Bally's Intralot (BYLOT) Q4 2025 TU earnings summary

Executive summary

• Reaffirmed 2026 Adjusted EBITDA guidance at approximately EUR 422 million, supported by strong Q1 2026 trading data and robust mitigation plans for the UK Remote Gaming Duty increase.

• FY 2025 pro forma revenue was EUR 1,085.8 million, with Adjusted EBITDA of EUR 430.8 million and a margin of 39.7%.

• Revenue grew 35.5% year-over-year to €520.6 million, driven by the acquisition of Bally's International Interactive (BII) in Q4 2025.

• Adjusted EBITDA rose 41.2% year-over-year to €184.6 million, with a margin of 35.5%.

• The BII acquisition created one of the largest listed entities on the Athens Stock Exchange and significantly expanded B2C operations.

Financial highlights

• Levered free cash flow for FY 2025 was EUR 172.7 million.

• Group cash at year-end, including restricted cash, was €244.9 million.

• Adjusted net debt at year-end was €1,491.8 million; pro forma net leverage ratio was 3.46x.

• Profit after tax on a pro forma basis was €150.1 million.

• EUR 50 million of capital returns represented less than 30% of annual free cash flow.

Outlook and guidance

• 2026 Adjusted EBITDA guidance of EUR 422 million reaffirmed, with all four mitigation levers (generosity reductions, marketing optimization, cost savings, transaction synergies, and organic growth) in execution.

• UK Remote Gaming Duty increased from 21% to 40% of Gross Gaming Revenue as of April 1, 2026; mitigation measures are expected to offset most of the impact.

• U.K. online revenue in the first two months of 2026 was £95.7 million, up 11.1% year-over-year.

• Management intends to recommend a €30 million dividend from undistributed profits, with a pre-dividend planned after H1 2026 results.

• Non-core international markets remain stable, with modest FX headwinds.