Financial information reviewed as at 2 November 2026. All amounts are in euros unless otherwise stated.
Allwyn Financial Results at a Glance
Allwyn International AG reported €9,059 million in revenue and €508 million in profit after tax for the year ended 31 December 2025. Those figures belong to the former Allwyn International AG group. The current listed Allwyn AG reported €3,143 million in revenue and €178 million in profit after tax for the six months ended 30 June 2026. Both sets of numbers come from the respective group's financial statements, but they cover different periods and different reporting perimeters.
| Reporting company | Period | Total revenue | Profit after tax | Reporting status |
|---|---|---|---|---|
| Allwyn International AG (legacy group) | FY2025, year ended 31 December | €9,059m | €508m | Annual consolidated statements; audited |
| Allwyn AG (current listed issuer) | H1 2026, six months ended 30 June | €3,143m | €178m | Condensed consolidated interim statements; reviewed, not a full-year audit |
These results cover different reporting periods and corporate groups, so they cannot be used to calculate a like-for-like growth rate.
Why Allwyn's 2025 and 2026 Figures Cannot Simply Be Compared
Legacy accounts appeared under Allwyn International AG. The Allwyn–OPAP combination completed on 24 March 2026, creating the enlarged listed group, followed by Swiss re-domiciliation on 29 May 2026.
The legal continuity of today's Allwyn AG, Swiss UID CHE-169.728.744, runs through the former OPAP vehicle. It is distinct from the pre-combination Allwyn International AG, Swiss UID CHE-149.109.354, subsequently renamed KKCG Entertainment International AG in July 2026. An earlier company also used the name Allwyn AG; the shared name alone cannot identify the reporting entity.
| Financial period | Issuer and scope | Valid interpretation |
|---|---|---|
| FY2024 and FY2025 | Legacy Allwyn International AG consolidated business | Two annual periods shown within one historical reporting framework, with the 2024 comparatives presented in the 2025 report |
| H1 2026 | Listed Allwyn AG after the OPAP combination | Six-month statement reflecting the issuer's transaction and consolidation accounting |
| H1 2025 comparator in the listed report | Pre-combination OPAP-based comparator | Not the six-month financial history of the entire legacy Allwyn International group |
Different reporting perimeters: not a like-for-like growth comparison. That is the distinction an automated chart or a headline about “Allwyn revenue” can easily hide. The 2026 interim statement's comparative column is meaningful within its own accounting presentation, but it must not be relabelled as the prior year's consolidated Allwyn International total.
The old group's FY2025 covers twelve months; the new issuer's H1 2026 covers six. Doubling the latter ignores seasonality and acquisition timing. Reliable comparison needs issuer-defined pro forma or like-for-like information.
Allwyn International AG: Audited 2024 and 2025 Results
The Allwyn International AG Annual Report and Accounts 2025 includes consolidated financial statements for the year ended 31 December 2025, alongside a FY2024 comparison. The numbers below are in € million and reproduce the report's headline income-statement and balance-sheet lines. They describe the legacy group, not today's listed Allwyn AG.
| Consolidated IFRS measure (€m) | FY2024 | FY2025 |
|---|---|---|
| Revenue from gaming activities (GGR) | 8,427 | 8,697 |
| Revenue from non-gaming activities | 368 | 362 |
| Total Revenue | 8,795 | 9,059 |
| Profit after tax | 656 | 508 |
| Total assets, at 31 December | 7,713 | 8,525 |
| Cash and cash equivalents, at 31 December | 1,444 | 1,507 |
| Total equity, at 31 December | −249 | −513 |
Source: Allwyn International AG, Annual Report and Accounts 2025, consolidated financial statements; FY2024 balance-sheet comparatives are presented on the report's restated basis. The income figures cover the respective full calendar years; the balance-sheet lines are point-in-time amounts.
Within this legacy perimeter, total revenue increased by €264 million from FY2024 to FY2025, approximately 3.0% when calculated from the displayed rounded values. Profit after tax fell by €148 million, from €656 million to €508 million. Revenue increased, but profit fell. The two measures therefore tell different stories about the group's performance in 2025.
In FY2025 €8,697 million gaming revenue (GGR) and €362 million non-gaming revenue together formed the €9,059 million Total Revenue line. That is not the gross face value of all tickets and stakes, nor profit.
Equity was negative at both year-ends: −€249 million in 2024 and −€513 million in 2025. This accounting balance is not the owners' personal debt. Interpretation needs the group's financing structure and cash flows.
The figures should be read as the results of Allwyn International AG for those specific financial years, rather than as a continuous history of today's listed Allwyn AG.
