Bally's Intralot (BYLOT) Q1 2026 earnings summary

Executive summary

• Q1 2026 revenue reached EUR 268.1 million, up from EUR 95.6 million in Q1 2025, driven by the full consolidation of Bally's International Interactive (BII), which contributed EUR 183.6 million.

• Adjusted EBITDA rose to EUR 100.2 million from EUR 30.2 million year-over-year, with margin expanding to 37.4%, a 5.8 percentage point improvement.

• Net profit after tax increased to EUR 7 million in Q1 2026 from EUR 2.1 million in Q1 2025.

• UK online business showed robust momentum, with revenue up 10.5% year-over-year in Q1 and preliminary April revenues up 11.5%.

• Pro forma twelve-month revenue was EUR 1.06 billion, with adjusted EBITDA at EUR 427 million and a 40.2% margin.

Financial highlights

• Group revenue increased by EUR 172.5 million year-over-year, reaching EUR 268.1 million in Q1 2026, mainly due to BII consolidation.

• Adjusted EBITDA rose to EUR 100.2 million from EUR 30.2 million in Q1 2025, with a margin of 37.4%.

• Operating cash flow nearly doubled year-over-year to EUR 84.4 million, driven by BII's strong cash generation.

• Profit after tax for Q1 2026 was EUR 7 million, up from EUR 2.1 million in Q1 2025.

• CAPEX for Q1 2026 was EUR 15.4 million.

Outlook and guidance

• 2026 adjusted EBITDA guidance of approximately EUR 422 million is reaffirmed, with Q1 and April performance supporting confidence in delivery.

• Management expects continued growth in the UK market, with double-digit year-on-year growth in May and optimism for further acceleration.

• Pro forma combined organization performance aligns with previous projections and guidance, indicating continued strong margins and revenue growth.

• Bilyoner continues to gain market share in Turkey, outpacing the local online sports betting market growth of 35% in local currency.

• The B2B segment remains resilient outside the US, despite softer lottery activity in its largest market.