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Lottomatica Group Interim / Quarterly Report 2026

May 6, 2026

9957_rns_2026-05-06_22526486-aad4-4af4-bfe2-9870a5e69b77.pdf

Interim / Quarterly Report

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INFO DISTRICT 2026

LOTTOMATICA

LOTTOMATICA GROUP S.P.A.

STRONG PERFORMANCE IN Q1 WITH ADJUSTED EBITDA¹ GROWTH OF +22% YOY ON A NORMALISED BASIS². CONTINUED STRONG MOMENTUM IN THE MARKET WITH IGAMING AND TOTAL SPORTS BETS BOTH AT +15% YOY. ADJUSTED EBITDA FY 2026 EXPECTED AT THE TOP END OF THE GUIDANCE² RANGE.

Rome (Italy), 6 May 2026 – The Board of Directors of Lottomatica Group S.p.A., which met on 5th May 2026, approved the Condensed Consolidated Interim Financial Statements as of and for the three months ended 31 March 2026.

Q1 2026 consolidated results summary

  • Bets of Euro 12 billion, +11% compared to Q1 2025
  • Online bets growth YoY of +15%
  • GGR³ of Euro 1,246 million, +2% compared to Q1 2025
  • Total Online market share: at 31.8%⁴ in Q1 (+1.4 p.p. versus Q1 2025)
  • iSports market share: at 32.5%⁴ in Q1 (+0.7 p.p. versus Q1 2025)
  • iGaming market share: at 32.2%⁴ in Q1 (+1.9 p.p. versus Q1 2025)
  • Revenues of Euro 602 million⁵, +3% compared to Q1 2025, +10% at normalised payout²
  • Online revenues of Euro 265 million, +10% compared to Q1 2025, +17% at normalised payout²
  • Sports Franchise revenues of Euro 142 million, -5% compared to Q1 2025, +11% at normalised payout²
  • Gaming Franchise revenues of Euro 195 million⁵, flat compared to Q1 2025
  • Adjusted EBITDA of Euro 236 million, +7% compared to Q1 2025, Euro 253 million and +22% at normalised payout²
  • Operating cash flow⁶ of Euro 196 million
  • Adjusted Net Profit⁷ of Euro 106 million, +12% compared to Q1 2025
  • Net financial debt at Euro 2,051 million equivalent to 2.3x on LTM run rate Adjusted EBITDA⁸
  • PWO market shares evolution:
  • Good progression in iGaming market share at 5.5% in Q1 (+0.5 p.p. since the trough in August 2025, at 5.0%). Half of the market share lost during the migration has been recovered
  • Total Sports (online and franchise) recovered to pre-migration levels at 9.0%

¹ Adjusted EBITDA is calculated as net profit for the period adjusted for: (i) income tax expense; (ii) finance income and expenses; (iii) share of profit/(loss) of equity accounted investments; (iv) depreciation, amortization and impairments; (v) Adjusted EBITDA (as defined herein) of equity accounted investments in which the Group holds an interest of more than 50% or financial instruments that, if exercised, enable the Group to obtain control (excluding companies that have not yet commenced operations), and/or of businesses disposed of or in the process of disposal; (vi) costs related to M&A, advisory and international activities; (vii) integration costs (including expenses on corporate restructuring, redundancy and higher costs incurred in relation to renegotiated operating contracts); (viii) other income and expenses that, in view of their nature, are not reasonably expected to recur in future periods. This applies to the entire document.
² Calculated assuming a normalised sports betting payout of 80.5% for retail and 85.5% for online.
³ Market shares are based on GGR. GGR (or gross gaming revenues) refers to the difference between bet and winnings. This applies to the entire document.
⁴ Includes Sportbet and Bgame.
⁵ Includes Cristaltec group revenues of Euro 2.3 million in Q1 2026, consistent with the approach adopted by management to monitor the results of the operating segments (Euro 1.2 million in Q1 2025).
⁶ Operating cash flow is calculated as Adjusted EBITDA net of recurring capex and concession capex.
⁷ Adjusted Net Profit is calculated as net profit for the period adjusted for: (i) amortization of higher value of assets resulting from business combinations following the purchase price allocation process and other non-recurring amortization and depreciation; (ii) other non-recurring costs and income excluded from Adjusted EBITDA, (iii) financial income and expenses that, due to their nature, are not reasonably expected to recur in future periods, (iv) other non-monetary items including in financial expenses and (v) tax effects on such adjustments.
⁸ LTM run rate Adjusted EBITDA is calculated as Adjusted EBITDA for the last twelve months ended 31 March 2026, proforma bolt-ons and the PWO run rate synergies.


