Allwyn’s total revenue increased 12% year-on-year in 2024, to €8,794.6 million.

Within this, Revenue from gaming activities (GGR) also increased 12% year-on-year, with strong GGR growth across most markets on a constant currency basis, reflecting our continued focus on accelerating organic growth, as well as the benefit from the first full year contribution of the United Kingdom. The digital channel was a key growth driver, with online GGR up 20% year-on-year to reach 39% of GGR.

Adjusted EBITDA increased 4% year-on-year in 2024, to €1,545.6 million. This reflected solid Adjusted EBITDA growth in most of our markets, as well as lower profitability in the United Kingdom owing to the introduction of a new incentive and profitability mechanism with the start of the new licence in February 2024. The contribution from equity method investees was strong.

The overall performance once again demonstrates the benefit of Allwyn’s broad geographic footprint. The Adjusted EBITDA margin remained strong at 38.6%1. Excluding the United Kingdom and North America, Technology and Content in both periods, for comparability purposes, Adjusted EBITDA increased 11% year-on-year. On a pro rata basis, Adjusted EBITDA was €1,203.9 million in 2024, +4% year-on-year, despite profitability in the United Kingdom being €146.4 million lower year-on-year.

CAPEX was €255.8 million in 2024, compared with €102.1 million in 2023, with the increase primarily relating to investment in the United Kingdom, in support of our plans to transform The National Lottery.

Net debt (including leases) was €3,365.3 million as of 31 December 2024, representing Net debt / Adjusted EBITDA of 2.2x, in line with leverage at the end of Q3 2024. Subsidiary net cash as of 31 December 2024 was €651.7 million.