Allwyn (ALWN) Q1 2025 earnings summary

Executive summary

• Q1 2025 delivered robust growth, with GGR up 8.2% year-over-year to €595m, driven by strong online (up 19.9–20% YoY) and retail performance, aided by favorable sports betting margins and a record Tzoker jackpot.

• EBITDA reached €207m, up 8.8% YoY, with a margin of approximately 35%.

• Net profit increased by 8.9% YoY to €123.4m, with a net profit margin of 20.7–21%.

• Online GGR contribution remained high at 30%, with iLottery expanding 34% YoY.

• CEO highlighted organic growth, digitalization, and customer-centric innovation as key drivers, with confidence in meeting 2025 outlook.

Financial highlights

• Revenue (GGR) rose 8.2% YoY to €595m in Q1 2025.

• Gross profit from gaming operations increased 10.7% YoY to €250.8m, with a gross profit margin of 42.1%.

• Online GGR up 19.9–20% YoY; Retail GGR up 4.0% YoY.

• iGaming (Online Casino) GGR up 19.8% YoY; Betting up 12.8%; Numerical Lotteries up 5.5%.

• Cash flow from operating activities surged 65.8% to €178.7m.

Outlook and guidance

• Management remains confident in delivering 2025 targets, with no concerning trends observed so far in Q2.

• Guidance for the year remains unchanged.