INTRALOT Increases Q1 Revenue
INTRALOT posted a 10.9% year-on-year revenue increase in the first quarter of 2025, reaching €94.4 million. Despite flat EBITDA and a slight net loss, the company delivered a strong operating cash flow and reduced net debt, while securing multi-year contract extensions in New Zealand and the U.S.
Revenue Driven by International Markets
In the first quarter of 2025, INTRALOT reported consolidated revenue of €94.4 million, up €9.3 million compared to the same period last year. Lottery games continued to be the company’s primary revenue source, contributing 55.2% of the total, followed by sports betting (25%), VLT monitoring (11.6%), and technology contracts (8.2%).
Revenue growth was driven by improved performance across several markets. Technology and support services contracts grew by €1 million, with notable momentum in Argentina, Croatia, and Oceania. Management contracts rose by €4.2 million, led by a 61% increase in Turkey’s online sports betting market, despite currency depreciation. Licensed operations in Argentina also showed strong growth, with revenues increasing by 64.8% in euro terms and 106.1% in local currency.
Gross Gaming Revenue and Payout Ratio
Gross Gaming Revenue (GGR) for the quarter reached €88.5 million, an 8.3% year-on-year increase. The payout ratio rose by 1.5 percentage points to 63.3%, compared to 61.8% in Q1 2024. Licensed operations included €1 million in non-payout-related revenue, such as value-added services.
Group EBITDA remained stable at €30.2 million, while the EBITDA margin declined to 32.0%, down from 35.4% a year earlier. Operating expenses increased by €1 million to €27.9 million, supporting top-line growth. The Group reported earnings before tax of €3.6 million, down from €5.4 million in Q1 2024, largely due to hyperinflation-related adjustments and higher depreciation.
Net income after tax and minority interests (NIATMI) came in at €-0.6 million, compared to €3.9 million in the same period last year.
Strong Cash Flow and Debt Reduction
Operating cash flow reached €48.9 million, up from €27.1 million in Q1 2024. This improvement was attributed mainly to receivables collection. Capital expenditure was reduced to €5.6 million, partly due to the absence of one-off payments made in Turkey the previous year.
Adjusted net debt declined to €316.5 million, a reduction of €39.2 million since December 2024. The adjusted net leverage ratio improved to 2.4x, down from 2.7x, reflecting enhanced credit strength. The company reported free cash flow of €38.4 million in the first quarter.
Key Contract Renewals
INTRALOT secured two significant contract extensions during the quarter. In New Zealand, its subsidiary signed a six-year extension (2026–2032) with the Department of Internal Affairs for its Electronic Monitoring System (EMS), with an option for an additional year. The existing EMS agreement was also extended by one year through May 2026.
In the United States, INTRALOT extended its agreement with the New Hampshire Lottery Commission by seven years, through September 2033. This extension includes the deployment of the new Lotos X central lottery system.