Interview with JOHANN SCHEMBRI, Founder s CEO of IZIGROUP.
Following the publication of its interim results which confirmed the solid growth across all of its core business verticals, IZIGROUP is looking at 2026 with renewed momentum and clear strategic intent. We met with Johann Schembri – Founder and CEO of IZIGROUP – to discuss the Group’s performance for the first half of the financial year, the drivers behind its sustained growth, and the opportunities emerging beyond the domestic market. He also outlines the Group’s imminent return to the capital markets with a new bond issue as it builds on the success of its debut bond listing in March 2022.
The Group has just reported very strong interim results for the period July to December 2025. How would you describe the performance?
We are extremely encouraged by the momentum we have built across the Group, and I am pleased to confirm that these interim results represent record performance across all our business verticals — the National Lottery, Dragonara Casino, and our iGaming operations.
Group turnover for the 6-month period reached €561 million, reflecting a 25% year-on-year increase, while Gross Gaming Revenue rose to €53.9 million, up 19% compared to the same period last year. Importantly, this strong top-line growth was complemented by disciplined cost management, enabling us to deliver record EBITDA of €18.1 million – a 35% year-on-year increase.
Profit before tax reached €6.9 million, representing growth of 156% over the prior year. This performance demonstrates the strength of our diversified operating model, the quality of execution across our teams, and the scalability of our platform as we continue to grow both locally and internationally.
What is driving these results and what does it say about the Group’s competitive positioning?
These results have exceeded our expectations and are fundamentally driven by the strength and resilience of our diversified operating model. Our land-based operations – including the National Lottery and Dragonara Casino – together with our growing iGaming presence, have each delivered solid contributions to overall performance.
This balanced portfolio enables us to optimise revenue streams across different channels and customer segments, while mitigating volatility. At the same time, disciplined cost management and operational efficiency have translated top-line growth into meaningful margin expansion.
Strategically, this performance reinforces our competitive positioning. It reflects strong brand equity, continuous product innovation, a growing, efficient and well- established distribution network, and an unwavering commitment to responsible gaming.
You mentioned in other interviews in 2025 that the Group is still pursuing a growth strategy. What else can you tell us about this forward- looking growth strategy?
IZIGROUP has been a strong catalyst for growing the land-based gaming market in Malta. Despite navigating through unprecedented disruption during the COVID-19 pandemic, we have emerged stronger and now reaping the benefits of a more resilient market that has surpassed the €124M mark.
While we are protagonists in our home market, our ambition is to translate this success internationally. Over the past few years, we have been methodically laying the groundwork for international growth. We have built a highly experienced leadership team, invested in scalable and compliant platforms, and strengthened our brands to ensure they are export ready.
Our multi-channel presence and expertise in lottery and land-based casinos position us well for taking on the challenges of operating in larger scale markets. We are entering this new phase with great optimism, supported by a strong financial performance and only after having developed a very robust process for the identification of opportunities stemming from B2B and concession-based projects, predominantly in the EU.
In 2022 the Group resorted to the capital markets to finance its growth prospects. What can you tell us about this, and what can you tell us about the current second listing?
IZI Finance plc, the financing arm of IZIGROUP made a successful debut bond listing in March 2022 raising €30 million in the process. That transaction marked an important milestone for the Group, providing the capital required to execute key strategic initiatives in our home market, particularly within the lottery vertical.
The success of that issuance demonstrated strong investor confidence in our business model, governance framework, and long-term strategy. The proceeds were deployed in line with our stated objectives, contributing to the solid performance and growth trajectory we are reporting today.
Building on this foundation, we have gone back to the capital markets again, with the intent to raise another €30 million via a 5.5% bond issue due in 2036. The proceeds will primarily support the next phase of our international expansion strategy with a tried and tested business model as we leverage our strong brands and operational acumen to scale our business and reduce the dependency on the local home market.
Investors may participate in this bond issue through their stockbroker of choice until 24th March. We view this issuance as a natural progression in our strategic roadmap – strengthening our funding base while providing investors with the opportunity to participate in the Group’s next phase of growth.
Finally, what’s your outlook for IZIGROUP going forward?
We view the future with confidence. The solid results we have delivered reinforce both the strength of our strategy and our ability to execute consistently across all our business verticals. We have built a comprehensive infrastructure capable of supporting the generation of turnover in excess of €1 Billion and Gross Gaming Revenues of over €100 million per year, respectively.
Looking ahead, our focus remains clear: we’ll continue to prioritise innovation, responsible gaming, and disciplined growth, expanding not just within Malta’s gaming ecosystem, but also into international markets where we see meaningful opportunities.
Our ambition is not growth for growth’s sake, but sustainable value creation underpinned by strong governance, operational expertise, and long-term strategic clarity.
