Allwyn International Q1 2024 Preliminary Unaudited Financial Results and Update on Current Trading

7 June 2024

Allwyn International a.s. (“Allwyn” or the “Company”, and, together with its subsidiaries, joint ventures and associates, the “Group” or “we”) announces its preliminary unaudited financial results for the three months ended 31 March 2024 and provides an update on recent developments and current trading.

  • Total Revenue of €2,108.6 million in Q1 2024, +28% YoY, primarily driven by a full quarter contribution from United Kingdom segment (consolidated from February 2023); excluding this segment and Allwyn LS Group (consolidated from March 2023), Total Revenue growth +3% YoY
  • Adjusted EBITDA of €357.8 million, +3% YoY; excluding United Kingdom segment and Allwyn LS Group, also +3% YoY
  • Raised €500 million bank facility in March 2024; post quarter end, syndication of USD 450 million debut Term Loan B facility, extending maturity profile as well as further diversifying funding sources
  • Net debt/Adjusted EBITDA of 2.1x as of 31 March 2024

Selected consolidated financial data (Q1/Q1)

€ millionsQ1 2024Q1 2023Δ
Total revenue2,108.61,646.9+28%
of which: Revenue from gaming activities (GGR)2,019.41,588.9+27%
Net revenue940.9811.2+16%
Operating EBITDA316.0329.4(4)%
Adjustments to EBITDA41.817.3
Adjusted EBITDA357.8346.7+3%
Adjusted EBITDA margin38.0%42.7%(4.7) p.p.
Adjusted Free cash flow312.8322.2(3)%

In Q1 2023, we completed the acquisitions of Camelot UK, the operator of the UK National Lottery until 31 January 2024, and of Allwyn LS Group (formerly referred to as Camelot LS Group), the operator of the Illinois Lottery under a private management agreement (the “Camelot Acquisitions” ). Subsequently, Allwyn UK started operation of the UK National Lottery under a new licence on 1 February 2024. The acquisitions have a significant impact on consolidated metrics of the Group and comparability with previous periods. Differences between the business models of the acquired businesses and existing operations, and between the previous and current licences for the UK National Lottery, also results in profit margins not being directly comparable between periods.

Robert Chvatal, Allwyn CEO, commented:

“I am pleased to report that 2024 has started well, with solid operational and financial performance in the first quarter, supported by our ongoing focus on our growth strategies.

Q1 also included a key milestone in Allwyn’s history, with our successful start of operation of the UK National Lottery under a new 10-year licence. This represented the coming to fruition of many years of dedication by a team from across our geographies, and we are excited to have already started work on transforming The UK National Lottery for the benefit of all stakeholders.

On a reported basis, which includes a full quarter contribution from the United Kingdom and Allwyn LS Group, Total Revenue increased 28% year-on-year. Excluding both of these, Total Revenue growth was solid, increasing 3% year-on-year.

This performance was once again supported by good growth in digital, as well as ongoing product development and innovation. A highlight in the quarter was the launch of Eurojackpot in Greece, bringing a multi-national jackpot game to our Greek players for the first time, while we also continued to show progress in customer loyalty schemes and the digitalisation of retail.

We delivered solid profitability, with a strong performance from our equity method investees contributing to Adjusted EBITDA growth of 3% year-on-year.

With respect to inorganic growth during the quarter, as well as starting operations under the new UK National Lottery licence, we also announced our plan to partner globally with and invest in Instant Win Gaming, a leading supplier of online instant win games. Through our inorganic growth strategy, we continue to expand our footprint and capabilities.

We also had another successful quarter in terms of financing, signing €500 million of accordion facilities under our Senior Facilities Agreement. This momentum has continued after the quarter end, with the recent syndication of a USD 450 million Term Loan B facility, once again reflecting the strength of our financial performance and credit. This was our debut Term Loan B transaction, further diversifying our access to capital. I am very pleased that both transactions were well supported by existing and new lenders.

Overall, I am pleased with the start to the year and believe we are well-placed for the remainder of 2024 and the next chapters of our growth story.”


This document does not represent an offer, constitute or form part of, and should not be construed as an advertisement, an offer or an invitation to subscribe for or to purchase securities of the Company or its subsidiaries or affiliates from time to time. The preliminary unaudited results for the three months to 31 March 2024, are an estimate, based on information available to management as of the date of this release, and are subject to further changes upon completion of the Company’s standard quarter and year-end closing procedures. This update does not present all necessary information for an understanding of the Group’s financial condition as of the date of this release, or its results of operations for the first quarter ended 31 March 2024. As the Company completes its quarter-end financial close process and finalises its financial statements for the quarter, it will be required to make significant judgments in a number of areas. It is possible that the Company may identify items that require it to make adjustments to the financial information set forth above and those changes could be material. The Company does not intend to update such financial information prior to release of its first quarter financial statements.

We present certain unaudited pro rata financial information. The unaudited pro rata financial information included in this document has been prepared by the Company’s management. The unaudited pro rata financial information is not intended to, and does not represent, historical or future performance for any period.

This announcement does not form, and should not be construed as, the basis of any credit analysis or other evaluation, an investment or lending recommendation, advice, a valuation or a due diligence review. This announcement may include forward-looking statements regarding certain of our plans and our current goals, intentions, beliefs and expectations concerning, among other things, our future results of operations, financial condition, liquidity, prospects, growth, strategies, pending acquisitions or other transactions, financing plans and the industries in which we operate. These forward-looking statements can be identified by the fact that they do not relate only to historical or current facts. Generally, but not always, words such as “may,” “could,” “should,” “will,” “expect,” “intend,” “estimate,” “anticipate,” “assume,” “believe,” “plan,” “seek,” “continue,” “target,” “goal,” “would” or their negative variations or similar expressions identify forward-looking statements. By their nature, forward-looking statements are inherently subject to risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. We caution you that forward-looking statements are not guarantees of future performance and that the Group’s actual results of operations, financial condition and liquidity and the development of the industries in which we operate may differ materially from those made in or suggested by the forward-looking statements contained in this announcement. In addition, even if our results of operations, financial condition and liquidity and the development of the industries in which we operate are consistent with the forward-looking statements contained in this document, those past results or developments may not be indicative of results or developments in future periods.

We do not undertake any obligation to review, update or confirm expectations or estimates or to release publicly any revisions to any forward-looking statements to reflect events that occur or circumstances that arise after the date of this document.

No warranty or representation of any kind, express or implied, is or will be made in relation to, and to the fullest extent permissible by law, no responsibility or liability in contract, tort, or otherwise is or will be accepted by us or any of our Directors, officers, employees, advisers or agents, or any other party as to the accuracy, completeness or reasonableness of the information contained in this announcement, including any opinions, forecasts or projections. Nothing in this document shall be deemed to constitute such a representation or warranty or to constitute a recommendation to any person to acquire any securities. Any estimates and projections in this announcement were developed solely for our use at the time at which they were prepared and for limited purposes which may not meet the requirements or objectives of the recipient of this announcement. Nothing in this document should be considered to be a forecast of future profitability or financial position and none of the information in the document is or is intended to be a profit forecast or profit estimate. The financial statements included this announcement have not been subject to any review or audit process by our independent auditors and may be subject to change after a review or audit process.

We are not providing advice (whether in relation to legal, tax or accounting issues or otherwise). You should receive legal, tax, accounting and any other necessary advice from your advisors in relation to the contents of this announcement.

This announcement has not been approved by any regulatory authority and does not represent financial statements within the meaning of applicable Czech or other law.