Allwyn Ag · ATHEX:ALWN
Allwyn — Allwyn International — FY2024 Earnings Presentation
45 slides from Allwyn's earnings presentation, Mar 21, 2025
Slide 1: Allwyn International AG FY 2024 Results
Allwyn International AG FY 2024 Results 21 March 2025 For further information on our company, please visit our website: allwyn.com
Slide 2: Presenting today
Presenting today Robert Chvatal Kenneth Morton CEO CFO 2
Slide 3: Today's agenda
Today’s agenda Business and Strategic Update Financial Update Update on Current Trading and Summary Appendix 3
Slide 4: Business and Strategic Update
Business and Strategic Update 4
Slide 5: FY 2024 highlights
FY 2024 highlights Another year of solid financial performance and strategic progress • Solid financial performance Consolidated Total Revenue – Total Revenue - Strong organic growth in Austria (GGR +7% YoY) and Greece and Cyprus (GGR +10% YoY); first full year contribution from UK €8,795m +12% / +8
Slide 6: Continuing to deliver on our proven strategy with enhanced technology / content capabilities
Continuing to deliver on our proven strategy with enhanced technology / content capabilities Accelerate Deliver operational Selective Responsible gaming and organic growth efficiency inorganic growth ESG • Drive digital growth • Focus on cash flow • Selective bolt-on and • Responsible gaming as a th
Slide 7: Strong online growth has continued, alongside resilience in physical retail
Strong online growth has continued, alongside resilience in physical retail… Online share increased year-on-year across all markets in 2024, with significant growth vs pre-Covid Austria GGR Greece and Cyprus Czech Republic (incl. Stoiximan for all periods) (excl. VLTs and Casinos) GGR (€m) GGR (€m)
Slide 8: De-anonymised share of physical retail also growing
…de-anonymised share of physical retail also growing Loyalty programmes bring the benefits of online to the physical retail channel Czech Republic: de-anonymised GGR share (%) 1 Greece and Cyprus: evolution of registered customer base (‘000) Sazka Klub loyalty programme app launched March ‘24 1,351
Slide 9: Product launches and innovation across physical retail and online channels
Product launches and innovation across physical retail and online channels Continuing to expand and improve our product offering, user experience, and technology New and revitalised products / experiences – Q4 2024 NEW New front-end for Lotto syndicate play NEW Casino-style scratch cards with prizes
Slide 10: Product launches and innovation across physical retail and online channels (cont'd)
Product launches and innovation across physical retail and online channels (cont’d) Continuing to expand and improve our product offering, user experience, and technology Digitalisation of physical retail Selected new product launches after Q4 2024 H1 2025 Austrian Lotteries plans to roll 2023 Pilot
Slide 11: FY 2024 key strategic developments
FY 2024 key strategic developments Progress on all pillars of inorganic strategy: tenders/privatisations, selective bolt-on M&A, increasing interests in operations 1 United Kingdom: successful start of next licence for The National Lottery • Successfully commenced operation of next ten-year licence
Slide 12: FY 2024 key strategic developments (cont'd)
FY 2024 key strategic developments (cont’d) Progress on all pillars of inorganic strategy: tenders/privatisations, selective bolt-on M&A, increasing interests in operations 4 Novibet: agreement in December to acquire 51% interest; expected to close in H2 20251 • Established online sports betting and
Slide 13: FY 2024 key strategic developments (cont'd)
FY 2024 key strategic developments (cont’d) Investment in 70% interest in IWG – innovative leader in online instant win games category with best-in-class content Innovative category leader, aligned with Allwyn’s ambitions Product innovation case-study: multi-state jackpot pools • Strong focus on cat
Slide 14: Continuing to focus on Responsible gaming / ESG and to contribute to local communities
Continuing to focus on Responsible gaming / ESG and to contribute to local communities Multiple examples of our ongoing commitment to ESG and corporate social responsibility in Q4 2024 Safer play Sport Community • In December, Allwyn UK achieved • In Czech Republic, two tons of • As one of numerous
Slide 15: Financial Update
Financial Update allwyn
Slide 16: FY 2024 financials summary
FY 2024 financials summary Another year of strong revenue growth, profitability and cash generation Consolidated basis (€m) Pro rata basis (€m)1 Net Revenue CAGR Net Revenue CAGR +11% +22% +16% +29% 4,003 3,840 3,602 3,311 2,531 1,892 1,994 1,458 1,356 1,061 963 1,253 2019 2020 2021 2022 2023 2024 2
