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INTRALOT announces strong EBITDA growth +29.2% y-o-y and positive Earnings after Tax at €3.1m in 1Q23

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INTRALOT SA (RIC: INLr.AT, Bloomberg: INLOT GA), an international gaming solutions and operations leader, announces its financial results for the threemonth period ended March 31st, 2023, prepared in accordance with IFRS.

OVERVIEW

  • Group Revenue at €89.5m (8.4% yoy).
  • EBITDA at €33.7m (+29.2% yoy) in 1Q23, with EBITDA margin reaching 37.7% from 26.7% in 1Q22.
  • LTM EBITDA at €130.5m, up by 6.2% vs. FY22.
  • Substantial growth in our US operations (Revenues +13.1%, EBITDA +31.6% yoy).
  • EBT in 1Q23 shaped at 10.9m vs. €2.3m in 1Q22.
  • NIATMI (Net Income After Tax and Minority Interest) at 3.1m, vs. €5.7m a year ago.
  • Operating Cash Flow at €37.2m in 1Q23 (+115.3% yoy).
  • Group Net CAPEX in 1Q23 was €7.2m.
  • Group Cash at the end of 1Q23 at €109.2m, €6.8m higher vs. Dec22.
  • Net Debt at €471.6m at the end of 1Q23, lower by 18.9m vs. Dec22 and €29.0m vs. 1Q22.
  • Net Debt/ LTM EBITDA at 3.6x in 1Q23 vs. 4.0x in FY22.

Group Headline Figures

INTRALOT Chairman & CEO Sokratis P. Kokkalis noted:

We are extremely proud of first quarter robust organic Ebitda growth of 29% and a return to Net Earnings, along with healthy cash flows and significant reduction of Group Net Leverage Ratio down to 3.6x, providing additional momentum to INTRALOT’s successful turnaround story as a result of our consistent efforts in the past few years. With healthy financials and new technical capabilities offered through next generation solutions for Lottery digital transformation, in both the retail and online worlds, we look forward to timely addressing upcoming maturities, further improving our capital structure, and implementing an ambitious plan for strong and sustainable growth in the US and key markets around the world, creating value for all stakeholders.

OVERVIEW OF RESULTS

REVENUE

Although the reported consolidated revenue posted a decrease compared to 1Q22, leading to a total revenue for the threemonth period ended March 31st, 2023, of €89.5m (8.4%), excluding the impact from the discontinuation of Malta license, underlying revenue from continuing operations increased by 17.5%.

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  • From a contribution perspective, Lottery Games remain our largest contributor to Group turnover with a share of 60.4%, followed by Sports Betting with a share of 17.5%, VLTs monitoring with a share of 12.5%, Technology contracts with a share of 9.5%, and Racing with a share of 0.1%.
  • Reported consolidated revenue for the threemonth period is lower by €8.2m year over year. The main factors that drove top line performance per Business Activity are:
    • 20.4m (64.5%) from our Licensed Operations (B2C) activity line with the variance driven by:
      • Lower revenue in Malta (€21.5m) due to the license expiration early July 2022 and
      • Higher revenue in Argentina (€+1.1m or +10.9% yoy), driven by local market growth. In local currency, current year results posted a +104.5% yoy increase.
    • €+6.3m (+11.4%) from our Technology and Support Services (B2B/ B2G) activity line, with the variance driven by:
      • US operations’ increased revenue (€+4.6m or +13.1% yoy), mostly driven by the growth in Numerical and Instant games, further affected by the EUR depreciation (4.3% versus a year ago in average terms) and
      • Higher revenue from rest jurisdictions (€+1.7m or +8.6%).
    • +5.9m (+54.2%) from our Management (B2B/ B2G) contracts activity line with the variance driven by:
      • Strong momentum of our Turkish3 operations (+5.8m), driven by Bilyoners improved performance, favored by the growth of the online market. In 1Q23, the local Sports Betting market expanded close to 2.2 times yoy. Performance in Euro terms was partially mitigated by the headwinds in Turkish lira (+28.1% Euro appreciation versus a year ago),
      • Higher revenue from our US Sports Betting contracts in Montana and Washington, D.C. (€+0.1m) and
      • Steady performance in Morocco.

GROSS GAMING REVENUE & Payout

  • Gross Gaming Revenue (GGR) concluded at 83.4m in 1Q23, posting an increase of 4.5% (or +3.6m) year over year. The improved performance across most key regions managed to absorb the loss of sales from Malta and the higher payout ratio in Argentina (67.7% yoy on wagers from licensed operations4). 1Q23 Payout Ratio5 was higher by 3.5pps vs. 1Q22 (62.4% vs. 58.9%).

