Allwyn (ALWN) Q1 2026 earnings summary

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.