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Intralot S.A. Integrated Lottery Systems and Services (INLOT) investor relations material
Intralot S.A. Integrated Lottery Systems and Services Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary27 Nov, 2025
Executive summary
Completed acquisition of Bally's International Interactive for up to €2.7 billion, making Bally's the largest shareholder with a 58% stake and establishing a long-term capital structure for future growth.
Proforma annualized 2025 guidance: €1.1 billion in revenue and €435 million in adjusted EBITDA, with a margin above 39%.
UK government increased remote gaming duty from 21% to 40% effective April 2026, expected to delay growth plans by one year but not derail them.
Revenue for the nine months ended September 30, 2025, was €242.5 million, down 2.9% year-over-year, mainly due to adverse FX movements.
Net income after tax and minority interest (NIATMI) was -€3.1 million for 9M25, compared to €6.5 million in the prior year.
Financial highlights
9M25 revenues: €242.5 million, down 2.9% year-over-year; gross profit: €83.7 million, down 15.9%.
AEBITDA for 9M25: €90.1 million, down 1.6% year-over-year; margin improved to 37.2%.
Net debt reduced to €298.8 million as of September 2025; leverage ratio improved to 2.3x.
Operating cash flow for 9M25: €86.4 million, up 5.9% year-over-year; CAPEX: €20.4 million.
Free cash flow for the period was €48.1 million.
Outlook and guidance
Combined pro-forma 2025 revenue projected at €1.1 billion, with EBITDA margins above 39%.
2026 EBITDA guidance revised to €420-440 million due to UK tax increase, with mitigation plans in place.
Growth plan delayed by one year due to tax changes, but medium-term growth prospects remain intact.
Turnover expected to grow to €1,150 million in 2026 and €1,245 million in 2027, with EBITDA margins stabilizing around 35%.
Strategic focus on leveraging cross-selling opportunities and expanding in the global iGaming and lottery market.
How will UK tax impact market consolidation?
What are the capital allocation plans for buybacks and M&A?
What are the key growth projects and CapEx outlook?
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Next Intralot S.A. Integrated Lottery Systems and Services earnings date
Q4 202531 Mar, 2026
Next Intralot S.A. Integrated Lottery Systems and Services earnings date
Q4 202531 Mar, 2026
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Frequently asked questions
Intralot S.A. is a Greek company that provides technology and operational services for the gaming and lottery industries. It offers end-to-end systems for lottery management, sports betting, and interactive gaming. The company operates in multiple international markets, serving both state and private operators. The company is headquartered in Athens, Greece, and its shares are listed on the ATHEX.
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