Allwyn Launches Special Distribution Post-OPAP Combination

Allwyn AG has approved a €0.80 per share special distribution with a scrip option, returning capital to shareholders following its recent business combination with OPAP. The board decision, announced on 2 April 2026, draws from share premium reserves created by the in-kind contribution completed in mid-March, providing flexibility through cash, new shares, or a combination while incurring no withholding tax.

This move reinforces Allwyn’s position as the second-largest listed lottery and gaming operator globally after the OPAP integration. It signals strong financial health and a commitment to shareholder returns amid ongoing consolidation and technology investments across its European operations, including the UK National Lottery.

Key Takeaways:

• The distribution leverages reserves from the Allwyn-OPAP combination, offering tax-efficient returns with a scrip reinvestment choice that supports capital retention for growth.
• It coincides with an updated financial calendar that reflects smooth post-merger governance on the Athens Stock Exchange.
• Enhanced scale from the deal enables sustained innovation in draw games and digital platforms while prioritising returns to investors and good causes.

The special distribution applies to shareholders registered on 9 April 2026, with shares trading ex-distribution from 8 April. Eligible participants can elect during a two-week period in mid-to-late April, with the issue price for new shares based on a volume-weighted average over five trading days. Cash payments and new share admissions are scheduled for early May.

This capital return follows the landmark completion of the Allwyn-OPAP transaction on 24 March, which created a diversified group with leading positions in multiple jurisdictions. The combined entity benefits from broader revenue streams, advanced technology capabilities, and greater capacity for product development. By distributing from capital contribution reserves rather than earnings, Allwyn maintains operational flexibility to fund further modernisation, responsible gaming enhancements, and potential market expansions.

Industry analysts see the announcement as a positive indicator for listed lottery operators navigating digital transformation and regulatory environments. The scrip option allows shareholders to reinvest directly, potentially strengthening the company’s equity base without external financing. It also aligns with Allwyn’s broader strategy of balancing shareholder value with its core mission of maximising societal contributions through lottery activities.

The timing underscores the successful execution of the cross-border combination, including redomicile elements and integration planning. Post-deal, the group is better positioned to accelerate technology upgrades and launch innovative draw products, building on recent UK infrastructure investments exceeding £450 million. Enhanced scale supports competitive positioning in mature markets where lotteries compete with other entertainment forms.

Allwyn continues to emphasise transparency and compliance, with the distribution accompanied by detailed shareholder information documents. This development is expected to bolster investor confidence as the company pursues additional listings and long-term growth in regulated lottery sectors.

Sources: Allwyn official investor announcement (allwyn.com, 2 April 2026), Athens Stock Exchange regulatory filing (investors.opap.gr, 2 April 2026)