Allwyn (ALWN) Q4 2023 earnings summary

Executive summary

• Q4'23 GGR reached a record €581m, up 7.5% YoY, with online contributing 27% of GGR.

• FY'23 GGR rose 7.7% to €2,088m; recurring EBITDA was €745m, broadly stable YoY and above the latest outlook.

• FY'23 ended with €170m net debt before IFRS 16 and Net Debt / LTM EBITDA of 0.23x; shareholder remuneration totaled €1.85 per share.

Financial highlights

• FY'23 GGR €2,087.7m, up 7.7%; net gaming revenue €1,435.8m, up 7.7%.

• Reported EBITDA €730.0m, down 0.8%; recurring EBITDA €745m versus €746m in FY'22.

• Reported EBIT €590.2m, down 22.7%; EAT and minorities €414.1m, down 30.5%.

• Reported FY'23 net profit was €408m, down 31.1%; recurring net profit was €439m versus €436m in FY'22.

• Gaming gross profit reached €852m, up 6.7%, with a 41% gross profit margin.

Outlook and guidance

• FY'24 GGR guidance: €2,150m–€2,200m; EBITDA guidance: €750m–€770m.

• FY'24 guidance assumes no change in the regulatory or tax regime and a stable macro environment.

• The bulk of FY'24 net profit is expected to be distributed as cash dividends.