Slide 17: Q4 2024 financial highlights
Q4 2024 financial highlights Another quarter of good progress and financial performance • Total Revenue +10% YoY Consolidated Total Revenue – Double-digit GGR growth in Austria, Czech Republic and Greece and Cyprus €2,396m +10% / +11% vs Q4’23 vs 2023, excl. United – Digital channel +18% YoY Kingdom
Slide 18: Consolidated P&L
Consolidated P&L • On a reported basis, Total Revenue +12% YoY, Net Consolidated P&L (€m) Revenue +11% YoY in 2024 Q4’23 Q4’24 ∆ vs. Q4’23 2023 2024 ∆ vs. 2023 – Good organic growth and first full year Total Revenue 2,178 2,396 +10% 7,878 8,795 +12% contribution from UK (2023: 11 months) Of which: G
Slide 19: 2024 performance by segment - summary
2024 performance by segment - summary Good top-line performance and Adjusted EBITDA growth across most markets GGR Adjusted EBITDA €m 2023 2024 cFX % ∆1 %∆ 2023 2024 cFX % ∆1 %∆ Austria 1,483 1,592 7% 284 277 (3)% Czech Republic 501 520 9% 4% 125 130 8% 4% Greece and Cyprus 2,088 2,296 10% 742 829 1
Slide 20: Business highlights – Austria
Business highlights – Austria Strong top line growth in the fourth quarter • Strong GGR growth in Q4, +12% YoY Gross Gaming Revenue – Strong growth in Numerical Lotteries, €m +3% +7% +7% +12% supported by favourable jackpot cycles in Lotto and EuroMillions 427 – Online channel, +15% YoY, also a key
Slide 21: Business highlights – Czech Republic
Business highlights – Czech Republic Strong fourth quarter • Strong organic top line growth in Q4, driven by Gross Gaming Revenue Numerical Lotteries €m cFX +14% cFX +10% cFX +6% cFX +2% – Benefit from price increase of main lottery +11% game Sportka in September - from CZK 20 to +5% +1% -2% CZK 30
Slide 22: Business highlights – Greece and Cyprus
Business highlights – Greece and Cyprus Another quarter of strong growth • Strong GGR growth in Q4, +11% YoY Gross Gaming Revenue – Supported by very strong performance in €m +11% Sports Betting, +27% YoY, which also benefited +4% +7% +18% from operator-friendly sports results. 648 – Continued momen
Slide 23: Business highlights – United Kingdom
Business highlights – United Kingdom Strong growth in GGR in Q4, supported by strong EuroMillions performance • Q4 2023: United Kingdom segment comprises operations of Gross Gaming Revenue Camelot UK (operator of The National Lottery until 31 January 2024) €m cFX, comparable cFX, adjusted2 cFX +1% c
Slide 24: Business highlights – Italy
Business highlights – Italy Good performance in final quarter • Solid growth in Q4 Net Revenue – Net Revenue +4% YoY €m -2% +4% +6% +3% – Adjusted EBITDA +5% YoY • Deadline to submit bids for next Lotto licence was 128 129 122 124 on 17 March 2025 116 121 113 117 121 108 116 113 Q1'22 Q1'23 Q1'24 Q2
Slide 25: Strong free cash flow generation
Strong free cash flow generation Reflects asset light business model and high profitability • EBITDA adjustments Consolidated FCF (€m) Adjusted EBITDA CAGR – Similar in 2023 and 2024; primary component is UK transition +21% costs 41.4% 39.7% 48.5% 46.1% 41.2% 38.6% 1,485 1,546 1,167 138 • Ongoing ca
Slide 26: Leverage (post-IFRS 16 basis)
Leverage (post-IFRS 16 basis) As of 31 December 2024, post-IFRS 16, €m Consolidated Adjusted EBITDA 1,546 Cash and cash equivalents (1,444) Gross debt 4,634 Leases 175 Net debt (incl. leases) 3,365 Consolidated Net Debt / Adjusted EBITDA 2.2x Consolidated priority Net Debt / Adjusted EBITDA (0.4)x C
Slide 27: Key financing transactions in 2024
Key financing transactions in 2024 Q1 • In February, provided a loan of €250m to parent company, Allwyn AG • In March, signed €500m accordion facilities, due 2030, to syndicated bank loan, currently fully drawn ‒ Concurrent with signing the accordion facilities, £188.8m of undrawn commitments were c
Slide 28: Key financing transactions in 2024 (cont'd)
Key financing transactions in 2024 (cont’d) Q1 • In October, Allwyn International a.s. relocated from the Czech Republic to Switzerland Q4 – Effective 1 October 2024, AIAS became a Swiss entity (under the new legal name Allwyn International AG) and transferred its place of business to Switzerland –
Slide 29: Key financing transactions in 2024 (cont'd)
Key financing transactions in 2024 (cont’d) Changes in indebtedness since the beginning of 2024 Principal amount as of 31 December 2023 (€m) 4,106 Syndicated bank loan drawings, accordion facilities drawings 671 Syndicated bank loan amortisation (110) USD 450m TLB due 2031 drawings 418 USD 450m TLB
Slide 30: Key financing transactions post year end
