• Total Revenue of €2,143.0 million in Q3 2024, +7% YoY, reflecting strong organic growth in Austria and Greece and Cyprus in particular, in addition to continued momentum in digital channel
• Adjusted EBITDA of €410.8 million, +12% YoY; excluding United Kingdom segment and North America, Technology and Content, +21% YoY
• Net debt/LTM Adjusted EBITDA of 2.2x as of 30 September 2024

Selected consolidated financial data (Q3/Q3)

€ millions	Q3 2024	Q3 2023	Δ
Total revenue	2,143.0	2,007.3	+7%
of which: Revenue from gaming activities (GGR)	2,056.6	1,921.7	+7%
Net revenue	981.8	883.3	+11%
Operating EBITDA	368.4	310.8	+19%
Adjustments to EBITDA	42.8	57.6
Adjusted EBITDA	410.8	368.4	(12)%
Adjusted EBITDA margin	41.8%	41.7%	(0.1) p.p.
CAPEX	71.8	31.8	n/m
Adjusted Free cash flow	339.0	336.6	(1)%

In Q1 2023, we completed the acquisitions of Camelot UK, the operator of the UK National Lottery until 31 January 2024, and 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. In September 2024 , we acquired Instant Win Gaming (IWG), a leading supplier of online instant games to lotteries, which is reported together with Allwyn LS Group as “North America, Technology and Content”. Collectively, these developments 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 good progress and financial performance, in which we delivered strong top line growth - with standout performance in Greece and Cyprus - and once again achieved solid profitability and cash flow generation.

Total Revenue increased 7% year-on-year, with the continuing growth of the digital channel, our ongoing efforts in product development, and our focus on bringing best-in-class content to customers being the key drivers. In executing our organic growth strategy, we remain focused on our responsibilities to all our stakeholders, including our resolute focus on safe play. The quarter also benefited from favourable jackpot cycles in lottery. This contrasted with the third quarter last year which, in addition to the impact of unfavourable jackpot cycles, was also impacted by customer-friendly sports results.

We delivered solid profitability, including excellent growth in Greece and Cyprus, and once more benefited from a strong performance from our equity method investees where, in addition to strong organic growth, profitability benefited from a favourable tax effect in the quarter. Adjusted EBITDA increased 12% year-on-year, and excluding the United Kingdom and Allwyn LS Group and the recent acquisition of Instant Win Gaming increased 21% year-on-year.

With respect to our inorganic growth strategy, we are very pleased to have completed our planned investment in a 70% interest in Instant Win Gaming in September. The transaction has expanded our footprint and capabilities in content, and further advanced our position in the North America market. During the quarter we also saw a small increase in our interest in OPAP, as a result of OPAP’s share buyback programme.

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 September 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 September 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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