Bally's Intralot S.A.

FY 2025 pro forma revenue was EUR 1.0858 billion, adjusted EBITDA was EUR 430.8 million, adjusted EBITDA margin was 39.7%, levered free cash flow was EUR 172.7 million, and net leverage was 3.46x. Management also reiterated that the 2026 adjusted EBITDA guidance is approximately EUR 422 million. Q1 2026 UK B2C NGR was approximately GBP 147.9 million, up about 10.5% year over year and essentially flat versus Q4 2025’s GBP 148.8 million. First-time depositors were up 10.8% quarter over quarter and 59.4% year over year; active players were flat quarter over quarter and up 8.7% year over year.

Robeson Reeves framed the business as resilient and structurally advantaged, repeatedly pointing to the 40%+ B2C margin and saying it creates room to absorb the UK duty increase better than lower-margin peers. He said the company has four mitigation levers already in motion: generosity and marketing optimization, cost savings, transaction synergies, and organic growth. His tone was confident and opportunistic, arguing the tax change should accelerate consolidation and make Bally's Intralot stronger.

Chrysostomos Sfatos emphasized the company’s financial policy priorities: deleveraging, shareholder distributions, and selective M&A only if it can add EBITDA and synergies. He said the firm intends to reduce gross debt over the next 2-3 years and reiterated the 2.5x medium-term leverage target, while also noting about EUR 20 million of buybacks already executed and a recommended EUR 30 million dividend. He also said 2026 free cash flow was not guided, and that capex should be somewhat higher this year because of certain US renewals and the pending Victoria Monitoring License bid in Australia.

Analysts focused on M&A appetite, asking what kinds of assets the company would buy and how much leverage it would tolerate. Management said it is open to inorganic growth, but only if it supports financial policy goals, deleveraging, and meaningful synergies or cost reductions; it also said it would protect the capital structure. Questions also centered on sports betting exposure, Q1 growth drivers, and dividend policy: management said sports betting is still a small revenue share, but it is helping funnel customers into gaming, while Q1 growth was supported by product adjustments and stronger marketing efficiency after the tax announcement.