Allwyn reports steady FY2025 growth with strategic expansion

Allwyn International has released its preliminary unaudited financial results for the fiscal year ending 31 December 2025, reporting moderate yet consistent growth across revenue and profitability. The company, a major participant in the global lottery and gaming sector, continues to pursue a strategy that combines digital expansion with targeted acquisitions.

The latest figures reflect a stable financial performance supported by strong online activity and disciplined operational execution. At the same time, Allwyn has advanced several strategic transactions that are expected to reshape its corporate structure and geographic footprint in the coming years.

Revenue and EBITDA performance show resilience

For FY2025, Allwyn generated total revenue of €8.99 billion and gross gaming revenue of €8.63 billion. Net revenue reached €4.11 billion, representing a 4 percent increase compared with the previous year. Adjusted EBITDA also rose by 4 percent to €1.58 billion, resulting in a margin of 38.5 percent.

Adjusted profit attributable to shareholders increased to €509 million, marking a 13 percent year-on-year improvement. Operating EBITDA stood at €1.31 billion, with adjustments amounting to €269 million.

The fourth quarter of 2025 showed further operational strength. Net revenue for the period rose modestly by 1 percent to €1.12 billion. However, adjusted EBITDA recorded a more significant increase of 14 percent to €497 million. This improvement led to a margin expansion from 39.4 percent in the prior year period to 44.4 percent. Adjusted profit attributable to shareholders in the fourth quarter nearly doubled, reaching €234 million.

These figures indicate that while revenue growth remained moderate, profitability improved due to operational efficiencies and favorable business mix developments.

Regional performance reflects diverse market dynamics

Allwyn’s financial performance varied across its operating regions, reflecting different regulatory environments and market conditions.

Continental Europe remains core contributor

Continental Europe continued to serve as the company’s primary earnings driver. Net revenue in the region increased by 4 percent to €2.96 billion, while adjusted EBITDA rose by 2 percent to €1.31 billion. The resulting EBITDA margin stood at 44.4 percent, underscoring the maturity and stability of these markets.

United Kingdom shows mixed results

In the United Kingdom, gross gaming revenue reached €4.09 billion. Net revenue grew by 6 percent to €962 million, demonstrating solid top-line performance. However, adjusted EBITDA declined by 3 percent to €34 million, indicating margin pressure possibly linked to operational costs or regulatory factors.

North America impacted by transitional phase

In North America, reported on a 100 percent basis including Instant Win Gaming, net revenue totaled €232 million, reflecting a slight decline of 1 percent year-on-year. Adjusted EBITDA also decreased by 7 percent to €42 million.

This performance suggests a transitional phase in the region, particularly as Allwyn prepares to integrate newly acquired assets and expand its presence in the United States market.

Digital growth remains a key driver

Online net gaming revenue across the group increased by 11 percent year-on-year. This growth highlights the ongoing shift toward digital channels and reinforces the company’s strategic focus on online platforms as a core pillar of future expansion.

Acquisition of PrizePicks strengthens US presence

In January 2026, Allwyn completed the acquisition of a 62.3 percent stake in PrizePicks, a United States-based daily fantasy sports operator. The transaction was valued at USD 1.504 billion, equivalent to approximately €1.295 billion at the time of signing in September 2025.

On a standalone basis, PrizePicks reported €897 million in total revenue and €321 million in adjusted EBITDA for FY2025. If included on a full-year pro forma basis, Allwyn’s adjusted EBITDA for FY2025 would have increased to approximately €1.91 billion.

The acquisition includes a potential earnout of up to USD 1.0 billion, contingent on achieving specified average adjusted EBITDA targets between 2026 and 2028. This structure aligns incentives and reflects confidence in the long-term growth potential of the acquired business.

The transaction is expected to significantly expand Allwyn’s footprint in North America and diversify its revenue streams beyond traditional lottery operations.

OPAP combination progresses toward completion

All conditions required for the planned combination with OPAP have been satisfied. OPAP completed its cross-border conversion on 16 March 2026, marking a key milestone in the process.

Allwyn is expected to contribute selected assets and liabilities to OPAP in exchange for the issuance of 445.7 million new shares. Following completion, the combined entity is anticipated to remain publicly listed, with approximately 78.4 percent ownership held by KKCG and a free float of 21.6 percent.

As part of the transaction, certain OPAP shareholders exercised an Exit Right, resulting in a cash payment of €456 million for approximately 24 million shares. To support this and related financial obligations, Allwyn issued €550 million in senior secured notes due 2031 with a coupon of 4.625 percent in February 2026.

