Intralot revenue rises on B2B performance, but earnings fall in mixed 2024 for Intralot

For the 12 months to 31 December 2024, revenue at Intralot topped €376.4 million (£315.0 million/$406.9 million). This beats the previous year by 3.4%, data published yesterday (31 March) revealed.

Intralot also saw gross gaming revenue (GGR) edge up 2% to €355.5 million. Lottery games remained the largest money-maker for Intralot, drawing 54.8% of all revenue in 2024. Sports betting generated 23.1% of total revenue, video lottery terminals 11.3% and technology contracts 10.7%.

Annual growth was largely driven up by strong Q4 gains as revenue for the period climbed 34.3% to €112.8 million, with GGR 22.4% higher year-on-year at €105.8 million.

This was primarily attributed to the strong performance of subsidiaries in the US, Turkey and Argentina. However, it was partly offset by the implementation fees in Taiwan and lower and scope of the Morocco contract.

Easing concerns over Argentina at Intralot

In its evaluation of the figures, Intralot said revenue growth was due to the strong performance of B2B management contracts in Turkey. This was despite an 11.1% devaluation of the Turkish lira during 2024. Intralot also noted lower revenue in Morocco following a lower-value contract renewal.

Elsewhere, Intralot was upbeat about B2C licensed operations in Argentina for 2024. Revenue in the market was 30.1% higher, or 55.2% in local currency terms, than the previous year. Its performance in Argentina in the previous year was heavily hit by a 50% devaluation of the currency by the country’s new government in December 2023.

However, revenue from B2B technology and support services contracts was 3.1% lower year-on-year. Intralot put this down to the implementation of fees in Taiwan, charged in 2023, and partially compensated by organic growth across most key regions.

Bottom-line profit dips 5.8%

However the supplier recorded declines across its bottom-line. Gross profit slipped 2.7% to €141.3 million, while other operating income was down 1.5% to €29.9 million. In terms of spending, total operating costs were 3.0% higher at €117.5 million.

As such, EBITDA declined 3.7% to €124.7 million, although adjusted EBITDA edged up 1% to €130.7 million. However, adjusted EBITDA margin dropped from 35.6% to 34.7%.

After depreciation and amortisation costs, EBIT fell by 16.6% to €51.3 million. Post-interest, exchange differences and other costs, pre-tax profit reached €18 million, down 46.2%.

Bottom-line net profit, referred to by Intralot as net income after tax and minority interest (NIATMI), hit €4.9 million. This fell 16.5% short of the previous year.

Intralot Q4 largely positive despite mixed year

Looking towards the Q4 bottom line, operating costs were cut by 7.3% to €34.9 million. In addition, EBITDA was 16.7% higher at €33.2 million and adjusted EBITDA 38.0% to €39.3 million.

EBIT jumped 56% to €14.2 million, while pre-tax profit hiked 419% to €7.5 million. However, bottom-line net profit (NIATMI) in Q4 fell 49.4% to €1.6 million.

“Our performance for 2024 has been positively impacted by very strong performance in the last quarter driven by strong revenue growth from North America, enabling the company to maintain its key metrics in profitability and leverage ratio by focusing on high profit-margin activities,” CEO Sokratis Kokkalis said.

“We were able to win new contracts in the promising sectors of VLT monitoring in the US and online lottery in Canada and extend key contracts in our core business in Europe and Australia while actively pursuing every opportunity in our sector around the globe.”

What next for Intralot?

As for 2025, management remain positive about the group’s prospects.

“Our commitment to technological innovation, strategic partnerships and operational efficiency enables us to navigate market fluctuations effectively,” the earnings report said.

“With a strong presence in key international markets and a continuous focus on digital transformation, we are well-equipped to seize new opportunities in the evolving gaming industry.

“By leveraging our expertise in next-generation gaming solutions, we aim to enhance player engagement, expand our global footprint and deliver long-term value to our stakeholders.”

 Intralot reported a mixed set of results for its 2024 financial year as a 3.4% increase in revenue was accompanied by a decline in EBITDA and net profit.