Bally's Intralot (BYLOT) Q4 2025 earnings summary

Executive summary

• FY 2025 revenue reached €518 million, up 34.8% year-over-year, driven by B2C growth and the Bally's International Interactive (BII) acquisition, transforming the group into a leading global iGaming and lottery platform.

• Adjusted EBITDA rose 40.4% to €183.5 million, with BII contributing €67 million and a margin of 35.4%.

• Pro forma 12-month revenue was €1.086 billion, with adjusted EBITDA of €430.8 million at a 39.7% margin.

• B2C segment revenue surged 162.7%, mainly from BII integration, while B2B revenue declined 5.6% due to FX and lower merchandise sales.

• Operating cash flow for FY 2025 was €158.5 million, up from €108.7 million in FY24.

Financial highlights

• BII contributed €167.1 million in revenue and €67 million in adjusted EBITDA at a 40.1% margin in less than three months.

• FY25 AEBITDA margin improved to 35.4% from 34.0% in FY24.

• Net loss after tax for FY25 was €-65.2 million, mainly due to higher interest and transaction costs.

• Net CapEx was €40.3 million, mainly due to BII tech investment and project spend in Croatia and the U.S.

• Cash at year-end, including restricted cash, was €246.7 million.

Outlook and guidance

• 2026 adjusted EBITDA guidance reaffirmed at €422 million, incorporating €95 million U.K. tax impact, €35 million in cost/marketing savings, €15 million in synergies, and €34 million organic growth.

• Management expects continued B2C growth from BII integration and margin expansion, leveraging the enlarged global platform.

• Confident in delivering guidance based on early April trading and cost mitigation progress.