Brightstar Lottery Earnings Call Transcripts
Fiscal Year 2026
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First quarter 2026 saw modest reported revenue growth and strong profitability, led by Italy and digital expansion, with adjusted EBITDA up 15% and net debt leverage at 2.4x. Full-year outlook is reaffirmed, with acceleration expected in the second half from new products and retail initiatives.
Fiscal Year 2025
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Revenue for 2025 was $2.51B with strong Q4 growth, while net debt leverage improved to 2.4x. Major digital expansion in Italy and U.S. retail, robust shareholder returns, and a positive 2026 outlook highlight ongoing transformation and growth.
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Q3 saw strong revenue and profit growth, driven by robust same-store sales and digital expansion. The company reaffirmed its 2025 outlook, highlighted significant shareholder returns, and set ambitious 2028 targets, with continued focus on innovation and global market leadership.
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Second quarter revenue grew 3% year-over-year to $631M, with strong iLottery and instant ticket sales offsetting the absence of large U.S. jackpots. The company reaffirmed its $1.1B adjusted EBITDA outlook, improved free cash flow guidance, and announced major capital returns via dividends and buybacks.
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A new nine-year Italian Lotto license was secured with a €2.23 billion fee, supporting a strategy to grow both retail and digital revenues through innovation, digital expansion, and cross-selling. The My Lotteries app and new B2C offerings are expected to drive higher margins and shareholder value.
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Q1 2025 saw resilient demand for instant and draw games, with iLottery sales up 26% and EBITDA at $250 million, despite lower U.S. jackpot activity. Full-year guidance was revised to the low end due to jackpot and macro headwinds, while strategic initiatives and new product launches are expected to drive growth in the second half.
Fiscal Year 2024
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Announced sale of Gaming and Digital business for $4B, shifting focus to lottery operations. 2024 revenue was $2.5B with strong cash flow and a 47% EBITDA margin. 2025 guidance anticipates modest growth, significant CapEx, and continued debt reduction.
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Revenue for the first nine months reached $1.9B, with adjusted EBITDA of $880M and a 47% margin. The business is transitioning to a pure-play lottery model, optimizing costs, and expects full-year revenue of $2.5–$2.55B. Sale proceeds will reduce debt and support shareholder returns.
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Record first-half results with over $2B revenue and strong margins were reported, driven by both Lottery and Gaming/Digital segments. The $4.05B sale of Gaming and Digital to Apollo will create a pure-play lottery business, with proceeds used for debt repayment and shareholder returns. Lottery growth remains solid, with new contracts and iLottery expansion supporting future performance.