FY25 trading update: EBITDA comfortably ahead after oversubscribed AIM IPO
Winvia Entertainment has delivered the kind of post-IPO trading update investors like to see. For the year to 31 December 2025, adjusted EBITDA is expected to be not less than £31.0 million, ahead of the market’s £29.1 million view and roughly double FY24’s £15.3 million (pro forma). Full audited results are due in May 2026.
Adjusted EBITDA is a cash-focused profit metric before interest, tax, depreciation and amortisation, adjusted for certain items. Figures in this update are subject to audit.
£40.0m AIM IPO fuels roll-up strategy in UK Prize Draws
Winvia completed a successful AIM listing in H2 FY25, raising gross proceeds of £40.0 million via a substantially oversubscribed placing. The cash is earmarked for a “roll up” strategy – essentially buying smaller players in a fragmented market to build scale – focused on UK Prize Draws. Management says multiple acquisition targets are in discussion, with some well progressed.
Why it matters: prize draws remain highly fragmented, and Winvia is already the UK’s second-largest operator by market share (London Economics, June 2025). With a proprietary technology platform and fresh capital, the company is positioning to consolidate and grow.
UK Prize Draw momentum: 47% customer growth and subscription traction
The Prize Draw segment looks like the standout. A tighter focus on marketing and prize investment, combined with an ongoing move to Winvia’s proprietary tech platform, delivered record monthly paying users, first-time players and conversion rates. Active customers for the year rose 47%, and the segment generated an all-time record revenue on a pro-forma basis.
Subscriptions – launched in H2 – are performing ahead of management expectations and now make up a meaningful slice of total ticket sales. With strong returns on marketing to date, Winvia plans to prudently increase spend on the subscription offer to gain share and lock in more recurring revenue.
Romanian online gaming: double-digit growth, record deposits and first B2B deals
Online gaming also had a strong 2025. Active customers grew 12% year on year (on top of prior-year double-digit growth). December 2025 set a new monthly deposits record, up 16% year on year, giving the segment momentum into 2026.
Importantly, Winvia launched a new revenue stream: its first three B2B partnerships. B2B means providing the platform to third parties, creating additional monetisation paths for the tech stack without the full cost of customer acquisition.
Technology platform and AI: quiet engine of growth
Underpinning both segments is the in-house platform, which Winvia says has materially improved performance metrics. This year’s enhancements include adopting AI tools to sharpen marketing, traffic and conversion. In competitive customer-acquisition businesses like prize draws and gaming, those marginal gains add up.
Cash generation, net cash and a dividend expected
The Group highlights strong operating cash flow and a growing and healthy net cash position at year end, though exact cash figures are not disclosed. The Board expects to declare a dividend with the FY25 results, in line with guidance set at IPO.
Two caveats. First, EBITDA is an adjusted measure; we have no disclosure today on revenue, gross margin or profit after tax. Second, while net cash is described as healthy, the absolute number is not disclosed.
CFO transition: Simon Hay in, David Perry out
Following a successful IPO, CFO David Perry is stepping down on 1 February 2026. He will be succeeded by Simon Hay, who joined as Chief Commercial Officer in November 2025 and brings 25+ years of strategic and commercial finance experience across gaming, travel and leisure, including senior roles at Pawatech and Rank Group. A comprehensive handover is in place and Hay joins the Board as CFO on 1 February 2026.
Board changes shortly after IPO can raise eyebrows, but the company flags a smooth transition. Simon Hay holds no shares in the Company, per the disclosure. A full list of his current and prior directorships is provided in the RNS.
Why this update matters for shareholders
On balance, today’s update is positive:
- Beating market expectations on adjusted EBITDA is a strong signal of operational momentum.
- Prize Draws are scaling fast – 47% more active customers and subscription traction suggest improving visibility of recurring revenue.
- Online gaming still growing at double digits, with record deposits in December and new B2B deals to diversify income.
- Cash generation and net cash give balance sheet flexibility, with a dividend expected alongside the FY25 results.
But there are watch-outs:
- Key financials such as revenue, net profit and exact net cash are not disclosed today.
- Execution risk on the roll-up plan – acquisitions must be priced well and integrated cleanly to protect margins.
- Marketing investment is set to increase for subscriptions; maintaining strong ROI will be crucial.
- Regulatory risk remains a feature of gaming markets, including Romania, and of prize promotions in the UK.
What to watch into FY26
- Deal flow: any announcements on acquisitions to prosecute the roll-up strategy in the UK Prize Draw market.
- Subscription metrics: uptake, churn and lifetime value as marketing spend steps up.
- B2B revenue scale: progress beyond the first three partnerships and contribution to Group margins.
- Cash and dividend detail: exact net cash, free cash flow and dividend policy quantum in May’s results.
- Platform impact: continued AI-led improvements to conversion and customer acquisition costs.
Winvia Entertainment key numbers at a glance
| Metric | FY25 (Guidance/Update) | Comparison / Notes |
|---|---|---|
| Adjusted EBITDA | ≥ £31.0m | Market expectation: £29.1m; FY24: £15.3m (pro forma) |
| AIM IPO proceeds | £40.0m (gross) | Substantially oversubscribed placing |
| UK Prize Draw active customers | +47% YoY | All-time record segment revenue (pro forma) |
| Subscriptions | Launched H2 FY25 | Ahead of management expectations; meaningful share of ticket sales |
| Online gaming active customers | +12% YoY | After prior-year double-digit growth |
| December 2025 deposits | Record month | +16% YoY |
| B2B partnerships | First three launched | New revenue stream for the platform |
| Net cash | Growing and healthy | Exact figure not disclosed |
| Dividend | Expected with FY25 results | In line with IPO expectations |
Bottom line: momentum, capital and a clear playbook
Winvia is showing operational momentum across both halves of the business, with the balance sheet and listing now in place to pursue a roll-up strategy in UK Prize Draws. The early signs from subscriptions and B2B are encouraging, and AI-enhanced marketing should keep acquisition costs in check if execution is tight.
The next catalysts will be audited numbers and cash-dividend detail in May, plus any acquisition news. If you want to go to the source, the company’s site is here: winvia.co.uk.
Disclosure notes: all FY25 figures remain subject to audit; FY24 comparative is pro forma; segment revenue records are stated on a pro-forma basis including Click Competitions.