OPERATING EXPENSES & EBITDA

  • Total Operating Expenses marginally increased by €0.9m (or +3.9%) in 1Q23 (€22.7m vs. 21.8m) driven by the improved topline performance in USA and Turkey
  • Other Operating Income from continuing operations ended at €7.8m presenting an increase of 37.0% yoy (or €+2.1m).
  • EBITDA amounted to 33.7m in 1Q23, posting a doubledigit growth of 29.2% (or +7.6m) compared to 1Q22. The main drivers underpinning this performance are attributed to the strong growth in our US operations and the boosted performance in Turkey.
  • On a yearly basis, EBITDA margin on sales climbed to 37.7%, from 26.7% in 1Q22 (+11.0pps).
  • LTM EBITDA stands at 130.5m, up by 6.2% vs. FY22.

EBT / NIATMI

  • EBT in 1Q23 amounted to 10.9m compared to 2.3m in 1Q22, largely driven by the significant EBITDA contribution, the improved results from participations and investments, the gains on net monetary position and the benefit from the lower D&A.
  • NIATMI in 1Q23 concluded at €3.1m compared to €5.7m in 1Q22.

CASH FLOW

  • Operating Cashflow in 1Q23 amounted to 37.2m, increased by €19.9m, compared to 1Q22. The positive impact arising from the higher recorded EBITDA yoy and the favorable working capital movement was partially offset by the negative variance in tax payments.
  • Net CAPEX in 1Q23 was €7.2m, higher by 2.9m compared to 1Q22, with US projects consuming most of the CAPEX needs.
  • Net Debt, as of March 31st, 2023, stood at 471.6m, decreased by €18.9m compared to December 31st, 2022. Robust cash flow generation supported the continued deleveraging, with Net Debt / EBITDA dropping to 3.6x in 1Q23, from 4.0x in Dec22. Positive gross debt movements include the capital payments towards the Term Loan in US, the lower interest accrued in comparison with Dec22 and the positive FX impact on our USD denominated debt.

OUTLOOK/RISKS

The Company Management identifies significant opportunities in the growth of the Lottery and Sports Betting online markets and the expansion of regulated ilottery markets, as well as from the recovery from the implications of the recent pandemic. Combined with the evolution of INTRALOT’s new technological solutions for Lottery digital transformation, the Company is in position to capture more technology projects with an increased profit margin compared to previous years.

World economies continue to navigate through macroeconomic uncertainties, with interest rates at high levels and relatively slow economic growth.

Increased interest rates have a direct impact on the financing servicing costs of the Intralot Group, while the outlook indicates that central banks may start to ease their monetary policy by the end of 2023.

nflation is declining more slowly than expected, having strong impact on most of the industries and regions. However, the gaming industry seems to be more resilient than other sectors of the economy, presenting above average growth in most regions.

The Management of the Company closely monitors geopolitical and economic developments and is ready to take all the necessary measures for protecting its operations.

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Hold and Win brings intrigue to 1spin4win’s Japanese saga

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Gentle Fox Hold and Win continues 1spin4win’s four-part Japanese-themed slot series, following Tiger’s Steps Hold and Win, April’s most-played slot by bet count.

While its official release date is May 29, Gentle Fox Hold and Win was selected for exclusive pre-release by leading casino platforms, including Irwin, Gizbo, Jet, Izzi, Fresh, and others — a clear sign that operators are actively seeking content that combines originality with commercial impact.

Being the second title in the series, the game invites players to uncover the story of Tomoko-hama — the dangerously charming geisha known as the Gentle Fox — whose wit, beauty, and cunning hide a deeper motive.

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Set in the shadow of Mount Fuji, Gentle Fox Hold and Win picks up the narrative thread that began in the first game of the series, drawing players further into a carefully crafted storyline. Years after being taken from her village and brought to the shogun’s castle, Tomoko-hama now tests the will and bravery of those who enter her tea house.

The core challenge of the game is the Hold and Win feature, triggered by landing three or more golden Coins. Players must then fill the Bonus reels with more Coins for the chance to win big, including the x100 Minipot Coin and the elusive x1,000 Megapot.

Olga Bogdanova, the Art Director at 1spin4win, commented, “The second slot in our Japanese-themed series keeps the rich atmosphere of the first but adds a deeper, more intriguing layer. Designed in warm tones, the game gently draws you into a world where calm hides a silent secret.”

Despite the narrative depth, the gameplay remains easy to understand with medium volatility and 97.1% RTP, which is in line with 1spin4win’s signature approach to slot design: simple mechanics, high engagement, and intuitive play for all levels of players.

As this new chapter opens, players move one step closer to the final clash that awaits in the series’ concluding release. Until then, all eyes are on Tomoko-hama — the Gentle Fox — and the secrets she’s yet to reveal.

