INTRALOT Announces Nine Month 2025 Financial Results
“INTRALOT announces stable operating performance with AEBITDA at €90.1m in 9M25”
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November 27th , 2025
INTRALOT SA (RIC: INLr.AT, Bloomberg: INLOT GA), an international gaming solutions and operations leader, announces its financial results for the nine-month period ended September 30th, 2025, prepared in accordance with IFRS.
Revenues reached €242.5m, a 2.9% decline year-on-year, but were broadly stable on a constant currency basis (+0.3%).
AEBITDA performance remained resilient at €90.1m, lower by 1.6% year-on-year (+2.4% on a constant currency basis), with a solid 37.2% margin.
EBT came in at €8.8m, with Net Income After Tax and Minority Interest (NIATMI) at €-3.1m.
Operating Cash Flow increased to €86.4m in 9M25, representing a 5.9% improvement compared to the same period last year.
Group CAPEX totaled €20.4m in 9M25.
Group Cash, including restricted cash, stood at €88.3m at the end of 9M25.
Adjusted Net Debt at €298.8m, significantly decreased by €56.9m since December 2024.
Adjusted Net Leverage ratio improved to 2.3x, down from 2.7x at the end of FY24.
In early October, Intralot S.A. completed the acquisition of Bally’s International Interactive for €2.7 billion, consisting of cash and stock consideration, creating one of the largest listed entities on the Athens Stock Exchange.
Based on Bally’s published financial results, pro-forma nine-month performance for the combined organization shows €790 million in revenue and €320 million in EBITDA. The new entity is projected to generate approximately €1.1 billion in revenue for full-year 2025 and achieve EBITDA margins exceeding 39%.
On November 13, 2025, INTRALOT announced that its U.S. subsidiary, INTRALOT, Inc., has signed a new 10-year contract with the Arkansas Scholarship Lottery (ASL), continuing a strong partnership that began in 2009. The new agreement becomes effective August 15, 2026.
INTRALOT’s Chairman Sokratis P. Kokkalis noted:
“INTRALOT has recently completed a transformative transaction acquiring Bally’s International Interactive and refinancing all its maturing debt with a long-term capital structure that lays the foundations for both organic and inorganic growth in the new era. I would like to thank Bally’s
Chairman Mr. Soo Kim for his partnership and welcome Mr. Robeson Reeves as CEO of the enlarged Group.”
INTRALOT’s CEO Robeson Reeves noted:
“INTRALOT’s nine-month results as a standalone company show that it has been on track to deliver its goals for 2025, weathering strong FX headwinds. Similarly, Bally’s International Interactive has been on track with its stated guidance in the same period having delivered around €548m in revenue with a hefty 43% AEbitda margin for Q3. Our guidance for full-year 2025 proforma the two entities annualized is expected in the area of €1,070m revenues and €435m in adjusted Ebidta, i.e. a combined margin of 40.65%.
Yesterday the UK government revised gaming taxes by increasing remote gaming duty from 21% to 40% beginning April 2026. This was higher than anticipated but we are going to follow the aggressive mitigation scenarios. We still intend to deliver growth in the wagers accepted which combined with generosity reductions, marketing reductions and accelerated synergies will limit the tax increase impact and will only delay our growth plan by a year. We would therefore revise our 2026 EBITDA guidance in the range of €420-440m. Such tax increases have happened periodically in our markets and, historically, have led to market consolidation and market share growth for companies like Bally’s who have higher margins than other peers.”
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https://www.intralot.com/files/PR_3Q25_EN_Final.pdf