Allwyn AG: H1 2026 Interim Results
The current listed Allwyn AG published condensed consolidated interim financial statements for the six months ended 30 June 2026, prepared under IAS 34 as adopted by the EU. They were accompanied by a review report dated 3 September 2026. A review provides a different level of assurance from a full annual audit.
| Consolidated measure (€m) | H1 2026, Allwyn AG |
|---|---|
| Revenue from gaming activities (GGR) | 3,026 |
| Revenue from non-gaming activities | 117 |
| Total Revenue | 3,143 |
| Profit from operating activities | 385 |
| Profit after tax | 178 |
| Total assets, at 30 June 2026 | 19,999 |
| Cash and cash equivalents, at 30 June 2026 | 1,742 |
| Total equity, at 30 June 2026 | 6,655 |
Source: Allwyn AG, report for the six months ended 30 June 2026, condensed consolidated statement of comprehensive income and statement of financial position. Income figures are six-month flows; assets, cash and equity are balances at 30 June.
Its H1 2025 comparative shows €1,200 million Total Revenue and €239 million profit after tax. That comparator belongs to the new issuer's accounting presentation, not to the entire legacy Allwyn International group.
The €19,999 million asset balance at June 2026 also reflects a changed corporate structure. Acquisition accounting, including goodwill, can alter a balance sheet independently of ordinary trading growth.
Adjusted and preliminary measures require their own definitions and reconciliations.
Revenue, Earnings and EBITDA: What the Measures Mean
People searching for Allwyn earnings may be looking for profit after tax, operating profit or EBITDA. They are not interchangeable. The issuer's annual and interim statements provide statutory measures, while investor presentations may place greater emphasis on alternatives used by management.
| Measure | What it tells the reader | What it does not establish |
|---|---|---|
| Total Revenue | Recognised revenue under the issuer's accounting presentation | Total tickets sold, betting stakes or profit |
| GGR | Gaming revenue as defined in the particular report | Automatically identical to net revenue or customer stakes |
| Net Revenue | A reporting or management measure after the issuer's specified deductions | A universal formula used identically by all gaming groups |
| Profit from operating activities | Operating result within the IFRS income statement | Cash generated or profit available to shareholders |
| Profit after tax | Group result after relevant financing and tax effects | The amount necessarily attributable only to parent shareholders |
| Operating or Adjusted EBITDA | Issuer-defined measures before specified costs or adjustments | Audited net profit or free cash flow |
For example, the legacy FY2025 accounts report €508 million profit after tax. Their income statement separately attributes part of that result to non-controlling interests. A headline about profit after tax should therefore specify whether it means total group profit or profit attributable to the listed company's owners.
Adjusted EBITDA and margins depend on the issuer's definitions and reconciliations. The central tables therefore use statutory reported totals.
Debt, Cash and Financial Position
Cash, equity and borrowings are different measures. Sizeable cash may coexist with substantial loans; negative book equity does not alone establish liquidity.
| Company and statement date | Cash and cash equivalents | Total assets | Total equity |
|---|---|---|---|
| Legacy Allwyn International AG, 31 Dec 2025 | €1,507m | €8,525m | −€513m |
| Current listed Allwyn AG, 30 Jun 2026 | €1,742m | €19,999m | €6,655m |
These are snapshots of different consolidated groups, not a before-and-after comparison. Each report contains its own borrowing information and accounting definitions.
No cross-perimeter net-debt trend or leverage ratio is presented. Such calculations require consistent treatment of cash, leases and borrowing obligations against matching earnings.
UK Company Accounts Are Not Group Revenue
The British operating businesses file their own statutory accounts. These provide legally specific information but must not be added wholesale to the international consolidated accounts. Subsidiaries can transact with one another, operate on different reporting dates and apply different accounting presentations. Consolidated group reporting eliminates relevant internal transactions.
| UK company | Verified identity and function | Why its figures differ |
|---|---|---|
| Allwyn Entertainment Ltd (Companies House 13157556) | Licensed operator of the UK National Lottery | Its statutory accounts concern the UK operating company; lottery GGR, ticket sales and consolidated group revenue are distinct measures |
| Allwyn Lottery Solutions Limited (07553980) | Lottery technology and service company | Fees and costs may include contracts within the wider group; its company results have their own scope |
| Instant Win Gaming Limited (07852508) | Digital instant-win technology/content business | Its accounts may use a different year-end and reporting currency; they do not form a separate sum to add on top of consolidated figures |
An individual UK operator's result is not the listed group's result. Adding subsidiary accounts can double-count internal services.
Financial reporting determines which operating income and costs appear in consolidation.
Where to Find Allwyn Annual and Interim Reports
The company's financial reports are available on its official corporate website.
As of 2 November 2026, the next Q3 2026 results publication was scheduled for 19 November 2026. This was a prospective date at review, not an assertion that Q3 results had already been released. Readers checking the page later should consult the issuer's current reporting calendar.
The central lesson is straightforward: the right Allwyn number depends on which Allwyn reported it, for which period, and under which accounting definition. The audited legacy figures and reviewed listed-issuer figures are both useful. Their value comes from reading them with the corporate and accounting boundaries intact, not from forcing them into one unqualified growth line.