Brightstar Lottery Plc Trading Under The Legal Name To Begin At The Market Open On July 21, 2025. · NYSE:BRSL
Brightstar Lottery Plc Trading Under The Legal Name To Begin At The Market Open On July 21, 2025 — Brightstar Lottery — Q4 2025 Earnings Presentation
26 slides from Brightstar Lottery Plc Trading Under The Legal Name To Begin At The Market Open On July 21, 2025's earnings presentation, Feb 24, 2026
Slide 1: Q4 and Full-Year Earnings Report
2025: Q4 and Full-Year Earnings Report PERIOD ENDED DECEMBER 31, 2025
Slide 2: Cautionary Statement Regarding Forward-Looking Statements
Cautionary Statement Regarding Forward-Looking Statements This presentation contains forward-looking statements (including within the meaning of the U.S. Private Securities Adjusted EBITDA margin represents Adjusted EBITDA divided by revenue. Litigation Reform Act of 1995) regarding the Brightstar L
Slide 3: Contents
01 Strategy Update 02 Financial Results 03 Q&A 04 Appendix Contents 3 BRIGHTSTAR EARNINGS REPORT - Q4'25 AND FY'25
Slide 4: Strategy Update
01 Strategy Update
Slide 5: Successful Execution of Key Strategic Priorities in FY'25
01 STRATEGY UPDATE Successful Execution of Key Strategic Priorities in FY’25 Closed Secured IGT Gaming Significantly Italy Lotto Sale Reduced Debt Contract & Leverage Launched Brightstar as Pure Play Communicated Lottery Capital Allocation Business Plans 5 BRIGHTSTAR EARNINGS REPORT - Q4'25 AND FY'2
Slide 6: FY'25 Profit & Cash Flow Highlight Brightstar's Attractive Business Model
01 STRATEGY UPDATE FY’25 Profit & Cash Flow Highlight Brightstar’s Attractive Business Model Double-digit Diversity Percentage of Portfolio Drives Cash Generation Funds Key Increase in Q4 & FY’25 Quarterly Same-store Sales Initiatives Cash Dividend (SSS) Growth >$1.1B FY’25 Returned Net Debt Adjuste
Slide 7: FY'26: An Important Year of Investment in Growth Initiatives
01 STRATEGY UPDATE FY’26: An Important Year of Investment in Growth Initiatives Game Innovation Italy B2C & New Contract Digital Portfolio Opportunities Execution Optimization Channel & POS OPtiMa Expansion Savings iLottery & Expansion AI Initiatives 7 BRIGHTSTAR EARNINGS REPORT - Q4'25 AND FY'25
Slide 8: The Future is Brightstar
01 STRATEGY UPDATE The Future is Brightstar Balanced Capital Global Leadership Significant Tailwind Allocation Strategy in Large, from Broader Includes Increased Growing Industry iLottery Adoption Capital Returns for Shareholders Growing, Resilient Attractive Profit Current Valuation Business with H
Slide 9: Financial Results
02 Financial Results
Slide 10: Q4'25 Revenue Beats Expectations On Elevated Jackpot Activity
02 FINANCIAL RESULTS Q4’25 Revenue Beats Expectations On Elevated Jackpot Activity; FY’25 Results Include Increased Demand for Instant Ticket & Draw Games Revenue 28 668 651 -10 12 -8 -5 RoW 640 91 Italy 93 SSS Elevated U.S. Increased 85 growth U.S. & Canada MSJP activity Italy Lotto more license th
Slide 11: Resilient Profit Generation in Q4'25 & FY'25
02 FINANCIAL RESULTS Resilient Profit Generation in Q4’25 & FY’25 Income/(Loss) from Continuing Operations Adjusted EBITDA 19 304 116 -5 -8 -7 290 -2 4 284 Increased Italy -67 61 -7 Lotto license fee Elevated U.S OPtiMa cost 92 MSJP activity savings net of amortization more than offset investments b
Slide 12: Cash Generation Funds Key Investments & Significant Shareholder Returns
02 FINANCIAL RESULTS Cash Generation Funds Key Investments & Significant Shareholder Returns • Lotto license fee €2.23B or ~$2.56B ($509M) • €800M or $926M paid in FY’25; BRSL share €492M or ~$569M • €1.43B or $1.68B due in Q2’26; BRSL share ~€879M or ~$1.03B ($193M)/$733M Free Cash Flow* including
Slide 13: Significant Improvement in Net Debt & Leverage in FY'25
02 FINANCIAL RESULTS Significant Improvement in Net Debt & Leverage in FY’25 Net Debt Solid financial condition with 4,777 no significant near-term 2,723 maturities Net Debt Leverage 4.1.x 2.4x FY'24 FY'25 Ample liquidity of >$3B ahead of final Lotto license fee Debt Maturity Profile Successfully in
