For the twelve months ending June 30, 2025, adjusted revenue reached €1.09 billion, while pro forma adjusted EBITDA stood at €477.5 million.
The €2.67 billion acquisition was financed through €1.51 billion in debt and a €1.54 billion capital increase, lifting the group’s total assets to €3.47 billion and leaving it with net debt of €1.58 billion.
The company’s management expects the integration of Bally’s International Interactive to generate €40.6 million in synergies over the next two years, largely through streamlining and economies of scale. Achieving these efficiencies, however, will require one-off costs of between €10 million and €15 million, including staff compensation and advisory fees. The results also reflect tax charges and provisions, such as a €6 million settlement with authorities in Washington State in 2025, as well as allowances for doubtful receivables and potential fines related to contractual obligations.
One of the most striking features of the balance sheet is the €1.53 billion in goodwill arising from the acquisition. This stems from the fact that the purchase price of €2.66 billion significantly exceeded the fair value of the net assets and liabilities acquired. In accounting terms, goodwill is recognized as an intangible asset that is not amortized but tested annually for impairment. Its value therefore depends on whether future cash flows from the new operations can justify the amount recorded. Intralot has clarified that this goodwill cannot be used for tax purposes, meaning it does not reduce future tax liabilities.
According to the pro forma figures, Intralot’s equity now stands at around €1.5 billion, a sum that roughly matches the goodwill on its books. Without this accounting entry, the company’s net worth would be only marginally positive, underscoring how crucial the success of the acquisition will be for its financial position. Including net debt, the group’s enterprise value is about €3 billion. With EBITDA of €477.5 million, this implies a valuation multiple of roughly six times operating earnings—a comparatively modest level for the gaming and technology sector.
Intralot’s fair value lies somewhere between €2.9 billion and €3.8 billion, depending on the benchmarks applied. The ultimate test, however, will be whether the company can deliver the promised synergies while managing its elevated debt burden. If it succeeds, the goodwill will be validated as a measure of future potential. If it falls short, an impairment could erode equity and weigh heavily on its valuation.
