IZI Finance plc has closed FY2026 with profit before tax more than doubling to €14.4 million, as the group surpassed €1 billion in annual turnover for the first time and significantly outperformed its own financial projections.

IZI Finance is the finance company of the operating and associated companies within IZI Group, which operates in Malta’s land-based gaming industry, including casinos, sports betting, commercial bingo, and electronic gaming machines. 

The group, which operates National Lottery plc alongside its casino and interactive gaming businesses, reported turnover of €1.172 billion for the financial year ended 30th June 2026, up 27.4 per cent from €920 million a year earlier.

Player winnings also crossed the €1 billion mark for the first time, increasing by 28.4 per cent from €825.5 million to €1.060 billion.

Gross Gaming Revenue (GGR) rose by 18.3 per cent to €110.9 million, compared with €93.7 million in FY2025, while EBITDA increased by 29.1 per cent to €37.3 million.

The group's EBITDA margin on GGR consequently improved from 30.8 per cent to 33.7 per cent, which IZI Finance attributed to stronger operational performance and improved profitability.

Operating profit registered an even sharper increase, rising by 63.8 per cent from €11.9 million to €19.4 million.

Meanwhile, profit before tax more than doubled, reaching €14.4 million compared with €7.1 million in the previous financial year – an increase of approximately 102 per cent.

Profit comes in 70 per cent above forecast

The results were also substantially ahead of IZI Finance's own projections.

The group had forecast profit before tax of €8.5 million in its Financial Analysis Summary published in February. Its eventual €14.4 million result was approximately €5.95 million, or 70.2 per cent, higher than projected.

IZI Finance said the difference was principally driven by higher-than-anticipated GGR from Type 1 gaming activities, coupled with a better-than-forecast EBITDA margin.

It added that ongoing cost optimisation initiatives and operational efficiencies also contributed to the improved margin.

The group generated €39.7 million in net cash from operating activities during the year, up around 40 per cent from €28.4 million in FY2025.

Cash and cash equivalents stood at €44.3 million as at the end of June, a substantial increase from €7 million a year earlier, while its working capital position improved to a €24.3 million surplus.

During the financial year, IZI Finance also completed the issuance of €30 million in 5.5 per cent unsecured bonds redeemable in 2036, aimed at strengthening its capital and liquidity position and supporting future investment and growth.

€41.8 million paid in concession fees and gaming taxes

The group said it contributed €41.8 million in concession fees and gaming taxes to the Maltese Government during FY2026, alongside contributions to the Social Causes Fund and Responsible Gaming Foundation.

This was equivalent to 37.7 per cent of its GGR for the financial year.

IZI Finance said its improved performance was driven primarily by growth at National Lottery plc, complemented by continued strong performance from its casino and interactive gaming segments.

Throughout the year, the group continued investing in its operations, distribution network, digital capabilities and organisational infrastructure.

International growth next on the agenda

Looking ahead to FY2027, IZI Finance said it has now “substantially completed” the major capital investment programme associated with its core Malta-based operations and is moving into the next phase of its strategy.

The group said this phase will be headlined by international growth, with the proceeds of its latest bond issue intended to support targeted opportunities, particularly in regulated markets with high barriers to entry.

At the same time, IZI Finance said it intends to continue strengthening its Maltese operations through product innovation, expansion and optimisation of distribution channels, improvements to its digital offering and further cost optimisation.

The group said it will pursue its growth strategy within its established risk appetite, taking into account the regulatory, commercial, operational and financial requirements of individual opportunities.