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Edge28 Nov 2025
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Pollard Banknote (PBL) investor relations material
Pollard Banknote Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary13 Nov, 2025
Executive summary
Achieved record quarterly GAAP sales of $156.3M and combined sales of $187.3M, driven by major contract wins in Belgium and California and strong instant ticket volumes.
Secured a 12-year, CAD 289M contract with the Belgian National Lottery and a 6-year, CAD 375M contract with the California State Lottery, both expected to drive future growth.
Instant ticket production volumes increased 18% sequentially from Q2 2025 and remained steady year-over-year, with proprietary products like Scratch FX on pace for record sales.
Expanded digital and iLottery presence, with Kansas iLottery meeting expectations and NeoPollard Interactive JV securing a two-year extension in North Carolina.
Ongoing investments in technology, ERP systems, and charitable gaming platforms support strategic growth.
Financial highlights
GAAP sales rose to $156.3M from $153.2M year-over-year; combined sales (including JV) reached $187.3M, up from $180.4M.
Gross profit for Q3 2025 was $28.1M (18.0% of sales), down from $31.4M (20.5%) in Q3 2024, mainly due to Kansas iLottery startup losses and lower e-tab margins in Minnesota.
Adjusted EBITDA for Q3 2025 was $32.0M, slightly below $33.3M in Q3 2024, reflecting higher admin and selling expenses, offset by increased JV income.
Net income for Q3 2025 was $10.3M, down from $18.2M in Q3 2024; EPS (basic/diluted) at $0.38/$0.37 versus $0.67/$0.66 last year.
For the nine months ended September 30, 2025, sales were $445.3M, up from $416.8M in 2024; adjusted EBITDA for the nine months was $91.8M, up from $89.3M.
Outlook and guidance
California and Belgium contract wins are expected to boost volumes and financial performance starting in 2026.
Focus remains on improving instant ticket margins, print efficiencies, and ERP implementation, with ERP costs to persist into 2026 and taper off as the system goes live by late 2026/early 2027.
Continued investment in charitable gaming and iLottery platforms, with new product launches and market expansion planned.
Kansas iLottery operation is on track, with profitability expected as the business matures and margins anticipated to improve.
Strong operating cash flow is funding ongoing investments and debt reduction.
California contract capacity impact?
What drives 2026 gross margin improvement?
Outlook for Kansas iLottery profitability?
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Next Pollard Banknote earnings date
Q4 20256 Mar, 2026
Next Pollard Banknote earnings date
Q4 20256 Mar, 2026
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Frequently asked questions
Pollard Banknote Limited provides products and services to the lottery and charitable gaming sectors, including instant ticket production, lottery management services, and interactive gaming solutions. The company also offers pull-tabs, bingo paper, and gaming systems. Pollard Banknote serves government-sponsored lotteries and charitable organizations globally. The company is headquartered in Winnipeg, Canada, and its shares are listed on the TSX.
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