Intralot began 2025 with stronger revenue but unchanged profitability. The Athens-based gaming technology firm saw a 10.9% revenue increase for the first quarter, driven by improvements in Argentina and continued gains in its Game Management and Licensed Operations businesses.
Good to know
- Q1 revenue rose to €94.4 million, up 10.9% year-on-year.
- EBITDA stayed flat at €30.2 million, up just 0.3%.
- Argentina and Turkey were key growth markets.
For the three months ending 31 March 2025, Intralot generated €94.4 million ($107.1 million) in revenue, compared to €85.1 million in Q1 2024. Gross gaming revenue also rose 8.3% to €88.5 million.
Lottery games continued to bring in the most, accounting for 55.2% of total revenue. Sports betting made up 25%, followed by video lottery terminals at 11.6%, and IT services at 8.2%.
Although the Technology segment remained Intralot’s largest business line, contributing €61.4 million (65% of total revenue), its share declined from 71% a year earlier. Sales were supported by better performance in Argentina, organic growth in Oceania, and gains in Croatia, while the US market was slower due to less activity in multi-state jackpots.
Argentina and Turkey Drive Growth
Argentina was a major contributor during the quarter. Intralot’s Licensed Operations segment, based there, grew 64.8% year-on-year to reach €10.5 million. In local currency, that growth was even higher at 106.1%, reflecting a stronger economy and rising market activity.
Game Management revenue climbed 22.8% to €22.5 million, boosted by a 61% rise in online sports betting activity in Turkey, despite the Turkish lira losing value.
Operating Profit Remains Stable
Despite the revenue increase, EBITDA came in almost unchanged at €30.2 million. Operating expenses grew 3.7% or €1 million, which the company said was necessary to maintain revenue momentum. Other operating income rose by 14.2% to €7.6 million.
Operating cash flow saw a strong improvement, rising to €48.9 million from €27.1 million a year earlier. Intralot said the change was mostly due to collecting receivables from prior periods.
Contract Renewals Boost Outlook
After the quarter ended, Intralot extended two key partnerships. In April, the group renewed its contract with the New Hampshire Lottery Commission for another seven years. Around the same time, it also secured a six-year deal with New Zealand’s Department of Internal Affairs for electronic gaming machine monitoring.
Chairman Sokratis P. Kokkalis called the quarter a reflection of Intralot’s resilience and noted a debt leverage ratio of 2.4x. He added, “Intralot’s 1Q2025 results are characterised by revenue growth and free cash flow generation combined with stable profitability and continuing debt reduction. 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.”
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