• Consolidated Total Revenue of €2,007m in Q3, +98% YoY, with the growth driven by recent acquisitions; excluding these, consolidated Total Revenue of €1,006m for Q3, -1% YoY
• Consolidated Adjusted EBITDA of €368m in Q3, +16% YoY, consolidated Adjusted EBITDA margin of 41.7%; excluding recent acquisitions, consolidated Adjusted EBITDA of €319min Q3, +1% YoY
• Q3 performance impacted by customer-friendly sports results (as seen across the industry) and unfavourable jackpot cycles
• Consolidated Net debt / Pro forma LTM Adjusted EBITDA of 1.7x as of 30 September 2023

Selected consolidated financial data (Q3/Q3)

€ millions	Q3 2023	Q3 2022	Δ
Total Revenue	2,007.3	1,013.1	98%
of which: Gross gaming revenue (“GGR”)	1,921.7	968.7	98%
Net Revenue	883.3	642.0	38%
Operating EBITDA	310.8	311.3	-0%
Adjustments to EBITDA	57.6	5.4
Adjusted EBITDA	368.4	316.7	16%
Adjusted EBITDA margin	41.7%	49.3%	-7.6 p.p.
CAPEX	31.8	10.4	206%
Adjusted Free cash flow	336.6	306.3	10%

Selected consolidated financial data (9M/9M)

€ millions	9M 2023	9M 2022	Δ
Total Revenue	5,700.6	2,880.2	98%
of which: Gross gaming revenue (“GGR”)	5,470.7	2,754.7	99%
Net Revenue	2,601.2	1,823.4	43%
Operating EBITDA	997.4	855.0	17%
Adjustments to EBITDA	98.7	14.6
Adjusted EBITDA	1,096.1	869.6	26%
Adjusted EBITDA margin	42.1%	47.7%	-5.6 p.p
CAPEX	74.5	36.4	105%
Adjusted Free cash flow	1,021.6	833.2	23%

In Q1 2023, we completed the acquisitions of Camelot UK, the current operator of the UK National Lottery, and of Allwyn LS Group (formerly referred to as Camelot LS Group), the current operator of the Illinois Lottery under a private management agreement (the “Camelot Acquisitions”). These acquisitions have a significant impact on consolidated metrics of the Group and comparability with previous periods. Differences between the business models of the recent acquisitions and existing operations also results in profit margins not being directly comparable.

On a pro forma LTM basis, Total Revenue would have been €8,337.7 million and Adjusted EBITDA would have been €1,483.8 million

Robert Chvatal, Allwyn CEO, commented:

“I am pleased to report that Allwyn delivered another quarter of solid financial performance and strategic progress, notwithstanding headwinds from customer-friendly sports results (which impacted the sports betting sector in general) as well as less favourable jackpot cycles.

Total Revenue increased by 98% year-on-year in Q3 2023, reflecting a steady performance in our existing geographies in addition to the significant contribution from the Camelot Acquisitions that we completed in the first quarter.

The steady performance in our existing geographies was underpinned by continued progress in digital, where we see the benefits of our ongoing focus on product development and the customer proposition. Alongside this, we continue to successfully roll out of a number of important game innovations, including new launches in the exciting annuity category in Austria, the Czech Republic, and Greece and Cyprus. In doing so, we remain focused on our responsibilities to all our stakeholders, including our relentless focus on safe play.

We continued to deliver solid margins and free cash flow generation, with only a limited impact of inflation on our cost base, reflecting our favourable cost structure, with our largest cost categories being directly linked to revenue, and our focus on cost and capital efficiency.

Reflecting the strong free cash flow generation of our business model, in our Greece and Cyprus segment OPAP announced a €150 million share buyback programme during the quarter. We do not plan to tender shares and therefore expect our economic interest in OPAP to increase marginally as the buyback is carried out, consistent with our inorganic growth strategy. In parallel, OPAP has announced that it will not be continuing its scrip dividend programme. We will therefore be receiving all future dividends from OPAP in cash.

Overall, despite the sector headwinds in the quarter, I am very pleased with Allwyn’s continued progress and believe we are well placed to end 2023 successfully, and for the next chapters of our growth story.”

Disclaimer

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 Allwyn International a.s. or its subsidiaries or affiliates from time to time. The preliminary unaudited results for the three months to 30 September 2023, 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 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 second quarter. As the Company completes its quarter-end financial close process and finalizes 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 final third quarter financial statements, which is expected on or before 13 December 2023.

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.