Allwyn has kicked off 2025 with a solid first quarter, showing steady financials and expansion activity across its markets. The company’s results highlight growth in key territories and resilience in a period of structural change. Allwyn Q1 2025 results reflect both momentum and some pressure points across the group.

  • Total revenue for the quarter landed at €2.24bn, a 6% year-on-year increase, driven mainly by strong digital growth and favourable jackpot cycles. Gross gaming revenue (GGR) rose 7% year-on-year to €2.15bn, while net revenue climbed 5% to just over €1bn.

  • Adjusted EBITDA edged up 1% to €362.3m. Growth in Greece and Cyprus (+7%) and Austria (+3%) helped offset a 50% year-on-year drop in the UK, where profitability was impacted by the shift to a new National Lottery licence and incentive structure.

  • The UK operation saw GGR grow 6% year-on-year to €1.02bn, with digital GGR hitting 52% of the mix, up 12%. But EBITDA fell to €8.9m, as the company absorbed transitional and infrastructure costs. CAPEX in the UK rose to €31.5m to support technology upgrades.

  • Greece and Cyprus posted standout results, with GGR up 8% to €595m and online GGR up 20%. Adjusted EBITDA hit €205.8m. Retail performance also improved thanks to strong sports betting margins and a record Tzoker jackpot.

  • Austria reported a 6% GGR rise to €409.7m, with Numerical Lotteries up 14%. Online GGR grew 12%, and EBITDA increased 3% to €67.1m despite headwinds in casino and VLT operations following regulatory changes.

  • Allwyn confirmed it will contribute 32.5% of the €2.23bn fee for the next nine-year Italian Lotto licence after the LottoItalia consortium was proposed as the winner. The company also acquired 25.1% of Germany’s Next Lotto in April.

  • Net debt including leases was €3.15bn as of 31 March, with a net debt/adjusted EBITDA ratio of 2.0x. The group further optimised its structure with a €475m EUR Term Loan B issuance and USD add-ons, lowering funding costs.

  • Adjusted free cash flow for the quarter was €309.3m, slightly down from €312.8m a year ago. CAPEX rose 18% to €53m, mostly reflecting increased investment in the UK lottery transition.

  • CEO Robert Chvátal said: “It was also a winning quarter for our players, with a record €250 million EuroMillions winner in Austria… I’m pleased with the start of the year and believe we are well-placed for the remainder of 2025.”

  • Management expects the impact of Austria’s new gaming tax regime, effective mid-year, to reduce consolidated EBITDA by about 2% annually, but says mitigation plans are in place.

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