Bally's Intralot (BYLOT) Q2 2026 earnings summary

Executive summary

• Group revenue reached €544.2 million in 1H26, up from €182.0 million in 1H25, driven by the consolidation of Bally's International Interactive and strong UK online growth.

• Adjusted EBITDA rose to €184.8 million (margin 34.0%), compared to €60.2 million (margin 33.1%) in 1H25.

• UK remote gaming duty increase impacted Q2 by €34.0 million, with 65% of the effect mitigated through revenue growth and cost optimization.

• Net income after tax and minority interests was -€14.3 million, down from -€0.1 million in 1H25, due to higher interest, depreciation, and transaction fees.

• Shareholders overwhelmingly approved the proposed acquisition of evoke plc, with completion expected in Q4 2026 or Q1 2027.

Financial highlights

• Revenue for 1H26: €544.2 million (1H25: €182.0 million); Q2 2026: €276.1 million (Q2 2025: €86.5 million).

• Adjusted EBITDA: €184.8 million (1H25: €60.2 million); margin at 34.0%.

• Operating cash flow: €133.5 million (1H25: €64.4 million).

• Adjusted net debt: €1,618.9 million as of June 30, 2026 (FY25: €1,493.9 million); pro-forma net leverage ratio: 4.05x.

• Net capital expenditure: €117.4 million in 1H26, mainly due to the €85 million Australian license fee.

Outlook and guidance

• Management expects to complete the evoke plc acquisition in Q4 2026 or Q1 2027, pending regulatory approvals.

• 65% of the UK gaming tax increase was offset through cost optimization and trading improvements.

• Management will focus on integrating Bally's International Interactive and leveraging new contracts for growth.

• Interactive segment is expected to contribute €295 million to Adjusted EBITDA under a consolidation scenario.

• Intralot Legacy contribution is forecasted at €112–120 million, reflecting Turkish market risk and U.S. jackpot seasonality.