Allwyn AG posted preliminary unaudited net revenue of €1.204bn (£1.03bn) in Q1 2026, a 21% year-on-year increase, as iGaming growth and the first quarterly contribution from PrizePicks lifted the combined group’s debut results.
Adjusted EBITDA grew 24% to €443m (£382.93m) and the adjusted EBITDA margin improved to 36.8% from 36.1% a year earlier. Operating EBITDA rose 11% to €336m (£290.43m). Adjusted profit after tax increased 18% to €213m (£184.13m).
First Quarter as Allwyn AG
The results represent the first reporting period since Allwyn completed its merger with Greek lottery and gaming operator OPAP, forming Allwyn AG. The deal, first agreed in October 2025 and valued at €16bn, closed in late March 2026, with the combined entity now listed on the Athens Stock Exchange under the ticker ALWN. Allwyn’s existing portfolio — covering the UK, Czech, Austrian and Italian national lotteries — is now combined with OPAP’s Greek National Lottery and gaming estate.
Segment Performance
Continental Europe remained the group’s largest geographic segment, contributing €754m (£651.74m) in net revenue, up 5% year-on-year. Continental Europe adjusted EBITDA rose 3% to €325m (£280.95m).
UK net revenue grew 3% to €224m (£193.61m), though Allwyn flagged lower gaming activity revenue as a drag. The result follows a broader market backdrop in which Great Britain’s online gambling revenue fell 2% to £1.5bn in Q4 2025.
North American net revenue rose to €239m (£206.58m) from €60m (£51.86m) a year earlier, driven entirely by the consolidation of PrizePicks. Allwyn acquired a majority stake in the Atlanta-based daily fantasy sports operator for $2.5bn in 2025. North American adjusted EBITDA rose to €75m (£64.83m) from €12m (£10.37m) in the prior year period. Income from Allwyn’s stake in sports betting operator Betano increased 43% year-on-year to €60m (£51.86m).
Digital and Product Mix
iGaming delivered the strongest product-level growth, up 29% year-on-year to €147m (£127.06m). Sports betting net revenue rose 13% to €159m (£137.44m). VLTs and casinos grew 11% to €146m (£126.2m). Lottery, the group’s largest product segment, declined 5% to €487m (£420.96m).
Online net gaming revenue climbed 68% to €540m (£466.78m) and accounted for 48% of total net gaming revenue, compared to 36% in the same period of 2025. The digital shift reflects a pattern across European markets, where gross gambling revenue reached €123.4bn in 2024 with online channels driving the bulk of incremental growth.
Guidance and Capital Returns
Total consolidated net debt and lease liabilities increased to €5.35bn (£4.62bn) at the end of Q1, from €3.15bn (£2.72bn) at the prior year-end, reflecting the group’s expanded balance sheet following the combination.
Allwyn reaffirmed its full-year 2026 outlook, guiding for net revenue growth in the mid-to-high 20% range and an adjusted EBITDA margin of 37%. The company announced a share buyback programme of up to €150m (£129.68m) and maintained its minimum dividend commitment of €1 per share.
CEO Robert Chvátal said:
I’m immensely proud of this transformative quarter, during which we have brought together two fantastic businesses to create a scaled global leader in gaming entertainment, with an enhanced ability to shape the industry, a wider range of growth opportunities and a highly differentiated platform to support long-term value creation and shareholder returns. The progress of our enlarged group this quarter demonstrates the breadth and strength of the Allwyn platform, with strong momentum in profitability and growth in continental Europe, the addition of PrizePicks in North America, the completion of the UK technology transformation, a strong contribution from Betano, and continued development of our digital and content capabilities.
The mid-to-high 20% full-year revenue growth guidance will be tested against a tougher comparable base from Q2 onward, as PrizePicks will no longer represent a step-change addition to year-on-year figures. Debt reduction progress and the 37% adjusted EBITDA margin target are the metrics that will define whether the combined platform can sustain its first-quarter trajectory.
Source: Allwyn AG