Lottomatica Group S.p.A.
Q1 2026 Press release

  • Successfully priced SSN due 2032 for Euro 765 million in April: the proceeds will be used to fund the redemption of Euro 400 million Floating Rate Senior Secured Notes due 2031 (with run rate interest savings of approximately Euro 5.5 million per annum) and for general corporate purposes, which may include buyback or potential future bolt-on acquisitions. Closing expected on 7 May 2026. Cost of debt now at 4.9% (from 5.3%)
  • Dividend payment confirmed: Euro 0.44 per share, amounting to a total dividend payment of c. Euro 111 million⁹
  • AGM in April authorized to buyback an additional 12.5% of the share capital: up to Euro 1 billion may be returned to shareholders in 2026 and 2027, including dividends¹⁰
  • Guidance² for fiscal year 2026 confirmed: Adjusted EBITDA expected at the top end of the range.

Guglielmo Angelozzi, Chairman and Chief Executive Officer of Lottomatica Group, commented: "In the first quarter of 2026 we continued to see strong momentum of our addressable markets, supporting a double-digit growth YoY in Adj. EBITDA of +22%, on a normalised basis. PWO continues to perform well having fully recovered its market share in total Sports compared to pre-migration levels, and with a good progression in iGaming. We also successfully carried out the refinancing of our FRNs due 2031, lowering our average pre-tax cost of debt to 4.9%.

With a positive outlook for FY 2026, we expect to close the FY 2026 Adj. EBITDA at the top end of the guidance and to return up to Euro 1 billion to shareholders in 2026 and 2027, starting this week with the launch of the newly approved buyback programme.

Finally, we thank all our shareholders for their continued support."


Key consolidated results for Q1 2026

Bets by segment

(Euro million, %) Q1 2026 Q1 2025 YoY %
Online 8,493 7,363 +15%
Sports Franchise 1,175 1,046 +12%
Gaming Franchise 2,740 2,769 (1%)
Total Bets 12,408 11,179 +11%

⁹ The ex-dividend date will be 18 May 2026, with payment on 20 May 2026.
¹⁰ Based on consensus.


Lottomatica Group S.p.A.
Q1 2026 Press release

In Q1 2026, Lottomatica collected bets for Euro 12.4 billion, +11% compared to Q1 2025. The Online segment continued to grow faster, with bets up +15% compared to Q1 2025.

Revenues by segment

(Euro thousands, %) Q1 2026 Q1 2025 YoY % YoY @ PO normalised^{2} (%)
Online 264,748 239,816 +10% +17%
Sports Franchise 142,438 150,410 (5%) +11%
Gaming Franchise^{5} 195,073 195,511 (0%) (0%)
Revenues^{5} 602,259 585,737 +3% +10%

Revenues amounted to Euro 602.3 million⁵ in Q1 2026, compared to Euro 585.7 million in the Q1 2025, with an increase of +3%. Revenues in Q1 2026 at normalised² payout were +10% compared to Q1 2025.

The Online segment revenues amounted to Euro 264.7 million in Q1 2026, +10% compared to the Q1 2025. The increase was driven by the overall growth of the Online market, as well as an increase in market share across all product segments and brands, partially offset by a sports betting payout in the first three months of 2026 that was overall less favourable than that of the same period of 2025.

The Sports Franchise segment reported Euro 142.4 million in revenues in Q1 2026, -5% compared to the same period of previous year mainly due to sports betting payout in the first three months of 2026, which were overall less favourable than those recorded in the same period of 2025.

The Gaming Franchise segment revenues reached Euro 195.1 million⁵ in Q1 2026, substantially in line with the same period of previous year.

Adjusted EBITDA and margin by segment

(Euro thousands, %) Q1 2026 Q1 2025 YoY % YoY @ PO normalised^{2} (%)
Online 152,184 57.5% 128,474 53.6% +18% +29%
Sports Franchise 35,041 24.6% 45,650 30.4% (23%) +21%
Gaming Franchise 48,316 24.8% 46,350 23.7% +4% +4%
Adjusted EBITDA 235,541 39.1% 220,474 37.6% +7% +22%

Adjusted EBITDA reached Euro 235.5 million in Q1 2026, +7% compared to Q1 2025. Adjusted EBITDA margin is equal to 39.1% on revenues, compared to 37.6% in Q1 2025.

At normalised² payout, Adjusted EBITDA was equal to Euro 252.7 million in Q1 2026, +22% compared to Q1 2025.


