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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.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.
- Record GGR, strong digital growth, and Allwyn merger drive future momentum.ALWN
Q4 20253 Mar 2026 - Record GGR, strong iGaming, and Allwyn merger define a transformative FY 2025.ALWN
Q4 2025 pre-recorded3 Mar 2026 - Q1 2025 delivered 8.2% GGR growth, strong online gains, and robust profitability.ALWN
Q1 20253 Feb 2026 - Online and retail growth, Euro 2024 boost, interim €0.60 dividend, and strong 2024 outlook.ALWN
Q2 202422 Jan 2026 - Joker/Tzoker jackpots and online casino growth drove strong Q3 and 9M 2024 results.ALWN
Q3 202413 Jan 2026 - Record FY 2024: GGR up 10%, net profit up 19%, strong online and sports betting growth.ALWN
Q4 202426 Dec 2025 - All-share merger forms a global gaming leader, boosting scale, returns, and targeting H1 2026 close.ALWN
M&A Announcement23 Dec 2025 - Merger forms the world's #2 listed lottery and gaming operator, valued at €16.2 billion.ALWN
M&A Announcement pre-recorded14 Dec 2025 - A global lottery and gaming leader emerges, targeting double-digit growth and strong dividends.ALWN
CMD 202528 Nov 2025
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