Allwyn (ALWN) Q4 2024 earnings summary

Executive summary

• FY 2024 delivered record results with GGR at €2,296m, up 10% year-over-year, driven by a record Tzoker jackpot, strong sports betting, and robust iGaming and retail growth, with online contributing 32% of group revenues.

• Q4 2024 saw the highest-ever quarterly GGR of €648m, up 11.5% year-over-year, supported by favorable sports betting outcomes and jackpot rollovers.

• FY 2024 recurring EBITDA reached €832m, the highest since privatization, with net profit up 19% to €486m.

• Online GGR rose 30% year-over-year, with Opaponline.gr GGR up 75% and iGaming revenues up 29.2%.

• Total shareholder remuneration for FY 2024 was €1.40 per share, including a €0.60 interim and €0.80 final dividend, pending AGM approval.

Financial highlights

• FY 2024 GGR rose 10% to €2,296m; Q4 GGR up 11.5% to €648m.

• FY 2024 EBITDA increased 14% to €832m; Q4 EBITDA margin reached 37.8%.

• Net profit for FY 2024 grew 19% to €486m; Q4 net profit up 32.9% year-over-year.

• Gross profit margin for FY 2024 at 42%; net profit margin at 21.2%.

• Online GGR up 30% year-over-year; retail GGR up 3.2%.

Outlook and guidance

• FY 2025 guidance projects low single-digit group revenue growth, reflecting a tough comparison base due to 2024's exceptional, non-recurring events.

• EBITDA margin for FY 2025 is targeted around 35%.

• Online is expected to continue double-digit growth, but retail may be weaker, leading to a lower group margin year-on-year due to channel mix.

• Dividend policy to distribute the bulk of net profit, with a minimum €1/share; capex guidance €30m–€45m.

• Dividend outlook for 2025 is to remain at similar levels to 2024, with buybacks considered complementary.