Slide 14: Introducing FY'26 Outlook
02 FINANCIAL RESULTS Introducing FY’26 Outlook Total revenue includes strong organic growth Revenue $2.50B - $2.55B • >5% organic growth • ~$175M in incremental Lotto license fee amortization impacts reported growth Adjusted EBITDA up as organic expansion & OPtiMa savings Adjusted EBITDA $1.16B - $1
Slide 15: Roadmap to Achieving 2028 targets
02 FINANCIAL RESULTS Roadmap to Achieving 2028 targets 2025 Results 2026 Outlook 2028 Target Revenue $2.50B - $2.55B ~$2.51B Including ~$175M in incremental ~$2.75B Lotto license fee amortization Adjusted EBITDA ~$1.12B $1.16B - $1.19B ~$1.30B Cash from Operations -$193M -$900M As reported Cash from
Slide 16: Q&A
03 Q&A
Slide 17: Appendix
O04 Appendix
Slide 18: FY'25 Revenue & Profit Profile
04 APPENDIX FY’25 Revenue & Profit Profile Wager-based Revenue Revenue by Type Revenue by Geography by Game Type Profit Margins 45% 6% 5% 13% 47% 94% 40% 95% 5% Service Product Sales U.S. & Canada Italy Rest of world Instant Ticket & Draw Income from continuing operations U.S. Multi-state Jackpots A
Slide 19: Lottery Sales: Steady Growth & Resilience
04 APPENDIX Lottery Sales: Steady Growth & Resilience March 2001– Sep 2001 March 2008–June 2009 March 2020– June 2020 100 80 U.S. CAGRs: U.S. 60 2000-2025E: 3.7% Lottery 40 2020-2022: 6.7% Industry 2007-2025E: 3.4% 20 Sales ($B) 0 Instant Other Draw Keno Multi-state Games Recession June 2001 - Dec 2
Slide 20: Q4'25 Select Performance and KPI Data
04 APPENDIX Q4'25 Select Performance and KPI Data Constant Constant Currency Currency Revenue Q4'25 Q4'24 Y/Y Change Change FY'25 FY'24 Y/Y Change Change Service Instant ticket & draw wager-based revenue 530 511 4% (2%) 2,058 1,989 3% 1% U.S. multi-state jackpot wager-based revenue 38 26 46% 46% 106
Slide 21: Q4'25 Select Performance and KPI Data
04 APPENDIX Q4'25 Select Performance and KPI Data Q4'25 Q4'24 FY'25 FY'24 Same-store revenue growth (%) at constant Constant Constant Constant Constant currency (Same-store sales inclusive of contract Currency Currency Currency Currency mix) (1) Change Change Change Change Global Instant ticket & dr
Slide 22: Summarized Income Statements
04 APPENDIX Summarized Income Statements For the three months ended For the year ended December 31, 2025 December 31, 2024 All amounts from continuing operations Q4'25 Q4'24 Y/Y Change (%) FY'25 FY'24 Y/Y Change (%) Service Revenue (includes amortization of upfront license fees) 611 591 3% 2,360 2,3
Slide 23: Summarized Cash Flow Statements
04 APPENDIX Summarized Cash Flow Statements For the three months ended For the year ended December 31, 2025 December 31, 2024 Q4'25 Q4'24 FY'25 FY'24 Net cash (used in) provided by operating activities from continuing operations (222) 174 (193) 709 Capital expenditures (76) (45) (316) (149) Free Cas
Slide 24: Reconciliation of Non-GAAP Financial Measures
04 APPENDIX Reconciliation of Non-GAAP Financial Measures For the three months ended For the year ended December 31, December 31, 2025 2024 2025 2024 Income from continuing operations 92 116 135 271 Provision for income taxes 28 89 165 250 Interest expense, net 42 46 172 206 Foreign exchange (gain)
Slide 25: Reconciliation of Non-GAAP Financial Measures - QTD
04 APPENDIX Reconciliation of Non-GAAP Financial Measures - QTD For the three months ended December 31, For the three months ended December 31, All amounts from continuing operations 2025 2024 Pre-Tax Impact Tax Impact (1) Net Impact Pre-Tax Impact Tax Impact (1) Net Impact Reported EPS from continu
Slide 26: Reconciliation of Non-GAAP Financial Measures - YTD
04 APPENDIX Reconciliation of Non-GAAP Financial Measures - YTD For the year ended December 31, For the year ended December 31, All amounts from continuing operations 2025 2024 Pre-Tax Impact Tax Impact (1) Net Impact Pre-Tax Impact Tax Impact (1) Net Impact Reported EPS from continuing operations a