Intralot dips to net loss in H1 despite revenue growth

Summary

Intralot reported group revenue of €168m for H1 2025, a 1.7% rise year-on-year, but still slipped to a small net loss for the period. Lottery remained the core income stream (53%), with sports betting (22%), video lottery terminals (12.8%) and IT products/services (12.2%) making up the rest. The company saw mixed regional performance: growth in the US and Argentina, but a hit in Turkey due to hyperinflation accounting and higher player-acquisition costs.

Gross profit fell 12% to €57.7m, though adjusted EBITDA edged up 1.2% to €60.2m and EBIT rose to €25m. Net income after tax and minority interest (NIATMI) moved from a €4.6m profit in H1 2024 to a €0.1m loss in 2025. Q2 was mixed: revenue down 4.8% to €79.6m and gross profit down 21.7%, but adjusted EBITDA rose and the quarter remained slightly profitable.

Key Points

Group H1 revenue: €168m, up 1.7% year-on-year.
Revenue split: Lottery 53%, Sports betting 22%, VLT 12.8%, IT products & services 12.2%.
Gross profit down 12% to €57.7m; adjusted EBITDA up 1.2% to €60.2m; EBIT €25m; EBT €9.8m (up 61.4%).
NIATMI swung from a €4.6m profit to a €0.1m loss in H1.
Q2: revenue €79.6m (down 4.8%); gross profit €25.6m (down 21.7%); adjusted EBITDA €30m (up 2.2%); Q2 NIATMI €0.5m (down 34%) but still positive.
Regional notes: US equipment sales and services helped growth; Argentina B2B revenue +32%; Turkey management-contract revenue -5.9% due to hyperinflation accounting and higher marketing/player acquisition spend.
Major M&A: Intralot’s €2.7bn cash-and-stock deal to acquire Bally’s International Interactive is still on track to complete in Q4 and will make Bally’s the majority shareholder; company calls it “transformative.”

Why should I read this?

Quick and useful: Intralot’s numbers show a company growing top-line but struggling to convert that into profit — and there’s a huge Bally’s deal in the wings. If you want the short version: revenues ticked up, margins slipped, and the planned €2.7bn acquisition could reshape the group’s scale and strategy. Worth a skim if you follow iGaming M&A or operator finances.

Context and relevance

This update matters because it combines operational results with a major strategic move. The Bally’s International Interactive acquisition would materially increase Intralot’s digital footprint and financial scale at a time when core profitability is under pressure. The regional performance highlights common industry dynamics: Latin America (Argentina) recovering strongly, the US showing equipment-driven resilience, and Turkey illustrating how macroeconomic factors (hyperinflation accounting) can distort local results.

For investors, partners and competitors, the story flags two things to watch: how successfully Intralot integrates Bally’s assets and whether cost or revenue actions restore gross margin momentum while sustaining the modest EBITDA gains shown in H1.

Source

Source: https://igamingbusiness.com/finance/half-year-results/intralot-net-loss-h1-revenue-growth/