Allwyn International AG reported net revenue of €1.02bn, a 5% increase year-on-year, according to its preliminary unaudited financial results for the three months ending 30 September 2025.
The company said the result reflected continued digital growth across its European markets and the full-quarter contribution from Instant Win Gaming, acquired in 2024.
Adjusted EBITDA declined 8% to €374m, which Allwyn attributed to "exceptionally customer-friendly sports results" affecting Betano, an equity-accounted investee, alongside higher corporate expenses following the company's structural simplification a year earlier.
Operating EBITDA fell 16% to €301m, while the adjusted EBITDA margin decreased by 5.2 percentage points to 36.6%.
Total revenue across the Group increased 4% to €2.20bn, driven primarily by a 5% rise in GGR to €2.12bn. Adjusted free cash flow reached €302m, a decrease of 11%, and the company's net debt-to-adjusted EBITDA ratio stood at 2.3x at period-end.
The quarter included two major transactions. In September, Allwyn reached an agreement to acquire a majority stake in PrizePicks, a leading daily fantasy sports operator in North America.
In October, the company announced a planned all-share combination with OPAP, a move it described as the next step in a partnership that began with its first OPAP investment in 2013.
Allwyn said the merger would create the second-largest listed lottery and gaming operator globally, expanding scale, technology access and geographic reach.
In November 2025, Allwyn completed the syndication of $1.5bn in new term loan facilities to fund its PrizePicks acquisition, including a $1bn Term Loan B and a $500m Term Loan A, marking its largest capital markets transaction to date.
The Group also began rolling out the Allwyn consumer brand in the Czech Republic and Greece during the period, with further launches planned