Lottomatica Group S.p.A.
Q1 2026 Press release

Operating cash flow

(Euro thousands) Q1 2026 Q1 2025
Adjusted EBITDA 235,541 220,474
Recurring capex (24,732) (21,292)
Concession capex (14,604) (14,793)
Operating cash flow 196,205 184,389

Operating cash flow in Q1 2026 was Euro 196.2 million, compared to Euro 184.3 million for the Q1 2025, mainly due to higher Adjusted EBITDA.

Net financial debt

(Euro million) 31 March 2026 31 December 2025
Gross Financial Debt 2,170.8 2,249.1
EUR 400m FRNs due 2031 400.0 400.0
EUR 500m SSNs due 2030 500.0 500.0
EUR 1,100m SSNs due 2031 1,100.0 1,100.0
Buyback liabilities 96.7 173.4
IFRS 16 (leases) 74.1 75.7
Cash (119.3) (143.9)
Net Financial Debt 2,051.4 2,105.2
LTM run rate Adjusted EBITDA^{8} 891.1 883.8
Net leverage 2.3x 2.4x

Net financial debt amounted to Euro 2,051.4 million as of 31 March 2026, equivalent to a net leverage of 2.3x on LTM run rate Adjusted EBITDA⁸.

Launch of a share Buy-Back programme

Lottomatica Group S.p.A. ("Lottomatica" or the "Company") announces that starting from 7 May 2026 it will launch a share buyback programme (the "Programme"), pursuant to the authorisation obtained by the Shareholders' Meeting held on 20 April 2026 (valid for a period of 18 months from that date). Such Shareholders' Meeting also revoked, with effect as of 20 April 2026 and only for the portion not yet executed, the previous resolution authorising the purchase of treasury shares adopted on 30 April 2025 (without prejudice to the validity of the related authorisation for future disposal of treasury shares already acquired by the Company).


Lottomatica Group S.p.A.
Q1 2026 Press release

Details of the Programme are provided below in compliance with Article 144-bis, paragraph 3, of Consob Regulation 11971/1999 (the "Issuers' Regulation") and Delegated Regulation 2016/1052/EU. The Programme will be implemented also within the safe harbour system provided under Regulation (EU) 596/2014 (the "MAR Regulation").

Purpose of the Programme

In particular, the Programme is aimed at acquiring shares in order to remunerate the shareholders and meet the commitments deriving from the share incentive plans in place from time to time, it being understood that, should opportunities arise to realise potential acquisitions or other projects that can guarantee attractive returns for the Company that require the use of the Company's cash, the buy-back programme may be interrupted or reduced.

Operating procedures and trading venues

The purchase transactions will be carried out through Goldman Sachs International, as authorised intermediary appointed for the implementation of the Programme, which will operate in full independence in accordance with operational procedures to ensure the equal treatment of the shareholders as established by law or regulations, including European ones, in force and applicable from time to time.

In particular, the purchase transactions will be carried out in compliance with the principle of equal treatment of shareholders provided for in Article 132 of the Italian Legislative Decree no. 58 of February 24, 1998 (the "TUF"), in the manner set forth in Article 144-bis, paragraph 1, letters b), c), d), d-ter), and paragraph 1-bis, of the Issuers' Regulation, and in accordance with Article 5 of the MAR Regulation.

Maximum number of treasury shares and maximum outflow

The maximum number of treasury shares to be purchased, directly or indirectly, in one or more tranches, will not exceed, in any case, 12.5% of the overall number of the Company's shares outstanding from time to time, pursuant to Article 2357, paragraph 3, of the Italian Civil Code. The maximum potential outflow for the purchase of treasury shares under the Programme is estimated at approximately Euro 700 million.

In accordance with Article 2357, paragraph 1, of the Italian Civil Code, purchases of treasury shares must in any case be made within the limits of distributable profits and available reserves resulting from the latest approved financial statements at the time each transaction is carried out.

Minimum and maximum purchase price and number of purchased shares

The treasury shares shall be purchased under the price conditions specified in Article 3, paragraph 2, of Delegated Regulation 2016/1052/EU. In any case, purchases shall be made at a price that does not diverge downwards or upwards by more than 20% from the official price registered by the Company's shares in the trading session of Euronext Milan on the day prior to the execution of each


Lottomatica Group S.p.A.
Q1 2026 Press release

individual purchase transaction, and in any case at a price that is not higher than the higher price between the price of the latest independent transaction and the price of the highest current independent offer on the trading venue where the purchase is made.

The number of shares purchased each day shall not exceed 25% of the average daily volume of the Company's shares traded in the trading venue where the purchase is made, calculated based on the average daily trading volume in the 20 trading days prior to the purchase date.