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About 1spin4win

1spin4win is a fast-growing game provider founded in May 2021 by ambitious developers with over 15 years of experience in the gambling industry. Since its inception, the company has expanded its portfolio to include over 150 classic online slots, all characterized by quality mathematics, transparent mechanics, and well-balanced gameplay — key factors that drive strong player retention. The studio consistently releases an average of four new games each month and offers effective promotional tools for casino operators to help them enhance player loyalty.

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AI has transformed the art of buying a race horse, with records smashed at 2025 breeze up sale events

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2025’s breeze up sales are completed, with last Friday’s Tattersalls Ireland sale at Fairyhouse concluding the events for the year. 

Breeze up sales are a vital part of the horse racing industry. Data is essential for punters to make informed sports bets and is equally important when assessing the potential of a race horse.

At a breeze up event, race horse trainers, buyers and journalists get to watch two-year-old horses literally “breeze up and down” the track, showing off their pedigree, canter, gait, and hundreds of other data points that go into predicting  a horse’s future performance on the racetrack.

Not only have the sales broken all the 2024 records in many metrics, they’ve also surpassed some all-time records since breeze up sales began in Great Britain in the 1970s – from top-selling lots to the total sales figures.

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One notable facet of this year’s events was the contribution of Pythia Sports’ new proprietary technology, which combines artificial intelligence, machine learning, and historical breeze up sales data to improve the accuracy of performance predictions.

The Highlights

Stephen Davison, head of commercial operations at Pythia, said: “The video content captures some brilliant highlights of everything that goes into creating a complete data set at the 2025 sales. The breeze up continues to be an ever-popular sale for buyers seeking top two-year-old talent, and it’s a testament to the hard work of all the consignors and buyers who helped drive this year’s record-breaking results. We hope the insights provided through our data have played a small part in supporting their success.  

“From our point of view, we’re really pleased to have been involved in 18 purchases, with the combined purchase prices exceeding £1.4 million. We’re very much looking forward to seeing them on the track and hope they prove very lucky for their owners.”

Davison continues: “It’s also fantastic for those who want an inside look into some of the hard work that happens behind-the-scenes in horse racing. We’re really pleased at how successful the sales have been, and we love how the sector has responded to our breeze up technology.

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“Incorporating more than 100 essential factors, the innovative tech is a proprietary model which evaluates time, stride and biomechanics for every horse at the breeze ups. These individual factors  then generate a comprehensive rating for each horse,” said Davison.

Breeze up sales – by the numbers 

2025 was a banner year for breeze ups across Europe, with YOY changes increasing greatly and some historic records smashed.

  • Total turnover from all sales: c£70.2m

  • Craven YOY increase: +25.7%

  • Goffs UK YOY increase: +12.4%

  • Arqana YOY increase: +24.8%

  • Tatersalls Ireland YOY increase: +21.5%

In addition, at the Craven sale, the record purchase price for a breeze up horse was broken on consecutive days:

  • £1.4m Acclamation colt – purchased by Godolphin

  • £1.75m – Havana Grey colt purchased by Amo Racing,

Further records broken:

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  • The horse that won the 2,000 Guineas, Ruling Court, was a breeze up horse that sold for €2.4m at 2024’s Arqana Sale

  • The first-ever Goffs sale of a £1m breeze up horse occurred this year, with a Mehmas colt selling to Godolphin.

  • 2025’s Tattersalls Ireland sale was the first time trade has exceeded the €10m euros mark – the first time in Tattersalls Ireland history the 8-figure mark was reached.

  • Top lot was a Night of Thunder colt sold to Stroud Coleman Bloodstock for 580,000 EUROS.

“Tattersalls Ireland provided a fantastic finale to the breeze up season, with average prices rising and yet more records falling. It’s clear that breeze ups have become an essential part of the sales calendar, offering buyers both quality and confidence. It’s an exciting time for the sector — and now, with the sales behind us, the spotlight shifts to the track. I’m sure, like me, everyone is eagerly anticipating how these horses perform, especially with some already making a strong impression,” Davison explained.

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PAGCOR CHAIRMAN, ENTIRE BOARD TENDER COURTESY RESIGNATION

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Philippine Amusement and Gaming Corporation (PAGCOR) Chairman and CEO Alejandro H. Tengco today said he and all the members of the agency’s Board of Directors have tendered their courtesy resignations last week to give the President a free hand in reorganizing the bureaucracy.

The resignation of the top PAGCOR leadership came even before the Palace called on all officials of government-owned or controlled corporations (GOCCs) to submit their courtesy resignations on Wednesday.

“We serve at the pleasure of the President,” Mr. Tengco said. “And we will accept whatever the Chief Executive’s decision will be.”

Along with Mr. Tengco, those who voluntarily stepped down were PAGCOR President and COO Wilma Eisma and Directors Jose Maria Ortega, Francis Democrito Concordia and Gilbert Cesar Remulla.

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