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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.
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Q2 2025 earnings summary29 Jul, 2025

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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Frequently asked questions

International Game Technology PLC provides gaming technology products and services in North America, Europe, the Middle East, Africa, Asia-Pacific, Latin America, and the Caribbean. The company develops and sells computerized and mechanical slots games; video lottery terminals; multiplayer systems; progressive jackpots; casino management systems for Native American casinos; player loyalty programs; table game products, such as back-office products, including player tracking and bonusing systems specifically designed for players playing electronic table games; and electronic table games.

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