Bally’s Intralot Financial Results and Annual Reports

Financial Results at a Glance

The snapshot below reports Bally’s Intralot's consolidated group, not the standalone Greek issuer or Bally’s Corporation. IFRS values come from the published FY2025 annual report and H1 2026 interim statements. Management-defined measures are labelled separately.

Sources and periods: FY2025 annual financial report, income statement printed page 146 and balance sheet page 148; FY2025 results release for adjusted measures; H1 2026 IFRS report, printed pages 41 and 43; H1 results release for cash flow and adjusted net debt. Values are in millions of euros, with selected IFRS lines shown to three decimal places after conversion from the original €'000 tables. A minus sign indicates a loss, not negative revenue.

H1 cash flow spans six months; FY2025 spans twelve.

Where to Find the Annual Reports

The company's financial reports are available on its official corporate website. The relevant reporting entity is Bally’s Intralot S.A., previously Intralot S.A., listed in Athens under BYLOT. The earlier ticker INLOT belongs to its history.

Three document categories should not be confused:

1. Final FY2025 annual financial report: audited consolidated and separate-company financial statements for the year ended 31 December 2025. This is the preferred source for FY2025 IFRS totals.
2. H1 2026 interim financial report: published IFRS statements for the six months ended 30 June 2026, including separate GROUP and COMPANY columns. It is an interim reporting period, not an audited full year.
3. Preliminary results and presentations: company announcements and supplementary calculations that can be useful but must retain their preliminary, adjusted or pro forma labels.

An instructive difference appeared in 2026: Bally’s Intralot's March preliminary release described FY2025 revenue of €520.6 million. The subsequent final reporting showed €518.037 million. The preliminary number is not another valid value to average with the audited total; it was superseded for the final IFRS comparison.

Earlier accounts cover the smaller historical perimeter.

Revenue: What Changed and Why

Reported consolidated revenue increased from €384.316 million in FY2024 to €518.037 million in FY2025. The company's final reporting attributes much of the change to adding BII in the fourth quarter. This must be distinguished from an organic increase in the pre-existing lottery operation.

The group's FY2025 review gives approximately €275.6 million B2B revenue and €242.4 million B2C revenue after inter-segment eliminations. These are not company valuations or customer wagers.

For H1 2026, the results release shows the following rounded split:

The H1 2025 column reproduces the comparative amounts presented in the H1 2026 results release. Intralot's original H1 2025 announcement reported approximately €168.0 million of revenue. These different publications should not automatically be treated as having the same measurement basis. The basis of the difference requires reconciliation against the interim reporting notes; we do not assume a specific restatement or reclassification without that evidence.

The dramatic B2C increase reflects the changed consolidation scope as well as trading. The H1 2026 release separately identifies €377.6 million of reported BII revenue within the group. Adding that figure again to €544.2 million would double-count an already consolidated contribution.

Our business-model explainer covers how the segments generate money.

Profitability and Adjusted Measures

Revenue is not profit. For FY2025 the consolidated income statement showed €50.308 million operating profit, yet the group ended the year with a €61.020 million net loss. Finance costs, taxes and other items sit between the operating and bottom-line measures. H1 2026 likewise recorded operating profit of €83.417 million but a net loss of €12.665 million.

The results releases also emphasise AEBITDA: €183.5 million for FY2025 and €184.8 million for H1 2026. This is a management-defined alternative performance measure; its adjustment rules are set out in the company's reporting materials. It excludes or adjusts items that can significantly affect IFRS earnings, and must not be presented as net profit or money in the bank.

The group-level FY2025 net loss should also not be confused with the €65.199 million loss attributable to owners of the parent, a different IFRS line after non-controlling interests. For H1 2026 those corresponding results are a €12.665 million group loss and a €14.295 million loss attributable to parent shareholders.

The separate listed company's own accounts provide an even sharper scope warning: Bally’s Intralot S.A. reported €38.893 million standalone net profit in H1 2026, while its consolidated group reported a loss. These are not contradictory statements; they describe different reporting entities and consolidation effects.

Cash Flow and Liquidity

Cash flow records money movements, not recognised accounting profit. Operating cash can be positive despite a net loss.

Management reported €133.5 million operating cash flow during H1 2026, alongside €117.4 million net capital expenditure. The latter figure includes substantial investment expenditure and should not simply be deducted from an unrelated EBITDA number to declare an audited free-cash-flow total. The comparison with FY2025 operating cash flow of €158.5 million also needs the six-month versus twelve-month caveat.

At 30 June 2026 the IFRS balance sheet reported €177.145 million cash and cash equivalents. The H1 release separately gave €192.3 million total cash including restricted cash and €95.0 million undrawn revolving-credit capacity, producing stated total liquidity of €287.3 million.

An undrawn credit line creates debt if used; restricted cash may not be freely available. Liquidity alone does not guarantee future payment capacity.

Debt and Funding Explained

The H1 2026 release places adjusted net debt at €1,618.9 million, compared with €1,493.9 million at the end of FY2025. Its adjusted net leverage was 4.05 times, calculated using management's pro forma earnings denominator rather than simply dividing net debt by the six-month AEBITDA in our opening table.

Debt disclosures distinguish borrowings, leases and cash. One bond is not total group debt; its coupon is not leverage.

Nor does adjusted net debt equal the IFRS balance-sheet line for all liabilities. Group liabilities at 30 June 2026 were €2,279.006 million, encompassing obligations beyond financial borrowings. Subtracting cash mechanically from that total would not reproduce the company's published adjusted net-debt measure.

Management indicated that the €85 million payment for a monitoring licence in Victoria, Australia contributed to the H1 increase in leverage. This provides spending context, not proof that all incremental debt financed that single item. Detailed contractual maturities, facilities and covenants require the debt notes rather than a headline ratio.

Finally, Bally’s Corporation has its own US consolidated obligations. The Greek group's debt should not be equated with the parent's financing simply because Bally’s holds a controlling stake. The implications for the group belong in our separate risks and opportunities analysis.

Why Historical Figures Are Not Directly Comparable

The comparison problem is not rounding, but consolidation scope. BII entered FY2025 results only from October, while H1 2026 includes six months.

The later published H1 2026 results materials present €1,075.0 million unaudited pro forma twelve-month revenue to 30 June 2026 and €399.9 million pro forma AEBITDA. An earlier preliminary H1 release reported €1,060.8 million of pro forma revenue alongside the same €399.9 million AEBITDA. This article uses the later published figure, not the preliminary estimate. The precise cause of the change has not been established from the reviewed reporting notes; we do not attribute it to a particular adjustment. Neither version represents reported H1 revenue or audited FY2025 results.

The right reading order is: identify the reporting entity, confirm the calendar period, check acquisition dates and consolidated months, then compare like with like if a supported reconciliation exists. For the corporate sequence rather than the accounting treatment, see history and acquisitions.

What the Figures Do, and Do Not, Tell Us

The financial disclosures establish that Bally’s Intralot now reports a much larger combined business, positive operating profit and operating cash generation, but also consolidated net losses and sizeable adjusted net debt. None of those facts in isolation establishes sustainable organic growth, future solvency, shareholder returns or investment value.

Our editorial conclusion is straightforward: the perimeter and definition attached to a figure are part of the figure. Read the underlying annual or interim report before treating a headline as a trend. Market pricing and share performance are separate from accounting results and are addressed in our shares and chart guide.