• Consolidated Total Revenue of €2,046.4m in Q2, +115% YoY, primarily driven by recent acquisitions; excluding these, consolidated Total Revenue of €1,020.8m for Q2, +7% YoY, reflecting continuing organic growth
• Consolidated Adjusted EBITDA of €381.0m in Q2, +35% YoY, consolidated Adjusted EBITDA margin of 42.0%; excluding recent acquisitions, consolidated Adjusted EBITDA of €324.5m in Q2, +15% YoY
• Issued ~€1.3bn in senior secured long-dated notes, extending maturity profile as well as diversifying funding sources through debut US Dollar issuance
• Consolidated Net debt / Pro forma LTM Adjusted EBITDA of 1.8x as of 30 June 2023

Selected consolidated financial data (Q2/Q2)

€ millions	Q2 2023	Q2 2022	Δ
Total Revenue	2,046.4	953.1	115%
of which: Gross gaming revenue (“GGR”)	1,960.1	910.4	115%
Net Revenue	906.7	602.3	51%
Operating EBITDA	357.2	276.3	29%
Adjustments to EBITDA	23.8	6.7
Adjusted EBITDA	381.0	283.0	35%
Adjusted EBITDA margin	42.0%	47.0%	-5 p.p.
CAPEX 18.2	7.0	160%
Adjusted Free cash flow	362.8	276.0	31%

Selected consolidated financial data (H1/H1)

€ millions	H1 2023	H1 2022	Δ
Total Revenue	3,693.3	1,867.1	98%
of which: Gross gaming revenue (“GGR”)	3,549.0	1,786.0	99%
Net Revenue	1,717.9	1,181.4	45%
Operating EBITDA	686.6	543.7	26%
Adjustments to EBITDA	41.1	9.2
Adjusted EBITDA	727.7	552.9	32%
Adjusted EBITDA margin	42.4%	46.8%	-4.4 p.p.
CAPEX	42.7	26.0	64%
Adjusted Free cash flow	685.0	526.9	30%

In Q1 2023, we completed the acquisitions of Camelot UK, the current operator of the UK National Lottery, and of Allwyn LS Group (formerly referred to as Camelot LS Group), the current operator of the Illinois Lottery under a private management agreement (the “Camelot Acquisitions”). These acquisitions have a significant impact on consolidated metrics of the Group and comparability with previous periods. Differences between the business models of the recent acquisitions and existing operations also results in profit margins not being directly comparable.

On a pro forma LTM basis, Total Revenue would have been €8,473.2 million and Adjusted EBITDA would have been €1,488.3 million.

Robert Chvatal, Allwyn CEO, commented:

“I am pleased to report that Allwyn delivered another quarter of strong growth, profitability and strategic progress.

We delivered organic revenue growth across markets, and also saw a further step up in profit and free cash flow generation owing to this being the first full quarter of ownership of our recent acquisitions, Camelot UK and Allwyn LS Group (formerly Camelot LS Group).

Our Total Revenue increased by 115% year-on-year in Q2 2023, reflecting growth of 7% in our existing geographies as well as the significant contribution from the Camelot Acquisitions.

I am happy to report that the good performance in our existing geographies was driven primarily by strong growth in digital, where we have sustained our momentum in product development and innovation. Alongside this, we continue to evolve and digitise the customer proposition in physical retail, while during the quarter we once again saw resilience of demand for our products, even in an environment where consumer spending remains under pressure. We also, of course, retain our focus on our accountability to all our stakeholders and on safe play. In June, we published our latest ESG report, outlining the continued progress we have made regarding our responsibilities to our players, partners, people and planet, as well as setting out our key commitments in our ESG strategy.

We continued to deliver strong margins and solid free cashflow generation, with only a limited impact of inflation on our cost base, reflecting our favourable cost structure, with our largest cost categories being directly linked to revenue, and our focus on cost and capital efficiency.

In line with our strategy to deploy capital for inorganic growth, we once again increased our shareholding in OPAP during the quarter, with our economic interest increasing to 50.43%, while also focusing on the integration of the Camelot Acquisitions and delivering on the great potential of these businesses.

