• Total Revenue of €2,146.7 million in Q2 2024, +5% YoY, with strong organic growth across most geographies
• Adjusted EBITDA of €340.0 million, -11% YoY; excluding United Kingdom segment and Allwyn LS Group, +4% YoY
• Syndicated USD 450 million debut Term Loan B facility with proceeds used to refinance existing indebtedness, further diversifying funding sources, optimising cost of funds and extending maturity profile
• Net debt/Adjusted EBITDA of 2.1x as of 30 June 2024

Selected consolidated financial data (Q2/Q2)

€ millions	Q2 2024	Q2 2023	Δ
Total revenue	2,146.7	2,046.4	+5%
of which: Revenue from gaming activities (GGR)	2,059.6	1,960.1	+5%
Net revenue	941.2	906.7	+5%
Operating EBITDA	326.9	357.2	(8)%
Adjustments to EBITDA	13.1	23.8
Adjusted EBITDA	340.0	381.0	(11)%
Adjusted EBITDA margin	36.1%	42.0%	(5.9) p.p.
CAPEX	56.3	18.2	n/m
Adjusted Free cash flow	283.7	362.8	(22)%

In Q1 2023, we completed the acquisitions of Camelot UK, the operator of the UK National Lottery until 31 January 2024, and of Allwyn LS Group (formerly referred to as Camelot LS Group), the operator of the Illinois Lottery under a private management agreement (the “Camelot Acquisitions” ). Subsequently, Allwyn UK started operation of the UK National Lottery under a new licence on 1 February 2024. The acquisitions have a significant impact on consolidated metrics of the Group and comparability with previous periods. Differences between the business models of the acquired businesses and existing operations, and between the previous and current licences for the UK National Lottery, also results in profit margins not being directly comparable between periods.

Robert Chvatal, Allwyn CEO, commented:

“I am pleased to report another quarter of continued progress and solid financial performance, reflecting continued execution of our growth strategies.

We delivered good top line momentum and solid growth in profitability in most geographies, with our overall financial performance reflecting the new incentive and profitability mechanism under the new license in the United Kingdom.

Total Revenue increased 5% year-on-year, with strong organic growth in Austria, the Czech Republic and Greece and Cyprus. The expansion of the digital channel was once again a key driver of the good performance in these geographies, while our teams’ focus on product development and innovation continued, with another quarter of launches of new games and content. The quarter also included the start of the Euro 2024 and Copa America tournaments, which supported a very strong performance in Sports Betting.

We delivered solid profitability growth outside the United Kingdom, and once again benefited from a strong performance from our equity method investees. Excluding the United Kingdom as well as Allwyn LS Group, which was acquired during the first half of 2023, Adjusted EBITDA increased 4% year-on-year.

We delivered solid profitability, with a strong performance from our equity method investees contributing to Adjusted EBITDA growth of 3% year-on-year.

With respect to our inorganic growth strategy, it was a relatively quieter quarter, with a small increase in our interest in OPAP in our Greece and Cyprus segment during the quarter as a result of OPAP’s ongoing buyback programme. In June we were awarded a 15-year exclusive licence to continue to operate lotteries and certain other games in Cyprus. OPAP has been present in Cyprus for many years and we are excited about the prospects for the new licence period. Following the end of the quarter, we are very pleased to have completed our planned investment in a 70% interest in Instant Win Gaming, a leading supplier of online instant win games, expanding our footprint and capabilities.

We had another successful quarter in terms of financing, with the syndication of a USD 450 million debut Term Loan B facility in May, once again reflecting the strength of our financial performance and credit and further diversifying our funding sources, extending our debt maturity profile and optimising our finance costs.

Overall, I am pleased with our continued progress and believe we are well-placed for the remainder of 2024 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 the Company or its subsidiaries or affiliates from time to time. The preliminary unaudited results for the three months to 30 June 2024, 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 and year-end 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 period ended 30 June 2024. As the Company completes its quarter-end financial close process and finalises 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 first quarter financial statements.

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.

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