• Greek gaming technology firm Intralot has reported a marginal 1.7% increase in H1 2025 revenue to €168 million, but slipped to a small net loss of €0.1 million.
• The company’s focus remains firmly on its pending €2.7 billion reverse takeover of Bally’s International Interactive division, which it says is on track to complete in Q4 2025.
• Chairman Sokratis Kokkalis described the deal as a “pivotal strategic decision” that will “transform the company” by massively expanding its digital capabilities.
• The H1 results were mixed geographically, with solid growth in the US and Argentina being offset by a decline in Turkey due to the accounting effects of hyperinflation.
• Despite a 12% drop in gross profit, the company maintained a stable adjusted EBITDA of €60.2 million thanks to lower operating expenses.

Global lottery and gaming technology supplier Intralot has reported a stable first-half performance, but the company’s leadership has made it clear that its primary focus is on the massive, “transformative” acquisition of Bally’s International Interactive, which is set to close later this year.

For the six months ending 30 June, group revenue edged up by 1.7% to €168 million. The company also reported a slight increase in adjusted EBITDA to €60.2 million. Chairman Sokratis Kokkalis used the results to highlight the impending deal. “The pivotal strategic decision to acquire Bally’s International Interactive, will transform the company by enhancing its growth capabilities in the modern digital environment and substantially expand its financial scale,” he said, confirming the transaction is on track to complete in the fourth quarter.

A Mixed Picture for a Global Business

A breakdown of Intralot’s H1 performance shows a mixed picture across its global operations. The company saw solid growth in its B2B technology and support services, driven by an improved performance in the United States (due to increased equipment sales) and a 32% revenue jump in Argentina, which is benefiting from a recovering economy.

However, these gains were offset by a 5.9% drop in revenue from its management contracts segment, primarily due to its business in Turkey. Intralot explained that its results there were hit by the “adverse accounting effects related to hyperinflation in the Turkish economy,” a sharp contrast to a positive effect in the same period last year.

The Bottom Line: A Small Net Loss

While top-line revenue saw a slight increase, the company’s profitability was squeezed. Gross profit for the half-year fell by 12% to €57.7 million. Thanks to a 13.6% reduction in operating expenses, Intralot was able to keep its adjusted EBITDA stable.

However, the company ultimately slipped to a small net loss of €0.1 million for the period, compared to a €4.6 million net profit in the first half of 2024.

All Eyes on Q4

While the H1 results show a company holding steady in a complex global environment, they are largely a snapshot of the “old” Intralot. The company’s future, and the focus of all its investors, is now squarely on the successful completion of the €2.7 billion Bally’s transaction in the fourth quarter. The reverse takeover deal will not only see Intralot acquire a major portfolio of digital assets but will also result in Bally’s becoming its new majority shareholder, fundamentally reshaping the Greek technology firm for the years ahead.