In addition, as highlighted previously, our operational execution, strategic progress and the continued strength of our financial performance were a supportive backdrop for our financing activities during the quarter, with Allwyn issuing €665 million and $700 million long-dated bonds in a single transaction. This financing represented our first US-dollar bond issuance, further diversifying our sources of funding, as well as significantly extending our debt maturities and further simplifying our capital structure.

Overall, I am very pleased with Allwyn’s continued progress and believe we are well placed for the rest of 2023 and the next chapters of our growth story.”

Disclaimer

This document does not represent an offer, constitute or form part of, and should not be construed as an advertisement, an offer or an invitation to subscribe for or to purchase securities of Allwyn International a.s. or its subsidiaries or affiliates from time to time. The preliminary unaudited results for the three months to 30 June 2023, are an estimate, based on information available to management as of the date of this release, and are subject to further changes upon completion of the Company’s standard quarter closing procedures. This update does not present all necessary information for an understanding of the Group’s financial condition as of the date of this release, or its results of operations for the second quarter. As the Company completes its quarter-end financial close process and finalizes its financial statements for the quarter, it will be required to make significant judgments in a number of areas. It is possible that the Company may identify items that require it to make adjustments to the financial information set forth above and those changes could be material. The Company does not intend to update such financial information prior to release of its final second quarter financial statements, which is expected on or before 14 September 2023.

We present certain unaudited pro rata financial information. The unaudited pro rata financial information included in this document has been prepared by the Company’s management. The unaudited pro rata financial information is not intended to, and does not represent, historical or future performance for any period.

This announcement does not form, and should not be construed as, the basis of any credit analysis or other evaluation, an investment or lending recommendation, advice, a valuation or a due diligence review. This announcement may include forward-looking statements regarding certain of our plans and our current goals, intentions, beliefs and expectations concerning, among other things, our future results of operations, financial condition, liquidity, prospects, growth, strategies, pending acquisitions or other transactions, financing plans and the industries in which we operate. These forward-looking statements can be identified by the fact that they do not relate only to historical or current facts. Generally, but not always, words such as “may,” “could,” “should,” “will,” “expect,” “intend,” “estimate,” “anticipate,” “assume,” “believe,” “plan,” “seek,” “continue,” “target,” “goal,” “would” or their negative variations or similar expressions identify forward-looking statements. By their nature, forward-looking statements are inherently subject to risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. We caution you that forward-looking statements are not guarantees of future performance and that the Group’s actual results of operations, financial condition and liquidity and the development of the industries in which we operate may differ materially from those made in or suggested by the forward-looking statements contained in this announcement. In addition, even if our results of operations, financial condition and liquidity and the development of the industries in which we operate are consistent with the forward-looking statements contained in this document, those past results or developments may not be indicative of results or developments in future periods.

We do not undertake any obligation to review, update or confirm expectations or estimates or to release publicly any revisions to any forward-looking statements to reflect events that occur or circumstances that arise after the date of this document.

No warranty or representation of any kind, express or implied, is or will be made in relation to, and to the fullest extent permissible by law, no responsibility or liability in contract, tort, or otherwise is or will be accepted by us or any of our directors, officers, employees, advisers or agents, or any other party as to the accuracy, completeness or reasonableness of the information contained in this announcement, including any opinions, forecasts or projections. Nothing in this document shall be deemed to constitute such a representation or warranty or to constitute a recommendation to any person to acquire any securities. Any estimates and projections in this announcement were developed solely for our use at the time at which they were prepared and for limited purposes which may not meet the requirements or objectives of the recipient of this announcement. Nothing in this document should be considered to be a forecast of future profitability or financial position and none of the information in the document is or is intended to be a profit forecast or profit estimate. The financial statements included this announcement have not been subject to any review or audit process by our independent auditors and may be subject to change after a review or audit process.

We are not providing advice (whether in relation to legal, tax or accounting issues or otherwise). You should receive legal, tax, accounting and any other necessary advice from your advisors in relation to the contents of this announcement.

This announcement has not been approved by any regulatory authority and does not represent financial statements within the meaning of applicable Czech or other law.