Greece and Cyprus Boost Allwyn’s Q3 Results

Allwyn International has declared that strong performance in Greece and Cyprus was particularly to thank for its strong performance in the quarter ending September 30, 2024, as it shared its unaudited results.

Total revenue reached €2,14bn in Q3 2024, up seven per cent year-on-year, reflecting strong organic growth in Austria and Greece and Cyprus in particular, in addition to continued momentum in digital channel.

Adjusted EBITDA grew 12% year-on-year to €410.8 m.

“I am pleased to report another quarter of good progress and financial performance, in which we delivered strong top line growth – with standout performance in Greece and Cyprus – and once again achieved solid profitability and cash flow generation,” said CEO Robert Chvatal.

“In executing our organic growth strategy, we remain focused on our responsibilities to all our stakeholders, including our resolute focus on safe play. The quarter also benefited from favourable jackpot cycles in lottery. This contrasted with the third quarter last year which, in addition to the impact of unfavourable jackpot cycles, was also impacted by customer-friendly sports results.

“We delivered solid profitability, including excellent growth in Greece and Cyprus, and once more benefited from a strong performance from our equity method investees where, in addition to strong organic growth, profitability benefited from a favourable tax effect in the quarter. Adjusted EBITDA increased 12% year-on-year, and excluding the United Kingdom and Allwyn LS Group and the recent acquisition of Instant Win Gaming increased 21 per cent year-on-year.

“With respect to our inorganic growth strategy, we are very pleased to have completed our planned investment in a 70 per cent interest in Instant Win Gaming in September. The transaction has expanded our footprint and capabilities in content, and further advanced our position in the North America market. During the quarter we also saw a small increase in our interest in OPAP, as a result of OPAP’s share buyback programme.

“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.”