The company, now exclusively focused on lotteries following the sale of IGT’s Gaming & Digital business to Apollo, closed the first quarter with $587 million in revenue and $63 million in profit.
Brightstar Lottery PLC, formerly known as IGT Lottery, has reported its financial results for the first quarter of 2026, posting revenues of $587 million, a 1% increase compared with the $583 million recorded in the same period last year. The company is listed on the New York Stock Exchange under the ticker symbol BRSL and now operates exclusively as a global lottery-focused business.
The rebranding from IGT Lottery to Brightstar Lottery took place in 2025 as part of the separation of the lottery business and the sale of International Game Technology’s Gaming & Digital division to funds managed by Apollo Global Management. According to Brightstar’s annual report, the sale of IGT Gaming was completed on July 1, 2025.
In its new structure, Brightstar’s reference shareholder remains De Agostini, which continues to hold a controlling stake. As of December 31, 2025, De Agostini held an approximate 45.7% economic interest and 62.7% of voting rights, excluding treasury shares.
During the first quarter of 2026, Brightstar’s adjusted EBITDA reached $287 million, representing a 15% increase compared with the $250 million reported a year earlier. At constant currency exchange rates, the increase was 5%. Adjusted EBITDA margin stood at 48.9%, compared with 42.8% in the first quarter of 2025.
Income from continuing operations amounted to $63 million, compared with $8 million in the same period of 2025. Diluted earnings per share reached $0.20, compared with a loss of $0.11 per share one year earlier. Adjusted earnings per share totaled $0.14, up from $0.09 in the first quarter of the previous year.
Revenue performance was supported by results in Italy, with 3.1% comparable sales growth, a positive sales mix in the United States, reduced LMA shortfall, higher pass-through revenues and favorable foreign exchange conversion effects. Offsetting factors included higher amortization of service revenue linked to the Lotto license in Italy and the transition of the UK services contract.
Vince Sadusky, CEO of Brightstar, stated that the quarter reflected the strength of the company’s global portfolio and the execution of its strategic priorities. He also highlighted that Brightstar returned more than $70 million to shareholders during the period.
The company ended the quarter with total liquidity of $2.8 billion, consisting of $1.2 billion in unrestricted cash and $1.6 billion in additional available borrowing capacity. Net debt stood at $2.752 billion, with net leverage at 2.4x.
The board of directors declared a quarterly cash dividend of $0.23 per common share, with a record date of May 28, 2026, and payment scheduled for June 11, 2026. Brightstar also announced that in April it completed the final payment for the Italian Lotto license, totaling €1.43 billion, equivalent to $1.67 billion, and refinanced its revolving credit facility through March 2031.
For the full year 2026, Brightstar maintained its guidance outlook. The company expects revenues between $2.5 billion and $2.55 billion and adjusted EBITDA between $1.16 billion and $1.19 billion. The forecast includes organic growth above 5% and the impact of approximately $175 million in additional service revenue amortization linked to Lotto Italia.
Brightstar Lottery defines itself as a global lottery company operating across six continents, serving nearly 90 lottery customers, acting as the primary technology provider in 26 of the 46 US lottery jurisdictions, and supporting eight of the world’s ten largest lotteries.
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