Bally's Intralot (BYLOT) Company presentation summary

Market position and business model

• Leading global lottery technology provider with €659m market cap, listed on Athens Stock Exchange.

• Focus on B2B and B2G lottery sector, with limited B2C exposure and operations in 39 countries.

• Recurring revenue model based on long-term contracts, averaging 15 years, with an 89% renewal rate.

• Diversified product offerings: lottery, iLottery, VLT monitoring, and sports betting.

• Strong regulatory relationships and commitment to responsible gaming, certified by WLA.

Financial performance and structure

• LTM 30 June 2024: €362m revenues, €126m EBITDA, 35% EBITDA margin, and 2.7x net leverage.

• Gross profit margin increased to 40.8% and EBITDA margin to 34.8% in LTM 2024.

• High cash conversion rates above 86% and low maintenance capex requirements (€10–15m/year).

• Significant debt reduction since 2019, with net debt/EBITDA down from 6.8x to 2.7x.

• Equity raises in 2022 and 2023 funded minority buyouts and debt repayment.

Geographic and contract diversification

• 45% of revenues from North America, 18% from Western Europe, 18% from Turkey, and 8% from Argentina.

• Top 10 contracts account for 70% of revenue, with a strong backlog of over €1.1bn contracted revenue through 2028.

• 49 contracts globally, with a focus on developed markets and selective emerging market exposure.

• Key contracts in Turkey, Illinois, Ohio, Argentina, and Australia, with average contract length of 15 years.