Allwyn International together with its subsidiaries, joint ventures and associates announces its preliminary unaudited financial results for the three months ended 30 June 2024 and provides an update on recent developments and current trading.

Total Revenue of €2,146.7 million in Q2 2024, +5% YoY, with strong organic growth across most geographies.

Adjusted EBITDA of €340.0 million, -11% YoY; excluding United Kingdom segment and Allwyn LS Group, +4% YoY.

Syndicated USD 450 million debut Term Loan B facility with proceeds used to refinance existing indebtedness, further diversifying funding sources, optimising cost of funds and extending maturity profile. Net debt/Adjusted EBITDA of 2.1x as of 30 June 2024.

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 another quarter of continued progress and solid financial performance, reflecting continued execution of our growth strategies.

We delivered good top line momentum and solid growth in profitability in most geographies, with our overall financial performance reflecting the new incentive and profitability mechanism under the new license in the United Kingdom.

Total Revenue increased 5% year-on-year, with strong organic growth in Austria, the Czech Republic and Greece and Cyprus.

The expansion of the digital channel was once again a key driver of the good performance in these geographies, while our teams’ focus on product development and innovation continued, with another quarter of launches of new games and content. The quarter also included the start of the Euro 2024 and Copa America tournaments, which supported a very strong performance in Sports Betting.

We delivered solid profitability growth outside the United Kingdom, and once again benefited from a strong performance from our equity method investees. Excluding the United Kingdom as well as Allwyn LS Group, which was acquired during the first half of 2023, Adjusted EBITDA increased 4% year-on-year.

With respect to our inorganic growth strategy, it was a relatively quieter quarter, with a small increase in our interest in OPAP in our Greece and Cyprus segment during the quarter as a result of OPAP’s ongoing buyback programme.

In June we were awarded a 15-year exclusive licence to continue to operate lotteries and certain other games in Cyprus. OPAP has been present in Cyprus for many years and we are excited about the prospects for the new licence period. Following the end of the quarter, we are very pleased to have completed our planned investment in a 70% interest in Instant Win Gaming, a leading supplier of online instant win games, expanding our footprint and capabilities.

We had another successful quarter in terms of financing, with the syndication of a USD 450 million debut Term Loan B facility in May, once again reflecting the strength of our financial performance and credit and further diversifying our funding sources, extending our debt maturity profile and optimising our finance costs.

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