Pollard Banknote (PBL) AGM 2026 presentation summary

Key business highlights

• Secured the California Lottery's primary print contract for six years, with an option to extend up to six more years, commencing December 2025.

• Achieved instant ticket margin recovery through repricing strategies, resulting in improved margins.

• Launched Kansas iLottery in February 2025, marking the fastest launch in US history and setting a 12-month per capita revenue record.

• Won a 12-year, $289 million CDN contract to provide a full gaming platform for the National Lottery of Belgium, supporting both retail and iLottery channels.

• Awarded a loyalty solution contract by Oklahoma Lottery, including a new Players Club platform and mobile apps, with iLottery option.

Financial performance

• Combined sales reached $725 million in 2025, up from $665.9 million in 2024.

• Adjusted EBITDA rose to $119.9 million in 2025, compared to $114.5 million in 2024.

• Net income for 2025 was $34.7 million, down from $39.2 million in 2024.

• Net debt stood at $127 million at year-end 2025.

• Strong cash flow before CAPEX in 2025, with net operating cash flow less CAPEX at $24.8 million.

Digital and product innovation

• Expanded digital game portfolio to over 160 eInstant games live across multiple lotteries.

• Enhanced retail innovation with solutions like easyVEND, Digital Menu Board, and easySERV to grow lottery sales.

• mkodo, a subsidiary, continued to grow as a geolocation provider and iGaming app developer.

• Diamond Game subsidiary saw recovery in the Minnesota market and increased interest in tablet-based e-gaming.