These developments represent a significant restructuring effort aimed at consolidating operations and enhancing long-term value creation.

Portfolio adjustments reflect regulatory considerations

Allwyn has also made adjustments to its portfolio in response to regulatory developments.

In March 2026, the company withdrew its previously announced acquisition of Novibet from review by the Hellenic Competition Commission. Following regulatory feedback, the transaction is no longer expected to proceed.

In Austria, increases in gaming taxes of approximately 10 percent across lottery, iGaming and video lottery terminal segments came into effect primarily from July 2025. The company has indicated that mitigating operational measures are expected to limit the annualised impact to less than 2 percent of consolidated adjusted EBITDA, prior to the inclusion of PrizePicks.

Additionally, Allwyn completed the sale of ten casino assets in Germany in July 2025, generating total proceeds of €67 million. This included an upstreamed dividend, contributing to the company’s liquidity position.

Balance sheet and financial position remain stable

As of 31 December 2025, Allwyn reported cash and cash equivalents of €1.51 billion. Total loans and borrowings stood at €5.69 billion, resulting in net debt including leases of €4.33 billion.

The company’s leverage ratio was calculated at 2.7 times adjusted EBITDA, indicating a manageable level of indebtedness relative to earnings.

Capital expenditure for FY2025 totaled €254 million, slightly below the previous year. For 2026, Allwyn expects net capital expenditure of approximately €240 million and finance costs in the high €300 million range.

These figures suggest a disciplined approach to capital allocation, balancing investment in growth initiatives with financial stability.

Outlook for 2026 signals continued growth

Allwyn has reaffirmed that its adjusted EBITDA guidance for 2026 remains consistent with the outlook presented in October 2025, excluding the now-withdrawn Novibet transaction.

Management expects continued solid performance across its core European markets, supported by stable demand and established operations. The integration of PrizePicks is anticipated to materially enhance the company’s revenue base in North America, providing additional growth momentum.

While the FY2025 results remain preliminary and unaudited, the overall trajectory suggests that Allwyn is positioned to maintain steady progress in the near term.

Conclusion

Allwyn’s preliminary FY2025 results present a picture of measured growth combined with strategic transformation. The company has demonstrated resilience in its core European markets while continuing to invest in digital capabilities and international expansion.

The acquisition of PrizePicks represents a significant step toward strengthening its position in the United States, while the planned combination with OPAP signals a broader effort to optimize corporate structure and enhance shareholder value.

At the same time, the company’s decision to withdraw from the Novibet transaction highlights a cautious and compliance-oriented approach to regulatory challenges. This balanced strategy may help mitigate potential legal and operational risks in a complex global environment.

Looking ahead, Allwyn appears well positioned to build on its existing strengths. Its focus on digital growth, disciplined financial management and strategic partnerships provides a foundation for sustainable development. While uncertainties remain, particularly in evolving regulatory landscapes, the company’s current trajectory indicates a commitment to long-term stability and value creation.

FAQs

What were Allwyn’s key financial results for FY2025?
Allwyn reported €4.11 billion in net revenue and €1.58 billion in adjusted EBITDA, both reflecting 4 percent growth year-on-year.

How did Allwyn perform in the fourth quarter of 2025?
The company recorded €1.12 billion in net revenue and €497 million in adjusted EBITDA, with improved margins compared to the prior year.

What role did digital growth play in FY2025 results?
Online net gaming revenue increased by 11 percent, highlighting digital channels as a major growth driver.

What is the significance of the PrizePicks acquisition?
The acquisition expands Allwyn’s presence in the US market and adds a high-growth digital business to its portfolio.

How much did Allwyn pay for its stake in PrizePicks?
The company acquired a 62.3 percent stake for USD 1.504 billion.

What is the expected impact of the OPAP combination?
The transaction is expected to streamline operations and create a stronger combined entity with a public listing.

Why did Allwyn withdraw from the Novibet acquisition?
The decision followed regulatory feedback, indicating that the transaction would not proceed under current conditions.

How did regional markets perform in FY2025?
Continental Europe remained the strongest contributor, while the UK and North America showed mixed results.

What is Allwyn’s current debt position?
Net debt including leases stood at €4.33 billion, with a leverage ratio of 2.7 times adjusted EBITDA.

What are the company’s expectations for 2026?
Allwyn expects continued growth, particularly supported by its core European markets and the integration of PrizePicks.