Intralot's Revenue Rises in First Quarter Following Expansion Initiatives in Argentina

Intralot posted double-digit revenue growth but flat EBITDA in Q1 2025, benefiting from improved trading conditions in Argentina and growth in its Game Management and Licensed Operations segments.

For the three months ending on March 31, 2025, the Athens-headquartered gaming technology group reported revenues reaching €94.4 million ($107.1m/£79.5m), marking a rise of 10.9% compared to the same period in 2024. Intralot also saw an 8.3% increase in gross gaming revenue (GGR), which amounted to €88.5 million.

Lottery games continued to be the largest source of revenue for Intralot, contributing 55.2% of the total revenue during Q1, a slight increase from 54.8% during the 2024 financial year. Sports betting made up 25.0% of the total revenue in Q1, with video lottery terminals accounting for 11.6%, and IT products and services representing 8.2%.

In terms of revenue per activity line, Intralot’s B2B segment accounted for 88.9% of the total revenue, which was a slight decrease from 90.2% in FY2024.

### Argentina trading conditions continue to improve

Intralot’s strongest business unit remains its Technology segment, generating €61.4 million and constituting 65% of the total revenue. However, this was a decrease from 71% during Q1 2024, showing only a €1.0 million increase in revenue. The segment benefited from strong performance in Argentina, upward sales trajectory in Croatia, and organic growth in Oceania. However, U.S. market performance was dampened by reduced activity in multi-state jackpots.

Intralot’s B2C Licensed Operations in Argentina, albeit the smallest segment, grew by 64.8% year-on-year, now totaling €10.5 million and making up 11% of the total revenue, up from just 7% in Q1 2024. The company credited improving macroeconomic conditions in Argentina for driving market growth, with results in local currency showcasing a 106.1% increase compared to the previous year.

Game Management revenue soared by 22.8% to €22.5 million, now representing 24% of total revenue. This increase was primarily attributable to a 61% surge in online sports betting in Turkey, despite the Turkish lira depreciating by 14.8%.

### Intralot’s EBITDA flat during the quarter

Total operating expenses rose marginally by €1.0m (up 3.7%), which Intralot stated was necessary to support top-line growth. Other operating income reached €7.6m, marking an increase of 14.2% year-on-year.

EBITDA remained almost unchanged compared to the same period last year, growing by only 0.3% to €30.2 million. Intralot commented that this steady performance “demonstrates the continued resilience of the group’s operations,” while strong performance in key markets contributed positively to overall results.

Operating cash flow saw a significant improvement, increasing by €21.8m to €48.9m compared to €27.1m in Q1 2024. This increase was primarily due to the collection of prior-year receivables.

Chairman Sokratis P. Kokkalis welcomed the results, highlighting Intralot’s gains post-period. He mentioned that the company recently signed a new six-year agreement with the Department of Internal Affairs of New Zealand, continuing a long-term supply deal for an electronic monitoring system solution for gaming machines. Moreover, in April, the group extended its gaming systems contract with the New Hampshire Lottery Commission for an additional seven years.

Kokkalis expressed, “Intralot’s 1Q2025 results are characterized 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.” He also noted the renewal of key contracts in New Zealand through 2032 and New Hampshire through 2033, with New Hampshire becoming the first U.S. state to install Intralot’s new central lottery platform, Lotos X, featuring advanced functionalities.

### No Australian acquisition on the horizon for Intralot

Earlier this month, Intralot dismissed speculation about it being in discussions for a potential acquisition in Australia. Reports suggested that the company had considered a move for Max Gaming, the gaming monitoring arm of Tabcorp. According to an article in The Australian, Intralot had made an initial approach to Tabcorp regarding a potential purchase, suggesting that Max Gaming could be valued at up to AU$610 million (€348 million).