• Total Revenue of €2,108.6 million in Q1 2024, +28% YoY, primarily driven by a full quarter contribution from United Kingdom segment (consolidated from February 2023); excluding this segment and Allwyn LS Group (consolidated from March 2023), Total Revenue growth +3% YoY
• Adjusted EBITDA of €357.8 million, +3% YoY; excluding United Kingdom segment and Allwyn LS Group, also +3% YoY
• Raised €500 million bank facility in March 2024; post quarter end, syndication of USD 450 million debut Term Loan B facility, extending maturity profile as well as further diversifying funding sources
• Net debt/Adjusted EBITDA of 2.1x as of 31 March 2024

Selected consolidated financial data (Q1/Q1)

€ millions	Q1 2024	Q1 2023	Δ
Total revenue	2,108.6	1,646.9	+28%
of which: Revenue from gaming activities (GGR)	2,019.4	1,588.9	+27%
Net revenue	940.9	811.2	+16%
Operating EBITDA	316.0	329.4	(4)%
Adjustments to EBITDA	41.8	17.3
Adjusted EBITDA	357.8	346.7	+3%
Adjusted EBITDA margin	38.0%	42.7%	(4.7) p.p.
CAPEX	45.0	24.5	+84%
Adjusted Free cash flow	312.8	322.2	(3)%

In Q1 2023, we completed the acquisitions of Camelot UK, the operator of the UK National Lottery 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” ). Subsequently, Allwyn UK started operation of the UK National Lottery under a new licence on 1 February 2024. The acquisitions have a significant impact on consolidated metrics of the Group and comparability with previous periods. Differences between the business models of the acquired businesses and existing operations, and between the previous and current licences for the UK National Lottery, also results in profit margins not being directly comparable between periods.

Robert Chvatal, Allwyn CEO, commented:

“I am pleased to report that 2024 has started well, with solid operational and financial performance in the first quarter, supported by our ongoing focus on our growth strategies.

Q1 also included a key milestone in Allwyn’s history, with our successful start of operation of the UK National Lottery under a new 10-year licence. This represented the coming to fruition of many years of dedication by a team from across our geographies, and we are excited to have already started work on transforming The UK National Lottery for the benefit of all stakeholders.

On a reported basis, which includes a full quarter contribution from the United Kingdom and Allwyn LS Group, Total Revenue increased 28% year-on-year. Excluding both of these, Total Revenue growth was solid, increasing 3% year-on-year.

This performance was once again supported by good growth in digital, as well as ongoing product development and innovation. A highlight in the quarter was the launch of Eurojackpot in Greece, bringing a multi-national jackpot game to our Greek players for the first time, while we also continued to show progress in customer loyalty schemes and the digitalisation of retail.

We delivered solid profitability, with a strong performance from our equity method investees contributing to Adjusted EBITDA growth of 3% year-on-year.

With respect to inorganic growth during the quarter, as well as starting operations under the new UK National Lottery licence, we also announced our plan to partner globally with and invest in Instant Win Gaming, a leading supplier of online instant win games. Through our inorganic growth strategy, we continue to expand our footprint and capabilities.

We also had another successful quarter in terms of financing, signing €500 million of accordion facilities under our Senior Facilities Agreement. This momentum has continued after the quarter end, with the recent syndication of a USD 450 million Term Loan B facility, once again reflecting the strength of our financial performance and credit. This was our debut Term Loan B transaction, further diversifying our access to capital. I am very pleased that both transactions were well supported by existing and new lenders.

Overall, I am pleased with the start to the year and believe we are well-placed for the remainder of 2024 and 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 the three months to 31 March 2024, 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 first quarter ended 31 March 2024. 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 first 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.

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