Allwyn International Q3 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 months ended 30 September 2025 and provides an update on recent developments and current trading.
Unless indicated otherwise, all financials and commentary exclude casino operations in Germany, which were sold in July and are treated herein as discontinued operations, in order to aid comparability.
- Good top-line growth momentum and landmark strategic transactions
- Net Revenue of €1,023 million, +5% YoY
- Adjusted EBITDA of €374 million, -8% YoY, primarily reflecting customer-friendly sports results and non-operating items at Betano, and higher corporate costs following simplification of group structure in prior year
- Net debt/Adjusted EBITDA of 2.3x as of 30 September 2025
- Agreement to acquire majority stake in PrizePicks, the leading daily fantasy sports operator in North America
- Post quarter end, announced planned all-share combination of Allwyn and OPAP, creating the second largest listed lottery and gaming operator globally
Selected consolidated financial data (Q3/Q3)
| € millions | Q3 2025 | Q3 2024 | Δ |
|---|---|---|---|
| Total Revenue | 2,202 | 2,110 | 4% |
| of which: Gross gaming revenue (“GGR”) | 2,118 | 2,026 | 5% |
| Net Revenue | 1,023 | 971 | 5% |
| Operating EBITDA | 301 | 359 | (16%) |
| Adjustments to EBITDA | 73 | 47 | |
| Adjusted EBITDA | 374 | 406 | (8%) |
| Adjusted EBITDA margin | 36.6% | 41.8% | (5.2) p.p. |
| CAPEX | 72 | 68 | 6% |
| Adjusted Free cash flow | 302 | 338 | (11%) |
Robert Chvatal, Allwyn CEO, commented:
“I am pleased to report another quarter of solid financial performance and transformative strategic initiatives, as we continue to execute our growth strategy.
Net Revenue increased 5% year-on-year in the third quarter, broadly in line with growth in the first half and especially pleasing given the strength of growth in the same quarter last year. This performance reflects continued delivery on our digital growth strategy, with online Net Gaming Revenue up 8% year-on-year, and the unwavering commitment of our teams to deliver an exceptional customer experience.
We achieved good profitability growth across the majority of our businesses in the quarter, benefiting from continued top-line growth and a full quarter’s contribution from Instant Win Gaming, which we acquired last year and continues to perform very well; however, this was offset by several specific headwinds in the quarter, including exceptionally customer-friendly sports results affecting performance of Betano (reported as an equity method investee) and, as we also noted in the first half of the year, higher Corporate costs following last year’s simplification of the group structure.
We are also delighted and excited to have announced two landmark transaction that significantly advance our growth strategy and strengthen our position as a global leader in lottery and gaming.
First, in September we agreed to acquire a majority stake in PrizePicks, the leading daily fantasy sports operator in North America. This transaction marks our entry into the fast-growing U.S. online sports entertainment market. PrizePicks has a track record of strong growth, profitability, and cash generation, supported by an innovative platform that has made it the clear leader in its category. Its engaging product offering, proprietary technology and strong brand are genuinely differentiated, and position us to capture long-term growth opportunities in this dynamic segment of the very substantial and dynamic U.S. market.
Second, in October we announced the planned combination of Allwyn and OPAP to create the second largest listed lottery and gaming operator globally. This transaction is the logical next step in our long-standing stewardship of OPAP, which has delivered very significant shareholder returns to Allwyn and the other shareholders of OPAP since our initial investment in 2013. It safeguards the long term value of OPAP in a rapidly evolving gaming environment and enables OPAP’s public shareholders to benefit from Allwyn’s unique platform, including growth, scale, diversification, access to leading technology and digitalisation, and a developing global brand, while continuing to benefit from substantial and resilient cash returns. For Allwyn, this represents the natural next milestone in our journey, with a public market listing expanding our capital markets access to equity markets and elevating the profile of Allwyn’s global platform.
We are also pleased to have begun our rollout of Allwyn as a consumer-facing brand, beginning in the Czech Republic and Greece. This is the start of our long-term strategy to introduce the Allwyn brand as the key consumer facing brand across our markets. We see the introduction of a single brand as an important enabler of our growth strategy, allowing us to connect with new audiences in new and existing markets and to achieve marketing synergies across the group. Finally, in November, we successfully syndicated a USD 1.5bn financing for the acquisition of PrizePicks. This included a USD 1bn institutional term loan B, our largest offering to date in this market, demonstrating continued investor support for the Allwyn credit and confidence in our outlook.
Our progress so far this year reinforces the strength of our proven strategy and, looking forward, we are well prepared to deliver the next phase of our growth story and further strategic progress1.”
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 months ended 30 September 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 period ended 30 September 2025. As the Company completes its quarter-end financial close process and finalises 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 third quarter financial statements.
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. 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.
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1Both the acquisition of PrizePicks and combination with OPAP are subject to certain conditions to closing.