Duration of the Programme

The duration of the Programme has been established, pursuant to the authorisation to purchase and dispose of treasury shares granted by the Shareholders' Meeting held on 20 April 2026, in a period of maximum 18 months.


It should be noted that the Extraordinary Shareholders' Meeting held on 20 April 2026 also approved the cancellation of any treasury shares that may be purchased within and no later than 24 months from the shareholders' resolution of 20 April 2026. The cancellation of the treasury shares purchased pursuant to the Programme will be carried out without any share capital reduction and may also be carried out in one or more transactions, even before the completion of the Programme. The Company will promptly communicate to the market the transactions involving the cancellation of treasury shares in accordance with the applicable laws and regulations and will update the Articles of Association accordingly, as well as communicate the new composition of the share capital. Any subsequent amendments to the Programme will be promptly disclosed to the market, in compliance with applicable laws and regulations.

Furthermore, the resolution of the Board of Directors does not impose on the Company any obligation to purchase shares, hence the Programme can be executed even partially, and its implementation may be revoked at any time and promptly communicated to the market.

Pursuant to Article 5, paragraphs 1(b) and 3 of the MAR Regulation and Articles 2 and 3 of the Delegated Regulation 2016/1052/EU, the Company will notify to Consob and the market in aggregate and in detailed form the transactions carried out under the Programme, also by means of publication on its website, in accordance with the timing provided for by applicable regulations.

As of the date of this press release, the Company holds n. 16,543,339 treasury shares.

This press release does not constitute, nor is it part of, any offer of financial instruments or solicitation of investment in any country.


Management will hold a conference call at 10:00 CEST on 6 May 2026 to comment the consolidated results to the market. The event can be followed:

  • via phone by pre-registering at the following link: Registration | Q1 2026 Results
  • via Webcast

Lottomatica Group S.p.A.

Q1 2026 Press release

The manager in charge of preparing the company's accounting documents, Laurence Lewis Van Lancker, declares, pursuant to par. 2 of Art. 154-bis of the Consolidated Finance Act, that the accounting information contained in this press release corresponds to the documented results, books and accounting records

Consolidated statement of comprehensive income

For the three months ended 31 March
(in thousands of Euro) 2026 2025
Revenues 599,975 584,548
Other income 2,931 3,082
Total revenues and income 602,906 587,630
Cost of services (344,996) (345,634)
Personnel expenses (45,036) (41,115)
Other operating costs (8,317) (10,905)
Depreciation, amortization and impairments (69,805) (64,932)
Impairment of receivables and financial assets 23 (9,937)
Other (accruals) / releases 700 68
Finance income 262 670
Finance expenses (34,391) (38,240)
Share of profit / (loss) of equity accounted investments (185) 205
Profit before tax 101,161 77,810
Income tax expense (31,830) (26,269)
Net profit for the period 69,331 51,541
Net profit for the period attributable to non-controlling interests 2,874 1,255
Net profit for the period attributable to the owners of the parent 66,457 50,286
For the three months ended 31 March
--- --- ---
(Euro thousands) 2026 2025
Net profit for the period 69,331 51,541
Actuarial gains and losses on employee benefit liabilities (1,086) 469
Fiscal effect on actuarial gains and losses on employee benefit liabilities 261 (113)
Other items that will not be classified to profit or loss (825) 356
Gains/ (losses) on hedging derivatives 4,243 474
Fiscal effect on gains / (losses) on hedging derivatives (1,018) (113)
Gains / (losses) on conversion of financial statements of the foreign companies (25) -
Other items that will be classified to profit or loss 3,200 361
Total comprehensive profit 71,706 52,258

Lottomatica Group S.p.A.
Q1 2026 Press release

Total comprehensive profit attributable to non-controlling interests 2,874 1,255
Total comprehensive profit attributable to the owners of the parent 68,832 51,003

