Intralot Q1 revenue climbs 10.9% to $107.13 million on Argentina, Game Management gains; EBITDA flat

Greek gaming technology firm Intralot reported a 10.9% year-on-year rise in first-quarter revenue to €94.4 million ($107.13 million), supported by improved trading conditions in Argentina and growth across its Game Management and Licensed Operations segments.

Gross gaming revenue (GGR) increased 8.3% to €88.5 million ($100.43 million) for the quarter ended March 31, while earnings before interest, tax, depreciation and amortisation (EBITDA) rose just 0.3% to €30.2 million ($34.27 million), reflecting flat profitability amid higher operating costs.

“Intralot’s 1Q2025 results are characterised by revenue growth and free cash flow generation combined with stable profitability and continuing debt reduction, resulting in a net debt leverage ratio of 2.4x,” said Chairman Sokratis P. Kokkalis.

The company’s technology segment remained its top performer, contributing €61.4 million, or 65% of total revenue, though this marked a decline from 71% a year earlier. Strong sales in Argentina, Croatia, and Oceania offset weakness in the U.S. due to lower multi-state jackpot activity.

Licensed Operations in Argentina surged 64.8% year-on-year to €10.5 million, accounting for 11% of total revenue compared to 7% in Q1 2024. In local currency terms, revenue from Argentina jumped 106.1%, bolstered by improving macroeconomic conditions.

Revenue from Game Management rose 22.8% to €22.5 million, driven largely by 61% growth in online sports betting in Turkey, despite a 14.8% devaluation of the Turkish lira.

Lottery games continued to dominate Intralot’s portfolio, making up 55.2% of revenue. Sports betting contributed 25%, video lottery terminals 11.6%, and IT products and services 8.2%.

Total operating expenses rose by €1.0 million, or 3.7%, which the company attributed to support for topline growth. Other operating income rose 14.2% to €7.6 million.
Operating cash flow nearly doubled to €48.9 million from €27.1 million in Q1 2024, mainly due to the collection of prior-year receivables.

On the commercial front, Intralot recently renewed key contracts, including a six-year extension with New Zealand’s Department of Internal Affairs and a seven-year extension with the New Hampshire Lottery Commission.

“On the commercial front, the company renewed key contracts in New Zealand through 2032 and New Hampshire through 2033, with the latter becoming the first US state to install our new central lottery platform Lotos X with its advanced functionalities,” Kokkalis said.

The company also dismissed reports linking it to acquisition talks in Australia involving Max Gaming, a subsidiary of Tabcorp.

“Intralot clarifies that no binding agreement of this kind exists,” the company said. “Currently, Intralot is not conducting any negotiations relating to any acquisition in Australia.”