Key points:
- Allwyn reported total revenue of €2.24bn for Q1 2025, a 6% increase year-on-year
- The lottery operator provided an update on its successful Italian Lotto licence bid and capital structure adjustments
Overview
Allwyn has announced its preliminary unaudited financial results for the three months ended 31 March 2025 and has provided an update on new developments for the organisation.
In April, after the end of the quarter, the LottoItalia consortium was proposed for the next nine-year licence to operate the Italian Lotto.
The group also acquired a minority interest in Next Lotto, an online lottery reseller in Germany.
Financial breakdown
For the first quarter of 2025, Allwyn reported total revenue of €2.24bn ($2.44bn), an increase of 6% compared to Q1 2024. Gross gaming revenue (GGR) rose by 7% year-on-year, reaching €2.15bn.
Adjusted EBITDA was €360m, a 1% increase from the prior year. The adjusted EBITDA margin declined to 35.9% from 37.4%, reflecting changes in operating costs and corporate structure.
As of 31 March 2025, the operator’s net debt to adjusted EBITDA ratio was 2.0x. CAPEX for the quarter was €53m, representing an 18% increase year-on-year. Adjusted free cash flow for the quarter was €310m, down 1% year-on-year.
Capital structure adjustments during the quarter included the repricing and upsizing of the USD Term Loan B and the issuance of a €475m Term Loan B with a seven-year maturity.
Good to know: The quarter included large player winnings in Austria and Greece, including a €250m EuroMillions jackpot
CEO comments
Robert Chvatal, Allwyn CEO, commented: “I am very pleased to report a good start to 2025, with the continued successful execution of our growth strategies sustaining the positive momentum from our record performance in 2024.
“Total Revenue increased 6% year-on-year reflecting growth in the digital channel, in addition to further enhancements to our proposition, as we constantly seek to elevate the player experience.
“We look forward to continuing to work together with our partners to deliver for players and all stakeholders, while also supporting responsible play.”
Outlook
The Q1 2025 results follow Allwyn’s full-year 2024 performance, which saw total revenue of €8.8bn, driven by growth in Austria, Greece and Cyprus.
