
  • Higher revenue from our US Sports Betting contracts in Montana and Washington, D.C. (€+0,2m or +8,6%) an
  • Steady performance in Morocco.

• ➢ €+5,6m (+4,7%) from our Technology and Support Services (B2B/ B2G) activity line, with the variance driven by:
  • US operations' increased revenue (€+5,4m or +7,4% y-o-y), mostly driven by the growth in Numerical and Instant games.
  • - Higher revenue in Croatia (€+0,7m or +18,9%) as a result of the local market growth and
• Lower revenue from rest jurisdictions (€-0,4m or -1,3%).

Gross Profit

Gross profit in the six months ended June 30, 2023, amounted to €63 million, compared to the quarter that ended on 30/6/2022 at € 56,3 million, marking an increase of € +6.7 million (+12.0%).

Other Operating Income

Other Operating Income from continuing operations concluded at €14,8 million presenting an increase of 26,1% y-o-y (or €3,1m), driven by higher equipment lease income in the USA.

Selling Expenses

Selling Expenses were slightly decreased compared to the previous quarter reaching €9,2 million in the quarter ended 30/6/2023, compared to €10,2 million in the quarter ended 30/6/2022.

Administrative Expenses

Administrative expenses increased by €0,3 million, or by +0.9%, from €36,2 million in the period 1/1- 30/6/2022 to €36,5 million in the period 1/1-30/6/2023.

Reorganization expenses

There were no reorganization expenses for the second quarter ended June 30, 2023, compared to the second quarter ended June 30, 2022 which amounted to €0,3 million.

Other operating expenses

Other operating expenses decreased by €-1,6 million or by -76,0%, reaching the amount of 0,5 million in the period 1/1-30/6/2023 compared to €2,1 million in the period 1/1-30/6/2022. This decrease is due to a provision of approximately €1,5 million formed by our subsidiary Maltco Lotteries Ltd in relation to the lawsuit brought by a horse racing bettor for unpaid winnings in the corresponding period last year 1/1-30/6/2022.

EBITDA

EBITDA from continuing operations amounted to €62,8 million in the first half of 2023, posting an increase of 14% (or €+7,7m) compared to the first half of 2022 which amounted to €55,1 million.

Income/(expenses) from participations and investments

Income / (expenses) of participations and investments amounted to net income of €1,2 million in the period ended 30 June 2023 from net expenses of €0,2 million in the respective period ended 30 June 2022.

Gain / (loss) from assets disposal, impairment loss & write off of assets

Gain / (loss) from assets disposal, impairment loss & write off of assets came up to net loss of €0,1 million in the period 1/1-30/6/2023, comparing with net gain €0,5 million in the period 1/1-30/6/2022. These gains are due to a reversal of impairment of tangible assets by the Group's parent company, Intralot SA.

Interest and Similar Expenses

Interest and similar expenses remained at the same levels as the previous quarter. During the period ending June 30, 2023, they amounted to €20,9 million compared to the period ending June 30, 2022, in which amounted to €20,5 million.

Interest and Related Income

Interest and related income increased by €+0,7 million, or by +68,1% from €1 million in the period 1/1- 30/6/2022 to €1,7 million in the period 1/1-30/6/2023.

Exchange Differences

The positive impact of exchange rate differences (€+0,1 million compared to the first semester of 2022), is a result of the valuation of cash in foreign currency different from the operating currency of each company and the valuation of trade balances and loan liabilities of various subsidiaries of the Group abroad in Euro.

Profit / (loss) from equity method consolidations

Share of profit from associates and joint ventures consolidated through the equity method remained the same to the respective period presenting gains of €0,1 million in the period 1/1-30/6/2023, mainly deriving by the Group's associates in Asia.

Taxes

Taxes in the period 1/1-30/6/2023 amounted to €7,2 million, versus €7,8 million in the period 1/1- 30/6/2022.

Net Monetary Position

Net Monetary Position of the Group decreased by €-5,6 million from gains €9,4 million in the period 1/1- 30/6/2022 to €3,8 million net monetary gains in the period 1/1-30/6/2023, due to IAS 29 of our subsidiaries in Turkey and Argentina.

Further analysis for the accounts Group Income Statement for the period 1/1-30/6/2023 compared to 1/1- 30/6/2022 is provided in the ANNUAL Group Management report ("INTRALOT Group MANAGEMENT'S DISCUSSION & ANALYSIS") that has been posted on the website www.intralot.com.

Statement of Financial Position

No significant reclassifications were made to the Group's statement of financial position as of 30/6/2023 compared to the 31/12/2022.

2.25 SUBSEQUENT EVENTS

As of 31/7/2023 "Intralot SA Integrated Lottery Systems and Services" (the "Company") is pleased to announce that its U.S. subsidiary INTRALOT, Inc. has signed an extension of its contract with the Wyoming Lottery Corporation for an additional five-year term. INTRALOT, Inc. will continue to provide its advanced lottery operating system and comprehensive services to support the operations of the Wyoming Lottery

Corporation until August 25, 2034. This renewal underscores the strong partnership between INTRALOT, Inc. and the Wyoming Lottery, ensuring an ongoing commitment to innovation and success in the lottery and gaming sector for the State.

On July 31, 2023, the Company acquired an additional 28% stake in the subsidiary company in South Africa, INTRALOT SOUTH AFRICA LTD. As a result, the total direct ownership stake of the Group reaches 73%. Following the aforementioned transaction, the Group gains control of this specific subsidiary, which will now be consolidated using the full consolidation method.

On August 8, 2023, the Group announced the cancellation of Notes due 2024, that were in its possession, with nominal value €144.432.000.

On 9/8/2023, Intralot issued an invitation for the Annual General meeting of its Shareholders that took place on August 30th, 2023 at the Company's registered head office at Peania Attica, where it was discussed and decided among other topics, the Share Capital of the Company to increase up to an amount not exceeding the 100% of the paid-up share capital on the date of granting of such authorizations to the Board of Directors, namely to increase the share capital by up to the amount of €111,401,100 (nominal capital) with the issuance of new common registered shares with voting rights, and to define the specific terms and time-schedule of the share capital increase with a relevant resolution pursuant to the applicable provisions of Law 4548/2018, including, indicatively, the structure of the increase, the subscription price of the new shares, the allocation criteria between the different categories of investors, the execution of the necessary contracts or agreements with banks or/and other investment services companies acting as intermediaries, organizers, coordinators or administrators and in general, to proceed with any required or advisable action, deed or transaction for the implementation of the share capital increase, including the relevant amendment of the Articles of Association of the Company. In addition, it will have to be an option to resolve that in case the share capital increase is not fully covered, there will be a possibility of partial coverage and, furthermore, to define relevant terms and conditions.

There are no other significant events subsequent to the date of the financial statements, which concern the Group and the Company and for which relevant disclosure is required in accordance with the International Financial Reporting Standards (IFRS).

Paiania, August 31, 2023

86

THE CHAIRMAN OF THE BOD AND GROUP CEO

S.P. KOKKALIS ID. No. AΙ 091040

A. A. CHRYSOS ID No. AK 544280

THE GROUP CFO THE GROUP ACCOUNTING DIRECTOR

C.D. SFATOS ID. No. AH 641907

V. A. VASDARIS ID. No. X 082228 H.E.C. License No. 00949/ A' Class

THE DEPUTY CHIEF EXECUTIVE

OFFICER AND MEMBER OF THE BOD