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Greece – Intralot down 7.2 per cent due to discontinuing Maltese operations

By - 27 November 2023

Greece-based operator Intralot posted consolidated revenue posted a decrease compared to 9M22, leading to a total revenue for the nine-month period ended September 30, 2023, of €280, down 7.2 per cent. Excluding the impact from the discontinuation of Malta license, underlying revenue from continuing operations increased by 8.6 per cent.

From a contribution perspective, Lottery Games remain Intralot’s largest contributor to group turnover with a share of 56.8 per cent, followed by Sports Betting with a share of 19 per cent Technology contracts with a share of 12.3 per cent and VLTs monitoring with a share of 11.8 per cent.

Reported consolidated revenue for the nine-month period is lower by €21.7m year over year. The main factors that drove top line performance per Business down €49.2m, down 59.8 per cent from Licensed Operations (B2C) activity line with the variance driven by:

Intralot reported lower revenue in Argentina, down €5.3m or 13.8 per cent affected by the adverse impact of the FX currency translation. In local currency, current year results posted an increase of 120.9 per cent year-on-year increase. It saw strong momentum of its Turkish operations, up €16m or 77.1 per cent, driven by Bilyoner’s improved performance, favored by the growth of the online market. In 9M23, the local Sports Betting market expanded close to 1.9 times year-on-year.

Intralot Chairman & CEO Sokratis P. Kokkalis noted: “9M2023 results demonstrate Intralot’s new strengths returning to Net profits, strong Ebitda growth and cash flow generation, hence fulfilling all the goals we have set out. We have recently completed an important Share Capital Increase via rights issues of €135m that attracted wide support demonstrating that Intralot represents a very attractive investment case. I would like to thank all the investors who participated and trusted our vision and capability to deliver even stronger results in the future. “

Intralot also reported higher revenue from its US Sports Betting contracts, up €0.3m or 8.2 per cent and higher revenue in Morocco, up €0.2m or 2.2 per cent. US operations’ increased revenue €4.6m or 4.1 per cent y-o-y, supported by the growth in the categories of Numerical, i-Lottery and Instant games,

There was higher revenue in Croatia, up €3.5m or 64.2 per cent as a result of the local market
growth, higher revenue from rest jurisdictions up €3.1m or +6.3 per cent triggered by the
new Lottery contract in Taiwan but lower revenue in Australia, down €0.4m or 2.4 per cent.

On a quarterly basis, revenue increased by 8.1% compared to 3Q22, leading to total revenue for the three-month period that started οn July 1, 2023, and ended on September 30, 2023, of €104.8m. Increased revenue for the quarter (€+7.8m) is primarily attributed to the favorable year-on-year sales improvement of its operations in Turkey (Bilyoner) and Croatia, coupled also with the sale from our new contract in Taiwan. However, the sales surplus in 3Q23 was partially offset by the top line under-performance in Argentina.

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