Brightstar Lottery PLC: Model update post Q1'26 results

Research evidence excerpt

Brightstar Lottery PLC: Model update post Q1'26 results

Deutsche Bank

Research

Europe Company Date

North America 12 May 2026

Brightstar Lottery

High Yield Corporates

Consumer Services, Leisure & PLC

Gaming

Model update post Q1'26 results

Ricardo Chinchilla

Brightstar Lottery reported Adjusted EBITDA of $287 million (+15% versus $250

Research Analyst

million in Q1'25) on revenues of $588 million (+1% versus $584 million in Q1'25). +44-207-541-6172

The EBITDA growth was attributed to revenue expansion, operational discipline,

and efficiencies derived from the OPtiMa program. Despite modest reported

revenue growth, underlying performance exhibited strength and expanded

profitability, underscoring business model resilience and operational initiative

efficacy. Growth was primarily driven by robust performance in Italy and a favorable

product mix in the United States, partially offset by impacts from the UK transition.

Management noted game innovation and portfolio optimization remain key

performance drivers, particularly in Italy, where same-store sales increased by 3%.

Scratch & Win performance benefited from the successful introduction of new

Infinity Instants at €5 and €10 price points, alongside Milioni di Diamanti, the

company's inaugural €30 ticket. Management observed sustained consumer

demand for premium offerings. BRSL is advancing the rollout of upgraded point-of-

sale terminals in Italy under the new lotto license, with completion anticipated in

Q3'26.

In the United States, same-store sales were flat, below management expectations,

with performance disparities across jurisdictions. Growth was observed in Florida,

Indiana, and Michigan, while larger markets, such as California, faced more

challenging comparables. The New Jersey LMA contract experienced an