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Brightstar Lottery (BRSL) investor relations material
Brightstar Lottery Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Completed $4B sale of Gaming & Digital business, exceeding expectations, and secured Italy Lotto license through 2034.
Announced $1.1B capital return to shareholders via $3/share special dividend and $500M share repurchase, the largest in company history.
Achieved 2.6% global same-store sales growth in instant ticket and draw games, with product sales revenue up 59% year-over-year.
Maintains global leadership as the largest lottery operator and iLottery platform provider, with strong liquidity of $2.9B.
Q2 results in line with expectations, reflecting improved player demand and innovative product launches.
Financial highlights
Q2 revenue was $631M, up 3% year-over-year; adjusted EBITDA was $274M, down 5% with a 43.5% margin.
Free cash flow for the first half reached $259M, up from $241M prior year; Q2 free cash flow was $167M.
Net debt increased to $5.2B, mainly from FX translation; pro forma net debt leverage at 3.0x after $2B debt reduction.
Adjusted EPS for Q2 was $0.12, down from $0.20 in the prior year; net loss from continuing operations was $60M.
Product sales revenue saw double-digit growth, and instant ticket printing volumes rose 25% year-over-year.
Outlook and guidance
FY25 revenue guidance set at $2.5B, reduced by $50M due to timing and Italy Lotto license amortization.
FY25 adjusted EBITDA outlook reaffirmed at $1.1B; expect higher H2 revenue and EBITDA driven by improved jackpot/LMA comparisons and cost savings.
Free cash flow outlook improved by $150M; CapEx revised lower to $375M for 2025-2028, then dropping to $200M-$225M post-renewal cycle.
EUR/USD assumption for FY25 increased to 1.12, with FX benefit offset by U.S. jackpot impacts.
Anticipate return to $780M average annual cash from operations after Italy Lotto fee period.
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