Allwyn has published its preliminary unaudited financial results for the third quarter of 2024. As the company recorded increases across the board, CEO Robert Chvatal expressed excitement about its standout performance in Greece and Cyprus.
A Strong Quarter for Allwyn
In Q3 2024, Allwyn reported a total revenue of EUR 2.14 billion ($2.26 billion), marking an increase of 7% year-on-year. This growth was attributed to strong performance in key markets, such as Austria, Greece and Cyprus. Net revenue, on the other hand, stood at EUR 981.8 million ($1.03 billion), up 11% year-on-year.
Allwyn’s adjusted EBITDA for the three months ended September 30 stood at EUR 410.8 million ($434.2 million), marking an increase of 12%. Excluding the UK and North America, Technology and Content segment, AEBITDA stood at +21%.
Allwyn reported an adjusted free cash flow of EUR 339 million ($358.3 million), up 1% year-on-year. The company concluded the quarter with net debt/LTM Adjusted EBITDA of 2.2x.
The Company Grew Its Business via M&A Activity
In addition, Allwyn shared notable Q3 highlights, including the completion of its acquisition of Camelot UK, the former operator of the UK National Lottery, and Allwyn LS Group (formerly Camelot LS Group), which operates the Illinois Lottery.
Earlier this year, Allwyn UK took over the UK National Lottery as its new custodian. Several months later, it penned a deal to acquire Instant Win Gaming (IWG), a leading supplier of instant games to lottery companies.
According to Allwyn, the aforementioned developments have a significant impact on its metrics. However, because of the differences between the business models of the new acquisitions, profit margins are not directly comparable.
CEO Robert Chvatal was pleased with the results and strong top-line growth. He praised the growth in Greece and Cyprus, which played a huge role in the solid Q3 profitability and cash flow generation.
Chvatal added that the company remains focused on its responsibilities to its shareholders and customers and will continue to champion safe play while growing its business and generating value.
The Allwyn CEO concluded:
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.
Robert Chvatal, CEO, Allwyn
In other news, Allwyn’s delayed technological update of the National Lottery raised concerns among the company’s critics.
