Intralot expects to hit FY targets despite nine-month net loss

Intralot expects to hit FY targets despite nine-month net loss

Summary

Intralot reported nine-month revenue of €242.5m and a net loss of €3.1m for the period to the end of September, although adjusted EBITDA was €90.1m with margin up slightly to 37.2%. The company said reported revenue was down 2.9% year-on-year but up 0.3% on a constant currency basis, with foreign exchange headwinds cited as a key factor.

The results cover Intralot standalone figures; the group completed acquisition of Bally’s international assets in November for €2.7bn. Management provided pro forma guidance for the combined entities of c.€1.1bn revenue and €435m adjusted EBITDA with a combined margin of 40.65%.

Operationally, B2B/B2G made up 95.1% of revenue. Regionally, the US grew 2.3% in constant currency, Australia 3.9% and Argentina 19.8% (although hyperinflation accounting affected euro translation). Lottery products remained the largest revenue stream.

Intralot flagged UK tax rises on remote gaming and general betting duty as a material headwind and said it will pursue “aggressive” mitigation measures. The group revised 2026 EBITDA guidance to a range of €420m-€440m.

Key Points

• Nine-month revenue: €242.5m; net loss: €3.1m (vs €6.5m profit in 2024).
• Adjusted EBITDA: €90.1m; margin improved to 37.2% despite lower gross profit.
• Bally’s international acquisition (€2.7bn) closed in November; pro forma guidance: ~€1.1bn revenue and €435m adjusted EBITDA.
• B2B/B2G comprises 95.1% of revenue; product mix led by lottery (53.6%), sports betting (21.6%).
• Regional performance: US +2.3% cc, Australia +3.9% cc, Argentina +19.8% (subject to hyperinflation accounting effects).
• UK gambling tax increases prompting mitigation plans; 2026 EBITDA guidance revised to €420m-€440m.

Why should I read this?

Quick and useful: if you track gambling industry M&A, margins or regulatory hits this is one to skim. Intralot’s results show the business is holding its own despite FX and accounting quirks, and the Bally’s deal plus looming UK tax hikes make the next 12 months interesting. We’ve done the number-picking for you so you don’t have to.

Author style

Punchy: this piece matters for investors and operators. The Bally’s acquisition reshapes Intralot’s scale and margin profile, while the UK duty rises are a concrete policy risk that could delay growth. Read the detail if you need to understand near-term profitability, pro forma scale and the company’s mitigation strategy.

Source

Source: https://igamingbusiness.com/finance/quarterly-results/intralot-nine-month-net-loss/