Key financing transactions post year end Allwyn International Q1 • In January 2025, repriced the existing $450m Term Loan B due 2031 from S+225bps to S+200bps – On the same day, issued an add-on of $100m at S+200bps, to fully repay drawings under the revolving credit facility and for general corpora
Slide 31: Pro forma debt maturity profile and split by instrument
Pro forma debt maturity profile and split by instrument 1 Well balanced maturity profile and instrument split Maturity profile (€m) Pro forma split by instrument Weighted average life: 4.8 years In March 2025, OPAP signed two transactions that extend the maturities of €390m loans maturing in the per
Slide 32: Current Trading and Summary
Current Trading and Summary 32
Slide 33: Current trading
Current trading • Since the start of the year our business has continued to perform and develop well • Our trading since the start of the year has been broadly in line with our expectations at the start of the year • The impact of key external factors, in particular the macroeconomic environment and
Slide 34: Summary
Summary Another year of solid financial performance and strategic progress 1 Strong GGR growth with good momentum continuing in Q4, benefiting from growth in digital channel and strength of product portfolio, as well as contribution from factors such as favourable jackpot cycles 2 Good profitability
Slide 35: Q&A
QE&A allwyn
Slide 36: Appendix
Appendix allwyn
Slide 37: Diversified capital structure across multiple instruments with access to EUR, USD and local markets
Diversified capital structure across multiple instruments with access to EUR, USD and local markets (not pro forma for YTD financing activity) Debt overview as of 31 December 2024 Split by Fixed / Floating Split by Currency 1% x LTM Adj. Amount (€m) 39% 20% Consol. EBITDA Consolidated Subsidiary Net
Slide 38: No significant maturities until 2027 and ample available liquidity
No significant maturities until 2027 and ample available liquidity (not pro forma for YTD financing activity) Debt maturity profile as of 31 December 2024 (€m) Available facilities as of 31 December 2024 (€m) Capacity Drawn Undrawn Weighted average life: 3.9 years Issued an Allwyn International add-
Slide 39: Dividends and distributions
Dividends and distributions Segment or equity Interest at end of 2019 2020 2021 2022 2023 20241 €m method investee December 2024 Dividends and cash upstreamed – 100% basis Austrian Lotteries 9.5%2 120 177 91 120 114 115 Austria CASAG 59.7% 15 - - 45 130 137 SAZKA Czech Republic 100.0% 19 38 81 84 87
Slide 40: Pro rata net leverage (pre-IFRS 16 basis)
Pro rata net leverage (pre-IFRS 16 basis) As of 31 December 2024, Pre-IFRS16 Basis1 North America, Greece & United 3 4 €m Austria Czech Republic technology Italy Other Corporate Total Cyprus Kingdom and content2 100% basis LTM Adjusted EBITDA 261 124 820 5 43 397 776 (11) Cash and cash equivalents a
Slide 41: Summary of adjustments to EBITDA
Summary of adjustments to EBITDA Standalone, 100% (€m)1 EBITDA Adjustments Breakdown3 Operating EBITDA 2019 2020 2021 2022 2023 2024 2019 2020 2021 2022 2023 2024 Intellectual property intra-group transfer (20) Austria 211 147 232 266 278 299 Casino Linz insurance gain + restructuring non-personnel
Slide 42: 2024 Adjusted EBITDA build up
2024 Adjusted EBITDA build up Consolidated Adjusted EBITDA (€m) 2023 2024 Austria 284.0 276.6 Czech Republic 125.4 129.9 Greece and Cyprus 742.1 828.9 United Kingdom 157.0 35.0 North America, technology and content 20.7 26.4 Italy (share of net profit) 66.6 69.7 1 Other 96.1 187.0 2 Corporate (7.3)
Slide 43: Alternative performance measures and comparability of information
Alternative performance measures and comparability of information This presentation includes non-IFRS performance measures, including Net Revenue, Net gaming revenue (“NGR”), Operating EBITDA, Adjusted EBITDA, Adjusted EBITDA margin, CAPEX, Adjusted Free cash flow (“Adjusted FCF”), Cash conversion a
Slide 44: Disclaimer
Disclaimer This presentation was produced by Allwyn International AG. This presentation is not to be reproduced or distributed, in whole or in part, by any person other than Allwyn International AG. This presentation does not represent an offer for, or constitute or form part of, and should not be c
Slide 45: Disclaimer
Disclaimer No warranty or representation of any kind, express or implied, is or will be made in relation to, and to the fullest extent permissible by law, no responsibility or liability in contract, tort, or otherwise, is or will be accepted by us or any of our officers, employees, advisers or agent