INTRALOT reports resilient 9M25 performance amid FX pressure
Summary
INTRALOT posted stable operating results for the nine months to 30 September 2025. AEBITDA stood at €90.1m (down 1.6% reported; up 2.4% on a constant-currency basis) with an AEBITDA margin of 37.2%. Reported revenues were €242.5m (a 2.9% decline, but broadly stable after FX adjustment). Operating cash flow improved to €86.4m (+5.9%).
Adjusted net debt fell to €298.8m (a €56.9m reduction since end-2024), taking adjusted net leverage to 2.3x. INTRALOT completed the €2.7bn acquisition of Bally’s International Interactive in the period; pro-forma for the combined group the nine-month numbers are €790m revenue and €320m EBITDA, with full-year 2025 revenue c.€1.1bn and EBITDA margin above 39%.
The group signed a new 10-year contract with the Arkansas Scholarship Lottery. Management expects 2026 EBITDA for the enlarged group of €420–€440m. Revenue mix: Lottery Games 53.6%, Sports Betting 21.6%, VLT monitoring 13.0%, IT services 11.8%. CAPEX for the period was €20.4m (down on 2024).
Key Points
- AEBITDA: €90.1m for 9M25; margin 37.2% (down 1.6% reported, +2.4% constant currency).
- Revenues €242.5m (2.9% reported decline; broadly stable after FX adjustments).
- Operating cash flow rose to €86.4m (+5.9%).
- Adjusted net debt reduced to €298.8m; adjusted net leverage improved to 2.3x.
- Completed €2.7bn acquisition of Bally’s International Interactive; pro-forma 9M: €790m revenue, €320m EBITDA; FY25 revenue ~€1.1bn.
- Management guidance: 2026 EBITDA for combined entity expected at €420–€440m.
- Signed a new 10-year Arkansas Scholarship Lottery contract; continued focus on cost efficiencies and synergies to mitigate regulatory and tax headwinds (eg. UK remote gaming duty rise).
Context and relevance
This update matters for observers of gaming industry M&A and capital structure: INTRALOT has moved from a smaller listed operator to one of the largest gaming groups on the Athens Exchange through the Bally’s International Interactive buy. The figures show resilience against FX pressure and point to improving leverage and cash flow that support future investment and refinancing options.
Key themes: consolidation in the gaming sector, FX volatility affecting reported numbers (but not constant-currency performance), management focus on synergies and cost discipline, and regulatory risk (notably the UK remote gaming duty increase) being actively mitigated.
Why should I read this?
Because if you follow gaming M&A, operator finances or sector strategy, this one changes the landscape. INTRALOT’s big acquisition, better leverage and clear 2026 EBITDA guidance mean the company is now a much bigger player — and they reckon they can handle tax and FX squeezes. Short version: important if you track deals, market positioning or competitor moves.
Source
Source: https://g3newswire.com/intralot-9m25-financial-results-aebitda/