Allwyn
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Allwyn (ALWN) investor relations material

Allwyn Q1 2026 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q1 2026 earnings summary4 Jun, 2026

Executive summary

  • Q1 2026 marked the first results post-OPAP combination, establishing a scaled, diversified gaming group with strong strategic momentum, digital growth, and product innovation.

  • Net revenue rose 21% year-on-year to €1,204 million, with adjusted EBITDA up 24% to €443 million and a margin of 37%.

  • Major milestones included the OPAP combination, PrizePicks acquisition, UK tech transformation, and launch of a global brand strategy.

  • Betano became an official FIFA World Cup 2026 supporter, and Powerball is set to launch in the UK in Summer 2026.

  • Strong cash generation supported capital returns, including a €0.80/share distribution and a €150 million buyback.

Financial highlights

  • Net revenue rose 21% year-on-year to €1,204 million, with adjusted EBITDA up 24% to €443 million and margin at 36.8%.

  • Underlying net revenue (excluding acquisitions/tax) up 5% year-on-year; underlying adjusted EBITDA up 11%.

  • iGaming revenue up 30%, sports betting up 13%, VLTs/casinos up 11% year-on-year.

  • Net debt to adjusted EBITDA at 2.8x as of Q1 2026.

  • Adjusted profit after tax: €213 million (+18% YoY); adjusted EPS: €0.21 (-38% YoY due to share count increase).

Outlook and guidance

  • 2026 outlook reaffirmed: consolidated net revenue growth in the mid-to-high 20% range, with a one-off -2% impact in Continental Europe.

  • Adjusted EBITDA margin expected at 37% of net revenue.

  • Trading remains in line with expectations; demand resilient despite macroeconomic/geopolitical uncertainties.

  • Minimum annual cash distribution of €1 per share targeted for 2026; interim dividend of €0.20/share expected in H2 2026.

EBITDA threshold for PrizePicks earnout
UK transformation cost recovery expectations
Reason for withdrawing the Novibet transaction
Impact of UK tech transformation on cash flow
PrizePicks earnout EBITDA growth requirements
Why is KKCG not participating in the buyback?
UK triple inflection point and Powerball impact
PrizePicks blended experience and cannibalization
Rationale for EUR 150m buyback vs dividends
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