Allwyn (ALWN) Q2 2026 earnings summary

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.