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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Allwyn
Allwyn (ALWN) investor relations material
Allwyn Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2026 earnings summary27 Aug, 2026
Executive summary
Net revenue rose 27% year-over-year to €1,246 million in Q2 2026, driven by strong digital expansion, Continental Europe momentum, and the PrizePicks acquisition.
Adjusted EBITDA increased 29% year-over-year to €458 million, with a margin of 37%, supported by organic growth and strategic execution.
Shareholder returns included a €0.20/share interim distribution, bringing total dividends to €1 per share, and €89 million of a €150 million buyback completed.
Continued successful execution of digital initiatives, product launches, and increased stake in Next Lotto.
2026 outlook reaffirmed: mid-to-high 20% net revenue growth and ~37% adjusted EBITDA margin.
Financial highlights
Net revenue: €1,246 million (+27% YoY); adjusted EBITDA: €458 million (+29% YoY); margin: 36.8% (+0.5 p.p. YoY).
iGaming revenue up 24% YoY; sports betting up 12% YoY, boosted by the World Cup.
CapEx down 39% YoY to €38 million, now at 3% of net revenue.
Net debt (including leases): €6,658 million, 3.5x LTM adjusted EBITDA.
Free cash flow generation supported by low capital intensity and strong cash conversion.
Outlook and guidance
2026 guidance reaffirmed: consolidated net revenue growth in the mid-to-high 20% range, adjusted EBITDA margin at 37%.
Trading in line with expectations; demand remains resilient despite subdued consumer confidence.
Q3 expected to benefit from removal of Austria tax headwind and softer sports comparatives; Q4 typically the largest quarter.
UK FY2026 net revenue growth expected below previous guidance due to digital re-platforming and jackpot cycle effects.
Confident in long-term growth, profitability, and cash flow generation.
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Latest events from Allwyn
- Record GGR, resilient recurring EBITDA, FY'24 growth outlook and €1.85/share payout.ALWN
Q4 2023 - Net revenue up 21% to €1,204m, adjusted EBITDA up 24%, with digital and iGaming growth, and €150m buyback.ALWNQ1 2026
- Record GGR, strong iGaming, and Allwyn merger define a transformative FY 2025.ALWNQ4 2025 pre-recorded
- Record GGR, strong digital growth, and Allwyn merger drive future momentum.ALWNQ4 2025
- Global lottery and gaming leader formed, driving innovation, growth, and resilient returns.ALWNCMD 2025
- Joker/Tzoker jackpots and online casino growth drove strong Q3 and 9M 2024 results.ALWNQ3 2024
- Online and retail growth, Euro 2024 boost, interim €0.60 dividend, and strong 2024 outlook.ALWNQ2 2024
- Q1 2025 delivered 8.2% GGR growth, strong online gains, and robust profitability.ALWNQ1 2025
- Record FY 2024: GGR up 10%, net profit up 19%, strong online and sports betting growth.ALWNQ4 2024
Next Allwyn earnings date
Q3 202619 Nov, 2026
Allwyn
Next Allwyn earnings date
Q3 202619 Nov, 2026
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Frequently asked questions
Organization of Football Prognostics S.A. (OPAP) is a gaming and lottery company engaged in the operation of betting, lottery, and online gaming services. The company offers a range of gaming products, including sports betting, numerical lotteries, scratch cards, and casino-style games. OPAP operates through a network of retail outlets and digital platforms, serving customers across Greece and Cyprus. The company is headquartered in Athens, Greece, and its shares are listed on the ATHEX.