Warning: Undefined array key "post_type_share_twitter_account" in /var/www/vhosts/casinonewsblogger.com/public_html/wp-content/themes/cryptocurrency/vslmd/share/share.php on line 24
Bally’s Intralot reported higher full-year results for 2025, driven by the combination of Bally’s International Interactive (BII) with Intralot’s worldwide lottery and gaming operations in Q4 of last year. While the merger, completed in October, drove group revenue, the underlying performance weakened on a like-for-like basis.
Group revenue rose 35.5% year-on-year to €520.6 million ($614.3 million), while Adjusted EBITDA increased 41.2% to €184.6 million ($217.8 million), with margin improving to 35.5%. The company said the BII consolidation contributed €169.7 million ($200.2 million) in revenue and €68.1 million ($80.4 million) in Adjusted EBITDA.
On a pro forma basis, reflecting the combined business over a full year, revenue totaled €1.085 billion ($1.28 billion) and Adjusted EBITDA reached €430.8 million ($508.3 million), representing a margin of 39.7%.
Excluding the BII contribution, Intralot reported weaker operating trends, with revenue declining 8.7% and Adjusted EBITDA falling 10.9%, citing foreign exchange pressures and higher merchandise sales and implementation fees recorded in 2024.
The group operates through two core segments: B2B and B2C. The B2B segment remained the main earnings contributor, accounting for 53.4% of revenue and 50.6% of Adjusted EBITDA. The United States continued as the largest market within the segment, representing 66.5% of revenue and 78.1% of Adjusted EBITDA.
While reported U.S. revenue declined 5.2%, performance in constant currency terms was stable, and Adjusted EBITDA grew 5.4% due to cost controls. Across other markets, Australia recorded 4.0% revenue growth in constant currency, Argentina’s B2B operations posted a 22.5% increase in Adjusted EBITDA, and Croatia reported 13.2% revenue growth.
The B2C segment expanded following the acquisition, contributing 46.6% of revenue and 49.4% of Adjusted EBITDA. Within legacy operations, Argentina recorded 2.5% revenue growth and a 6.9% increase in Adjusted EBITDA.
In Turkey, although the online sports betting market grew by approximately 50% in local currency, reported revenue declined 21.8% due to changes in remuneration structures and currency translation effects, while Adjusted EBITDA fell 4.1%.
Fourth-quarter results reflected the first full consolidation of BII, with revenue rising to €256.7 million ($302.9 million) from €113.2 million ($133.6 million) a year earlier. The United Kingdom became the largest market during the quarter, accounting for more than 60% of revenue, while B2C activities represented approximately 72.6% of the total.
Intralot’s acquisition of BII, completed for €2.7 billion ($3.19 billion) through a combination of cash and stock, created one of the largest listed entities on the Athens Stock Exchange and expanded the group’s presence in regulated online markets.
At the end of December, total cash, including restricted balances, stood at €244.9 million ($289.0 million). Adjusted net debt reached €1.49 billion ($1.76 billion), with a pro forma adjusted net leverage ratio of 3.46x. Levered free cash flow for the year was €172.7 million ($203.8 million).
The group issued €600 million ($708.0 million) in senior secured notes due 2031 and €300 million ($354.0 million) in floating rate notes, secured a £400 million ($540.0 million) term loan, and obtained a €200 million ($236.0 million) loan from Greek banks. A €160 million ($188.8 million) revolving credit facility remains undrawn.
Following the refinancing, the group repaid a $230 million bank loan and a €100 million ($118.0 million) syndicated bond loan, releasing €20.2 million ($23.8 million) of restricted cash.
Management plans to recommend a dividend distribution of approximately €30 million ($35.4 million) from previously undistributed profits and a potential pre-dividend later in 2026 based on projected results.