IZI Finance plc – Updated Financial Analysis Summary

Matthew Fabri

November 27, 2025

27 November, 2025
3 min read
27 November, 2025
3 min read

Following last week's article detailing the performance of the S&P 500 index in 2025, it is worth devoting time to review the developments across the European equity markers in my last article of the year.

On 26 November 2025, IZI Finance plc published an updated Financial Analysis Summary. The following are the main highlights of the expected financial performance and position of IZI Finance plc for the current financial year ending 30 June 2026:

  • Revenue is expected to increase by 7.0% to €100.9 million (FY2024/25: €94.5 million), mostly driven by improved results across all lottery type games and the continued strength shown from sports betting. Furthermore, the group is also set to benefit from a new bingo and historical horse racing facility in Gozo which will open its doors in February 2026.
  • EBITDA is anticipated to rise by 8.0% to €31.2 million (FY2024/25: €28.9 million) as the anticipated growth in income is projected to outpace the increase in staff costs, gaming tax and other operating expenses.
  • The group is anticipated to sustain a sizeable depreciation and amortisation charge of €20.4 million reflecting the large capital expenditure program that has recently been undertaken by the group. Nonetheless, operating profit is set to surge by 12.8% to €13.4 million compared to €11.9 million last year.
  • Net finance costs are forecasted to decrease by 5.9% to €4.44 million (FY2024/25: €4.71 million) translating to an interest cover based on EBITDA of 7.0 times (FY2024/25: 6.1 times).
  • Total debt is forecasted to decrease to €86.9 million (30 June 2025: €94.2 million), which includes €28.6 million in lease liabilities. The reduction in debt will be driven by a €7.8 million decline in bank borrowings. Meanwhile, total equity is forecasted to increase by 6.6% to €91.5 million (30 June 2025: €85.8 million). As such, the gearing ratio is expected to improve to 48.7% from 52.3%.
  • After accounting for the expected cash balance of €14.6 million as at 30 June 2026, IZI Finance is anticipating a net debt position of €72.3 million (30 June 2025: €87.1 million), which translates into a net debt-to-EBITDA multiple of 2.3 times (30 June 2025: 3.0 times).

The article contains public information only and is published solely for informational purposes. It should not be construed as a solicitation or an offer to buy or sell any securities or related financial instruments. No representation or warranty, either expressed or implied, is provided in relation to the accuracy, completeness or reliability of the information contained herein, nor is it intended to be a complete statement or summary of the securities, markets or developments referred to in this article. Rizzo, Farrugia & Co. (Stockbrokers) Ltd (“Rizzo Farrugia”) is under no obligation to update or keep current the information contained herein. Since the buying and selling of securities by any person is dependent on that person’s financial situation and an assessment of the suitability and appropriateness of the proposed transaction, no person should act upon any recommendation in this article without first obtaining investment advice. Rizzo Farrugia, its directors, the author of this article, other employees or clients may have or have had interests in the securities referred to herein and may at any time make purchases and/or sales in them as principal or agent. Furthermore, Rizzo Farrugia may have or have had a relationship with or may provide or has provided other services of a corporate nature to companies herein mentioned. Stock markets are volatile and subject to fluctuations which cannot be reasonably foreseen. Past performance is not necessarily indicative of future results. Foreign currency rates of exchange may adversely affect the value, price or income of any security mentioned in this article. Neither Rizzo Farrugia, nor any of its directors or employees accepts any liability for any loss or damage arising out of the use of all or any part of this article. Additional information can be made available upon request from Rizzo, Farrugia & Co. (Stockbrokers) Ltd., Airways House, Fourth Floor, High Street, Sliema SLM 1551. Telephone: +356 2258 3000; Email: info@rizzofarrugia.com; Website: www.rizzofarrugia.com © 2021 Rizzo, Farrugia & Co. (Stockbrokers) Ltd. All rights reserved. This article may not be reproduced or redistributed, in whole or in part, without the written permission of Rizzo Farrugia. Moreover, Rizzo Farrugia accepts no liability whatsoever for the actions of third parties in this respect.

This article was produced by Edward Rizzo, Director at Rizzo Farrugia, which is a company licensed to undertake investment services in Malta by the MFSA under the Investment Services Act, Cap. 370 of the Laws of Malta and a member of the Malta Stock Exchange. The company’s registered address is at Airways House, Fourth Floor, High Street, Sliema SLM 1551, Malta.

