Bally’s Intralot has announced impressive full-year results for 2025, largely attributed to the merger between Bally’s International Interactive (BII) and Intralot’s global lottery and gaming operations, which was finalized in October of the previous year. While the merger positively impacted overall group revenue, the underlying performance showed some decline when assessed on a like-for-like basis.
Group revenue surged by 35.5% year-on-year, reaching €520.6 million ($614.3 million), while Adjusted EBITDA saw a 41.2% increase to €184.6 million ($217.8 million), leading to an improved margin of 35.5%. The consolidation of BII contributed significantly, adding €169.7 million ($200.2 million) to revenue and €68.1 million ($80.4 million) to Adjusted EBITDA.
On a pro forma basis, which reflects the combined operations over a full year, total revenue amounted to €1.085 billion ($1.28 billion), with Adjusted EBITDA hitting €430.8 million ($508.3 million), resulting in a margin of 39.7%.
However, when excluding BII's contributions, Intralot experienced a decline in operating trends, with revenue dropping by 8.7% and Adjusted EBITDA decreasing by 10.9%. The company cited foreign exchange challenges and an increase in merchandise sales and implementation fees recorded in 2024 as contributing factors.
The group operates through two primary segments: B2B and B2C. The B2B segment remained the largest revenue generator, accounting for 53.4% of total revenue and 50.6% of Adjusted EBITDA. The United States continued to be the dominant market in this segment, contributing 66.5% of revenue and 78.1% of Adjusted EBITDA.
Despite a reported 5.2% decline in U.S. revenue, performance remained stable when adjusted for constant currency, with Adjusted EBITDA increasing by 5.4% due to effective cost management. In other markets, Australia saw a 4.0% revenue increase in constant currency, while Argentina’s B2B operations reported a 22.5% rise in Adjusted EBITDA, and Croatia experienced a 13.2% revenue growth.
The B2C segment also saw growth following the acquisition, contributing 46.6% of revenue and 49.4% of Adjusted EBITDA. In legacy operations, Argentina reported a 2.5% increase in revenue and a 6.9% rise in Adjusted EBITDA.
In Turkey, although the online sports betting market grew by around 50% in local currency, reported revenue fell by 21.8% due to changes in remuneration structures and currency translation impacts, with Adjusted EBITDA down by 4.1%.
The fourth quarter results marked the first full consolidation of BII, with revenue climbing to €256.7 million ($302.9 million) from €113.2 million ($133.6 million) the previous year. The United Kingdom emerged as the largest market during this period, accounting for over 60% of total revenue, while B2C activities represented approximately 72.6% of the overall total.
Intralot's acquisition of BII, valued at €2.7 billion ($3.19 billion) through a mix of cash and stock, has created one of the largest publicly traded companies on the Athens Stock Exchange and broadened the group's footprint in regulated online markets.
As of the end of December, total cash, including restricted balances, stood at €244.9 million ($289.0 million). Adjusted net debt was reported at €1.49 billion ($1.76 billion), with a pro forma adjusted net leverage ratio of 3.46x. The 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 in 2031 and €300 million ($354.0 million) in floating rate notes, secured a £400 million ($540.0 million) term loan, and received 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 propose a dividend distribution of approximately €30 million ($35.4 million) from previously undistributed profits, with a potential pre-dividend distribution anticipated later in 2026 based on projected results.