In a cautiously optimistic kick-off to 2025, Intralot SA has showcased a robust beginning to its annual financial journey, underpinned by an unwavering dedication to whittling down its long-standing corporate debt. The Athens-listed titan in gambling and lottery solutions unveiled its first-quarter financials, revealing a commendable 10% uplift in group income to €94m, up from €85m the previous year.

Diving into the revenue mix, it’s clear that lotteries continue to be the linchpin of Intralot’s portfolio, contributing 55.2% to the group’s turnover. Sports betting is not far behind at 25%, with Video Lottery Terminal (VLT) monitoring services and Technology Contracts trailing at 11.6% and 8.2%, respectively.

The narrative of growth was particularly pronounced in Business-to-Business (B2B) engagements and Managed Services Contracts. Notably, Argentina’s licensed operations blossomed by an impressive 65% year-on-year—a figure that leaps to 106% when measured in local currency terms. Turkey and Croatia weren’t left behind either; Turkey experienced a significant surge in online sports betting turnover by 61%, despite the lira’s depreciation impacts, while Croatia boasted steady organic growth echoing broader regional recovery patterns.

However, it wasn’t all upward trajectories—EBITDA remained flat at €30.2m year-on-year, and Net Income After Tax and Minority Interest (NIATMI) dipped into a loss of €0.6m from a healthy profit of €3.9m in Q1 of 2024. This shift was attributed to heightened depreciation charges and foreign exchange losses tied to hyperinflation adjustments.

Steering the helm, Group CEO Nikos Nikolakopoulos alongside Chairman Sokratis P. Kokkalis reiterated their laser focus on debt reduction—a strategy evidently bearing fruit as demonstrated by a significant net debt leverage ratio improvement to 2.4x.

A closer look at the numbers reveals an adjusted net debt decrease by €39m quarter-over-quarter to €316.5m with the net leverage ratio refining from 2.7x at FY2024’s close to 2.4x now—an achievement powered by an impressive operating cash flow boost of 80% to €48.9m primarily through diligent collection efforts on prior-year receivables.

Highlighting Intralot’s strategic finance maneuvers was the renegotiation with Greek creditors extending the maturity of its €100m corporate bond till January 2026—a move securing continued support from top-tier financial institutions including Piraeus Bank and National Bank of Greece among others.

While the US market faced headwinds due to diminished multistate jackpot activities, Intralot seized opportunities for expansion—most notably extending its contract with New Hampshire Lottery until 2033 which marked the debut of its Lotos X lottery platform stateside; A milestone mirrored by securing a six-year extension for its EMS system deployment across New Zealand through until 2032.

These strategic renewals underscored Intralot’s commitment not just towards innovation but also solidifying its presence across key markets globally—an ambition clearly reflected through these early strides in fiscal year 2025.