The article contains public information only and is published solely for informational purposes. It should not be construed as a solicitation or an offer to buy or sell any securities or related financial instruments. No representation or warranty, either expressed or implied, is provided in relation to the accuracy, completeness or reliability of the information contained herein, nor is it intended to be a complete statement or summary of the securities, markets or developments referred to in this article. Rizzo, Farrugia & Co. (Stockbrokers) Ltd (“Rizzo Farrugia”) is under no obligation to update or keep current the information contained herein. Since the buying and selling of securities by any person is dependent on that person’s financial situation and an assessment of the suitability and appropriateness of the proposed transaction, no person should act upon any recommendation in this article without first obtaining investment advice. Rizzo Farrugia, its directors, the author of this article, other employees or clients may have or have had interests in the securities referred to herein and may at any time make purchases and/or sales in them as principal or agent. Furthermore, Rizzo Farrugia may have or have had a relationship with or may provide or has provided other services of a corporate nature to companies herein mentioned. Stock markets are volatile and subject to fluctuations which cannot be reasonably foreseen. Past performance is not necessarily indicative of future results. Foreign currency rates of exchange may adversely affect the value, price or income of any security mentioned in this article. Neither Rizzo Farrugia, nor any of its directors or employees accepts any liability for any loss or damage arising out of the use of all or any part of this article. Additional information can be made available upon request from Rizzo, Farrugia & Co. (Stockbrokers) Ltd., Airways House, Fourth Floor, High Street, Sliema SLM 1551. Telephone: +356 2258 3000; Email: info@rizzofarrugia.com; Website: www.rizzofarrugia.com © 2021 Rizzo, Farrugia & Co. (Stockbrokers) Ltd. All rights reserved. This article may not be reproduced or redistributed, in whole or in part, without the written permission of Rizzo Farrugia. Moreover, Rizzo Farrugia accepts no liability whatsoever for the actions of third parties in this respect.

This article was produced by Edward Rizzo, Director at Rizzo Farrugia, which is a company licensed to undertake investment services in Malta by the MFSA under the Investment Services Act, Cap. 370 of the Laws of Malta and a member of the Malta Stock Exchange. The company’s registered address is at Airways House, Fourth Floor, High Street, Sliema SLM 1551, Malta.

On 26 November 2025, IZI Finance plc published an updated Financial Analysis Summary. The following are the main highlights of the expected financial performance and position of IZI Finance plc for the current financial year ending 30 June 2026:

  • Revenue is expected to increase by 7.0% to €100.9 million (FY2024/25: €94.5 million), mostly driven by improved results across all lottery type games and the continued strength shown from sports betting. Furthermore, the group is also set to benefit from a new bingo and historical horse racing facility in Gozo which will open its doors in February 2026.
  • EBITDA is anticipated to rise by 8.0% to €31.2 million (FY2024/25: €28.9 million) as the anticipated growth in income is projected to outpace the increase in staff costs, gaming tax and other operating expenses.
  • The group is anticipated to sustain a sizeable depreciation and amortisation charge of €20.4 million reflecting the large capital expenditure program that has recently been undertaken by the group. Nonetheless, operating profit is set to surge by 12.8% to €13.4 million compared to €11.9 million last year.
  • Net finance costs are forecasted to decrease by 5.9% to €4.44 million (FY2024/25: €4.71 million) translating to an interest cover based on EBITDA of 7.0 times (FY2024/25: 6.1 times).
  • Total debt is forecasted to decrease to €86.9 million (30 June 2025: €94.2 million), which includes €28.6 million in lease liabilities. The reduction in debt will be driven by a €7.8 million decline in bank borrowings. Meanwhile, total equity is forecasted to increase by 6.6% to €91.5 million (30 June 2025: €85.8 million). As such, the gearing ratio is expected to improve to 48.7% from 52.3%.
  • After accounting for the expected cash balance of €14.6 million as at 30 June 2026, IZI Finance is anticipating a net debt position of €72.3 million (30 June 2025: €87.1 million), which translates into a net debt-to-EBITDA multiple of 2.3 times (30 June 2025: 3.0 times).