Allwyn International FY 2025 Preliminary Unaudited Financial Results and Update on Current Trading
Allwyn International AG (“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 and twelve months ended 31 December 2025 and provides an update on recent developments and current trading. Unless indicated otherwise, the financials presented in this announcement exclude the contribution from our Germany casinos (which were sold in 2025) in all periods presented to aid comparability.
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- Continued execution of key strategic initiatives, good growth momentum and two landmark transactions agreed in 2025
- Net Revenue of €4,112 million in FY 2025, +4% YoY
- Adjusted EBITDA of €1,584 million, +4% YoY including certain non-recurring effects
- Post year end, completed acquisition of a majority stake in PrizePicks, the leading daily fantasy sports operator in the United States; FY 2025 Adjusted EBITDA €1,905 million pro forma for PrizePicks 1
- Updated financial guidance provided; in line with previously announced 2026 Adjusted EBITDA guidance excluding impact of withdrawn Novibet acquisition
- Planned combination with OPAP expected to complete in March 2026, resulting in Allwyn becoming a listed company
1 Pro forma FY 2025 Adjusted EBITDA comprises €1,584 million Adjusted EBITDA of the Group and €321 million Adjusted EBITDA of PrizePicks.
Selected consolidated financial data (FY 2025/2024)
| € millions | FY 2025 | FY 2024 | Δ |
|---|---|---|---|
| Total Revenue | 8,991 | 8,664 | 4% |
| of which: Gross gaming revenue (“GGR”) | 8,632 | 8,301 | 4% |
| Net Revenue | 4,112 | 3,944 | 4% |
| Operating EBITDA | 1,315 | 1,388 | (5%) |
| Adjustments to EBITDA | 269 | 139 | - |
| Adjusted EBITDA | 1,584 | 1,527 | 4% |
| Adjusted EBITDA margin (% of Net Revenue) | 38.5% | 38.7% | (0.2) p.p. |
| CAPEX | 254 | 256 | (1%) |
| Adjusted EBITDA - CAPEX | 1,330 | 1,271 | 5% |
| Adjusted profit attributable to shareholders of the Company | 509 | 449 | 13% |
Selected consolidated financial data (Q4/Q4)
| € millions | Q4 2025 | Q4 2024 | Δ |
|---|---|---|---|
| Total Revenue | 2,340 | 2,363 | (1%) |
| of which: Gross gaming revenue (“GGR”) | 2,242 | 2,258 | (1%) |
| Net Revenue | 1,119 | 1,104 | 1% |
| Operating EBITDA | 417 | 398 | 5% |
| Adjustments to EBITDA | 80 | 37 | - |
| Adjusted EBITDA | 497 | 435 | 14% |
| Adjusted EBITDA margin (% of Net Revenue) | 44.4% | 39.4% | 5.0 p.p. |
| CAPEX | 62 | 87 | (29%) |
| Adjusted EBITDA - CAPEX | 435 | 348 | 25% |
| Adjusted profit attributable to shareholders of the Company | 234 | 122 | 92% |
Robert Chvatal, Allwyn CEO, commented:
“2025 was a pivotal year for Allwyn. We continued to deliver on all dimensions of our strategy, driving good financial performance across our business, and agreed two transformative transactions – strengthening our positioning for sustainable long-term growth and an exciting future as a listed company.
It was another year of organic topline and profit growth. Net Revenue increased 4% year on year, against very strong performance in the prior year. This momentum was driven by continued progress in digital, with online Net Gaming Revenue increasing 11% year-on-year, and by the dedication of our teams to consistently delivering an outstanding customer proposition across all our channels and products. We also delivered profit growth across all our businesses, aside from the impact of the new incentive and profitability mechanism on the UK National Lottery.
The two landmark transactions agreed during the year significantly advance our growth strategy and further strengthen our position as a global leader in lottery and gaming entertainment.
In September, we agreed to acquire a majority stake in PrizePicks, the leading daily fantasy sports operator in the United States 2. We completed the acquisition in January 2026, marking our entry into the fast-growing United States online sports entertainment market. PrizePicks was the first sports entertainment platform to achieve registration with the National Futures Association, allowing PrizePicks to launch its prediction markets offering – within its main app – in November. For the first time, customers can take a view on the outcome of individual matches – for a long time PrizePicks’ most requested feature. With a large and highly engaged customer base, a team that has a deep understanding of how to create an engaging, entertaining proposition, and the opportunity to add new and highly complementary features to its proposition, PrizePicks is well positioned to benefit from the prediction market opportunity and we are very excited about the prospects for the PrizePicks business.
In October we announced the planned combination of Allwyn and OPAP, creating the world’s second largest listed lottery and gaming operator 3. This transaction is the next step in our long standing partnership with OPAP’s shareholders, for whom we have delivered outstanding returns over more than 10 years since our initial investment. We are looking forward to completing the transaction in the coming weeks. The combination will give investors the opportunity to invest in a genuinely differentiated proposition – a business with leading market positions across Europe and North America, a high degree of diversification, and proprietary technology and content, supporting both compounding sustainable growth and significant cash returns.
We were also pleased to renew our licence to operate the Italian Lotto, via LottoItalia, and to have been named preferred bidder for the renewal of our Greek scratchcard concession.
2025 was also a year in which we launched our global brand strategy alongside high-profile partnerships with Formula 1 and the McLaren Formula 1 Team, transforming awareness of Allwyn on the global stage and leading up to introducing the Allwyn brand to our customers in the Czech Republic and Greece in early 2026. We see our single brand strategy as a key differentiating factor and enabler of our success in the long term.
The significant steps taken this year further strengthen our platform, and position us well to deliver sustainable long‑term value as a listed company.”
2 By cumulative app downloads from January 1, 2024 to December 31, 2025.
3 Based on consolidated LTM Sep-25 EBITDA pro forma for the acquisition of PrizePicks. Excludes land-based casino operators.
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 the Company or its subsidiaries or affiliates from time to time. The preliminary unaudited results for three and twelve months ended 31 December 2025, 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 three months or for the year ended 31 December 2025. As the Company completes its year-end financial close process and finalises its financial statements for the year, 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 audited annual financial statements.
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. Please refer to “Risk Factors” in Allwyn’s Annual Report and Accounts 2024 for risks and uncertainties relating to the Company, its subsidiaries and its equity method investees. 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 in 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.
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