Ballys Intr Ord Company Research (0KA1)

Intralot’s (INLOT’s) Q324 results demonstrated good underlying revenue growth, which was offset by one-offs and negative foreign exchange differences, and a typical seasonal and sequential (ie quarter-on-quarter) increase in EBITDA. Since the start of Q324, INLOT has announced a contract extension (at least two years beyond 2026) in Australia; a new iLottery contract win in British Columbia, extending the existing relationship with the province; and the loss of an important lottery contract, with current EBITDA of US$20m, in Ohio, US, from July 2027. We have reduced our FY24 EBITDA estimate by c 5%.