Allwyn reported a 27% year-over-year increase in net revenue to €1.25 billion for Q2 2026, driven by growth in iGaming and North America, though UK headwinds weighed on profitability. The company’s adjusted EBITDA rose 29% to €458 million, with margins expanding by 50 basis points to 36.8%, ahead of the full-year target of approximately 37%. Shares fell 2.08% to $14.15 following the release.
Continental Europe net revenue grew 4% to €731 million, with iGaming up 24% and sports betting up 12%, though adjusted EBITDA declined 3% to €293 million. North America pro forma net revenue reached €294 million, with PrizePicks’ entry fees and prediction market volumes up over 35% year-over-year, supported by an 18% increase in active players. However, adjusted EBITDA in the region fell €37 million due to World Cup-related marketing investments.
The UK segment reported a 2% rise in net revenue to €236 million on a constant currency basis, though gross gaming revenue declined 14%. Adjusted EBITDA improved to €23 million from €6 million in the prior year, with cumulative UK tech investments totaling around £450 million. Allwyn also launched an enhanced Lotto format in the UK and introduced Powerball in July as the country’s first £1 billion+ jackpot game.
Lottery revenue declined 2% to €498 million, while sports betting and iGaming grew 12% and 24% respectively. PrizePicks contributed €231 million to net revenue, with total company revenue reaching €2.38 billion, a 6% increase. Adjusted EBITDA minus CAPEX rose 43% year-over-year, reflecting a 39% drop in capital expenditure to €38 million, or 3% of net revenue.
Allwyn maintained its €150 million share buyback program, with €89 million completed and 6.5 million shares repurchased as of August 21. The board also approved an interim distribution of €0.20 per share, payable in Q4 2026, bringing total capital returns for 2026 to €1.19 per share. Net debt stood at €6.66 billion, representing 3.5x last-twelve-months adjusted EBITDA, above the target leverage of 2.5x.
Robert Chvatal, CEO, stated that Q2 results reflected "another quarter of strong growth, profitability, and cash generation." Kenneth Morton, CFO, added that the company’s "scale, diversification, growth, high profitability, cash flow generation, and capital returns" were unique in the gaming sector.
