Q1 2025 Intralot Integrated Lottery Systems and Services SA Earnings Call Transcript
Key Points
- Intralot SA (FRA:9IL) experienced growth in revenues and stable EBITDA performance in the first quarter of 2025 compared to the previous year.
- The company generated strong operating and free cash flow, with operating cash flow approximately EUR49 million, EUR22 million higher than the previous year.
- Cash balance at the end of the quarter increased by EUR11.5 million compared to the end of 2024, reaching EUR76 million.
- Adjusted net debt improved by around EUR40 million compared to the end of 2024, reflecting a stronger credit profile.
- Revenue growth was supported by strong performances in Turkey, Argentina, and Croatia, despite challenges in the US market.
- The absence of significant jackpots in the US market impacted revenue and EBITDA, with North America experiencing a EUR2.3 million decrease in EBITDA.
- The growth in revenue came from jurisdictions with lower margins, such as Argentina and Turkey, affecting overall profitability.
- Inflationary pressures in North America led to increased costs, contributing to lower EBITDA despite stable revenue.
- The company faced a negative variance in earnings before tax due to hyperinflation indexation and higher depreciation.
- The lack of multistate jackpots in the US market is a concern, as it directly affects revenue and EBITDA generation.
Ladies and gentlemen, thank you for standing by. I am Vassilios, your Chorus Call operator. Welcome, and thank you for joining the Intralot conference call and live webcast to present and discuss the first quarter 2025 financial results. (Operator Instructions) And the conference is being recorded. (Operator Instructions)
At this time, I would like to turn the conference over to Mr. Nikolaos Nikolakopoulos, Group CEO of Intralot. Mr. Nikolaos Nikolakopoulos, you may now proceed.
Thank you. Welcome, everyone. A small introduction from my side. In general, overall, we had a good start of the year. Even though we experienced an absence of Jackpot, both in Powerball and Mega Millions in the first quarter in the United States. We had -- which had an impact versus last year in our numbers. This was counterbalanced by better performance in the rest of the world and especially, as Andreas Chrysos is going to explain, in Turkey,
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