• Consolidated Total Revenue of €7,878.1 million in FY 2023, with strong growth of +6% YoY excluding acquisitions during the year; +98% YoY on a reported basis
• Consolidated Adjusted EBITDA of €1,484.6 million, underpinned by growth of +12% YoY excluding acquisitions; +27% YoY on a reported basis
• Q4 Consolidated Total Revenue of €2,177.5 million, +4% YoY excluding acquisitions; +97% YoY on a reported basis
• Q4 Consolidated Adjusted EBITDA of €388.5m, +15% YoY excluding acquisitions; +30% YoY on a reported basis
• Acquired Camelot UK, supporting Allwyn UK’s successful start of the next licence for The National Lottery post year end, and Allwyn LS Group; lottery footprint expanded to seven countries
• Issued ~€1.3bn eq. senior secured long-dated notes, including debut USD Dollar issuance, and raised €335m bank facility, extending maturity profile as well as further diversifying funding sources
• Consolidated Net debt / Adjusted EBITDA of 1.6x as of 31 December 2023

Selected consolidated financial data (FY 2023/2022)

€ millions	FY 2023	FY 2022	Δ
Total Revenue	7,878.1	3,988.2	98%
of which: Gross gaming revenue (“GGR”)	7,549.4	3,811.3	98%
Net Revenue	3,589.0	2,531.4	42%
Operating EBITDA	1,334.2	1,132.3	18%
Adjustments to EBITDA	150.4	35.1
Adjusted EBITDA	1,484.6	1,167.4	27%
Adjusted EBITDA margin	41.4%	46.1%	-4.7 p.p.
CAPEX	102.1	68.2	50%
Adjusted Free cash flow	1,382.5	1,099.2	26%

Selected consolidated financial data (Q4/Q4)

€ millions	Q4 2023	Q4 2022	Δ
Total Revenue	2,177.5	1,108.0	97%
of which: Gross gaming revenue (“GGR”)	2,078.7	1,056.6	97%
Net Revenue	987.8	1,823.4	43%
Operating EBITDA	997.4	708.0	40%
Adjustments to EBITDA	51.7	297.8
Adjusted EBITDA	388.5	297.8	30%
Adjusted EBITDA margin	39.3%	42.1%	-2.8 p.p.
CAPEX	27.6	31.8	(13)%
Adjusted Free cash flow	360.9	266.0	36%

In Q1 2023, we completed the acquisitions of Camelot UK, the operator of The National Lottery in the UK until 31 January 2024, and of Allwyn LS Group (formerly referred to as Camelot LS Group), the 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.

Robert Chvatal, Allwyn CEO, commented:

"I am pleased to report that 2023 was another year of strong financial and operational performance and strategic progress. We continued to execute our growth strategies successfully, while maintaining our relentless focus on safer play and accountability to all our stakeholders.

I believe that the consistent delivery by our teams, bringing new games, new features and upgrades to the player experience, as well as an expanded geographic footprint and enhancements to our in house technology and content, support our aspiration to be the operator of choice and position us well for future growth.

On a reported basis, which includes the impact of the Camelot Acquisitions that we completed in the first quarter, Total Revenue increased 98% year-on-year. Excluding the acquisitions, we delivered strong Total Revenue growth of 6% year-on-year.

This robust performance was underpinned by further progress in digital, which continues to grow as a share of GGR. We sustained momentum in product development and innovation, with a highlight of the year being new launches in the exciting annuity category in Austria, the Czech Republic, and Greece and Cyprus.

During the year we once again saw the resilience of demand for our products, notwithstanding an inflationary backdrop in which consumer spending remained under pressure. We also continued to deliver solid margins and free cash flow 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.

With respect to inorganic growth, 2023 was another year of delivery of our strategy, with the acquisitions of Camelot UK and Allwyn LS Group, as well as a further increase in our stake in OPAP in our Greece and Cyprus segment. Since the beginning of 2024, we have successfully started operation of the next 10-year licence for The National Lottery in the UK, in addition to announcing our plan to partner globally with and invest in Instant Win Gaming (“IWG”), a leading supplier of online instant win games. Through our inorganic growth strategy, we continue to expand our footprint and capabilities.

2023 was also another successful year in terms of financing, with a highlight being our issuance of €1.3 billion of long-dated senior secured notes in April. This transaction significantly extended our debt maturity profile and simplified our capital structure, as well as including our first US-dollar bond, further diversifying our sources of funding. We also continued to receive strong support from our banking partners, evidenced by our signing of €335 million of accordion facilities under our Senior Facilities Agreement in the first quarter. This momentum has carried into 2024 with the recent signing of another €500 million accordion facility, once again reflecting the strength of our financial performance and credit.

I want to thank all my colleagues whose dedication and hard work has contributed to this performance in 2023, as well as once again to welcome new colleagues who have joined us or will be joining us soon. Looking forward as always, I am excited about what the future holds for Allwyn as we continue to focus on driving both organic and inorganic growth, and believe we are well placed for the next chapters of our growth story.”

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 periods ended 31 December 2023, 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 fourth quarter or for the year ended 31 December 2023. 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.

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.

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