Intralot S.A. Integrated Lottery Systems and Services (INLOT) Q4 2025 TU earnings summary

Executive summary

• Revenue grew 35.5% year-over-year to €520.6 million, driven by the acquisition of Bally's International Interactive (BII) in Q4 2025.

• Adjusted EBITDA rose 41.2% year-over-year to €184.6 million, with a margin of 35.5%.

• The BII acquisition created one of the largest listed entities on the Athens Stock Exchange and significantly expanded B2C operations.

• Pro forma combined revenue for the year was €1,085.8 million and AEBITDA €430.8 million, with a 39.7% margin.

Financial highlights

• Group cash at year-end, including restricted cash, was €244.9 million.

• Adjusted net debt at year-end was €1,491.8 million; pro forma net leverage ratio was 3.46x.

• Levered free cash flow for FY25 was €172.7 million.

• Profit after tax on a pro forma basis was €150.1 million.

Outlook and guidance

• U.K. online revenue in the first two months of 2026 was £95.7 million, up 11.1% year-over-year.

• Management intends to recommend a €30 million dividend from undistributed profits, with a pre-dividend planned after H1 2026 results.