Allwyn International Q2 2023 Preliminary Unaudited Results and Update on Current Trading

September 7, 2023 | Financial
  • Consolidated Total Revenue of €2,046.4m in Q2, +115% YoY, primarily driven by recent acquisitions; excluding these, consolidated Total Revenue of €1,020.8m for Q2, +7% YoY, reflecting continuing organic growth
  • Consolidated Adjusted EBITDA of €381.0m in Q2, +35% YoY, consolidated Adjusted EBITDA margin of 42.0%; excluding recent acquisitions, consolidated Adjusted EBITDA of €324.5m in Q2, +15% YoY
  • Issued ~€1.3bn in senior secured long-dated notes, extending maturity profile as well as diversifying funding sources through debut US Dollar issuance
  • Consolidated Net debt / Pro forma LTM Adjusted EBITDA of 1.8x as of 30 June 2023


Selected consolidated financial data (Q2/Q2)

€ millions Q2 2023 Q2 2022 Δ
Total Revenue 2,046.4 953.1 115%
of which: Gross gaming revenue (“GGR”) 1,960.1 910.4 115%
Net Revenue 906.7 602.3 51%
Operating EBITDA 357.2 276.3 29%
Adjustments to EBITDA 23.8 6.7
Adjusted EBITDA 381.0 283.0 35%
Adjusted EBITDA margin 42.0% 47.0% -5 p.p.
CAPEX 18.2 7.0 160%
Adjusted Free cash flow 362.8 276.0 31%


Selected consolidated financial data (H1/H1)

€ millions H1 2023 H1 2022 Δ
Total Revenue 3,693.3 1,867.1 98%
of which: Gross gaming revenue (“GGR”) 3,549.0 1,786.0 99%
Net Revenue 1,717.9 1,181.4 45%
Operating EBITDA 686.6 543.7 26%
Adjustments to EBITDA 41.1 9.2
Adjusted EBITDA 727.7 552.9 32%
Adjusted EBITDA margin 42.4% 46.8% -4.4 p.p.
CAPEX 42.7 26.0 64%
Adjusted Free cash flow 685.0 526.9 30%


In Q1 2023, we completed the acquisitions of Camelot UK, the current operator of the UK National Lottery, and of Allwyn LS Group (formerly referred to as Camelot LS Group), the current operator of the Illinois Lottery under a private management agreement (the “Camelot Acquisitions”). These acquisitions have a significant impact on consolidated metrics of the Group and comparability with previous periods. Differences between the business models of the recent acquisitions and existing operations also results in profit margins not being directly comparable.

On a pro forma LTM basis, Total Revenue would have been €8,473.2 million and Adjusted EBITDA would have been €1,488.3 million.

Robert Chvatal, Allwyn CEO, commented:

I am pleased to report that Allwyn delivered another quarter of strong growth, profitability and strategic progress.

We delivered organic revenue growth across markets, and also saw a further step up in profit and free cash flow generation owing to this being the first full quarter of ownership of our recent acquisitions, Camelot UK and Allwyn LS Group (formerly Camelot LS Group).

Our Total Revenue increased by 115% year-on-year in Q2 2023, reflecting growth of 7% in our existing geographies as well as the significant contribution from the Camelot Acquisitions.

I am happy to report that the good performance in our existing geographies was driven primarily by strong growth in digital, where we have sustained our momentum in product development and innovation. Alongside this, we continue to evolve and digitise the customer proposition in physical retail, while during the quarter we once again saw resilience of demand for our products, even in an environment where consumer spending remains under pressure. We also, of course, retain our focus on our accountability to all our stakeholders and on safe play. In June, we published our latest ESG report, outlining the continued progress we have made regarding our responsibilities to our players, partners, people and planet, as well as setting out our key commitments in our ESG strategy.

We continued to deliver strong margins and solid free cashflow generation, with only a limited impact of inflation on our cost base, reflecting our favourable cost structure, with our largest cost categories being directly linked to revenue, and our focus on cost and capital efficiency.

In line with our strategy to deploy capital for inorganic growth, we once again increased our shareholding in OPAP during the quarter, with our economic interest increasing to 50.43%, while also focusing on the integration of the Camelot Acquisitions and delivering on the great potential of these businesses.

In addition, as highlighted previously, our operational execution, strategic progress and the continued strength of our financial performance were a supportive backdrop for our financing activities during the quarter, with Allwyn issuing €665 million and $700 million long-dated bonds in a single transaction. This financing represented our first US-dollar bond issuance, further diversifying our sources of funding, as well as significantly extending our debt maturities and further simplifying our capital structure.

Overall, I am very pleased with Allwyn’s continued progress and believe we are well placed for the rest of 2023 and the next chapters of our growth story.”

SOURCE: Allwyn.

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