Allwyn has reported strong financial results for the first quarter of 2025, posting total revenue of €2.24 billion, up 6 percent year-on-year. The multinational lottery operator also revealed strategic moves in Italy and Germany aimed at supporting long-term growth. The financial results reflect a stable start to the year following the company’s record performance in 2024.
Revenue and profitability
In the three months ending 31 March 2025, recorded gross gaming revenue (GGR) of €2.15 billion, marking a 7 percent increase compared to Q1 2024. Adjusted earnings before interest, taxes, depreciation, and amortisation (EBITDA) stood at €360 million, representing a 1 percent rise year-on-year. However, the EBITDA margin declined to 35.9 percent from 37.4 percent in the same period last year, influenced by operating cost changes and corporate restructuring.
Cash flow and investment
Allwyn’s adjusted free cash flow for Q1 was €310 million, slightly down by one percent from the previous year. Capital expenditure during the quarter reached €53 million, an 18 percent increase compared to Q1 2024. The company’s net debt to adjusted EBITDA ratio stood at 2.0x as of 31 March 2025.
To strengthen its capital structure, Allwyn repriced and upsized its USD Term Loan B and issued a €475 million Term Loan B with a seven-year maturity.
Strategic developments
After the end of the quarter, the LottoItalia consortium—of which Allwyn is a part—was proposed for a new nine-year licence to operate the Italian Lotto. This development marks a key milestone for the operator in expanding its lottery footprint in Italy.
Allwyn also acquired a minority stake in Next Lotto, an online lottery reseller in Germany. This move is aimed at enhancing its digital lottery distribution and presence in one of Europe’s key regulated markets.
CEO’s comment
Allwyn CEO Robert Chvatal commented, “I am very pleased to report a good start to 2025, with the continued successful execution of our growth strategies sustaining the positive momentum from our record performance in 2024.
“We delivered solid profitability, with good growth in Austria and Greece and Cyprus in addition to a strong performance from our equity method investees contributing to Adjusted EBITDA growth of one percent year-on-year, which also reflects this being the final quarter in which the prior UK National Lottery licence contributed to profitability in the comparative period.”
The Q1 results follow Allwyn’s full-year 2024 revenue of €8.8 billion, driven by growth in key markets including Austria, Greece, and Cyprus. The company stated its intention to continue working with partners to serve players and stakeholders while promoting responsible gaming practices.