Consolidated statement of financial position

(in thousands of Euro) As of 31 March 2026 As of 31 December 2025
Intangible assets 730,034 745,448
Goodwill 2,085,262 2,080,855
Property, plant and equipment 153,518 160,397
Right of use 68,103 69,181
Investment property 402 408
Non-current financial assets 1,902 1,202
Equity accounted investments 15,812 14,825
Non-current trade receivables 3,083 3,171
Deferred tax assets 366 781
Other non-current assets 14,232 17,986
Total non-current assets 3,072,714 3,094,254
Inventories 1,486 1,630
Current trade receivables 65,637 74,070
Current financial assets 31,222 31,570
Tax receivables 142 268
Other current assets 170,670 157,179
Cash and cash equivalents 119,336 143,898
Total current assets 388,493 408,615
Total assets 3,461,207 3,502,869
Share capital 10,000 10,000
Other reserves 53,937 109,225
Retained earnings 276,830 205,845
Total shareholders' equity attributable to the owners of the parent 340,767 325,070
Equity attributable to non-controlling interests 55,436 52,418
Total shareholders' equity 396,203 377,488
Employee benefit liabilities 28,018 27,753
Non-current financial liabilities 2,066,475 2,069,779
Non-current trade payables 1 -
Provisions for risks and charges 41,804 41,135
Deferred tax liabilities 121,520 126,077
Other non-current liabilities 30,032 34,651
Total non-current liabilities 2,287,850 2,299,395
Current financial liabilities 202,195 266,312
Current trade payables 119,475 131,130
Tax payables 67,633 31,095
Other current liabilities 387,851 397,449

Lottomatica Group S.p.A.

Q1 2026 Press release

Consolidated statement of cash flows

(in thousands of Euro) For the three months ended 31 March
INDIRECT METHOD 2026 2025
Profit before tax 101,161 77,810
Reconciliation of profit before tax with cash flow from operating activities:
Depreciation, Amortization and Impairment 69,805 64,932
Accruals and write-downs for impairment losses (723) 9,869
Other accruals (674) 907
Share of (profit) / loss of equity accounted investments 185 (205)
Net financial expenses 33,122 36,476
Leasing financial expenses 1,007 1,094
Other adjustments for non-monetary items 7,192 818
Cash flow from operating activities before changes in net working capital 211,075 191,701
Changes in net working capital
Decrease / (Increase) in inventories 106 (439)
Decrease / (Increase) in trade receivables 7,891 3,374
Increase / (Decrease) in trade payables (7,587) (5,546)
Other changes in net working capital (22,904) (5,984)
Cash flow from changes in net working capital (22,494) (8,595)
Accruals to employee benefits and provisions for risks and charges (744) (83)
Cash flow from operating activities (a) 187,837 183,023
Cash flow from investing activities
Investments: (52,021) (46,507)
- intangible assets (39,601) (29,770)
- property, plant and equipment (12,420) (16,737)
Investments in equity accounted investments (1,938) (4,155)
Net investment in financial assets (764) (10,061)
Deferred purchase consideration for acquisition of subsidiaries / business units (9,872) (13,830)
Acquisitions net of cash and cash equivalents 2,774 (10,777)
Cash flow from investing activities (b) (61,821) (85,330)
Cash flow from financing activities
Net financial expenses including RCF (8,104) (21,809)
Lease payment (7,456) (6,825)
Repayment of other bank liabilities (654) (560)
Share buyback (132,257) -
Transactions with minorities (1,807) 153
Dividends paid (300) (927)
Cash flow from financing activities (c) (150,578) (29,968)
Net Cash flow (a+b+c) (24,562) 67,725
Cash and cash equivalents at the beginning of the period 143,898 164,156
Cash and cash equivalents at the end of the period 119,336 231,881

Lottomatica Group S.p.A.
Q1 2026 Press release

Reconciliation of Non-GAAP Measures

Adjusted EBITDA

(in thousands of Euro) Q1 2026 Q1 2025 FY 2025
Net profit for the period 69,331 51,541 179,836
Income tax expense 31,830 26,269 95,940
Net financial expenses 34,129 37,570 190,147
Share of loss/ (profit) of equity accounted investments 185 (205) 110
Depreciation, amortization and impairment 69,805 64,932 261,269
Adjusted EBITDA from equity accounted investments and/or of businesses disposed of or in the process of disposal 428 936 2,948
Cost related to M&A, advisory and international activities 1,105 1,113 8,266
Integration costs 6,931 10,565 40,543
Other non-recurring (income) / expenses (monetary) 17,693 18,068 40,588
Other non-recurring (income) /expense (non-monetary) 4,104 9,685 36,512
Adjusted EBITDA 235,541 220,474 856,159

Adjusted Net Profit

(in thousands of Euro) Q1 2026 Q1 2025 FY 2025
Net profit for the period 69,331 51,541 179,836
Amortization of assets resulting from business combinations and other non-recurring depreciation and amortization 17,252 18,424 70,303
Other non-recurring costs and income excluded from Adjusted EBITDA 29,833 39,431 125,909
Adjustments related to refinancing - - 47,342
of which:
- Make-whole on senior secured notes repaid - - 21,018
- Effect of acceleration of the unamortized costs and net charge IRS on notes repaid - - 26,324
Other non-recurring financial expenses 233 - 5,682
Other non-monetary items including in financial expenses 4,693 2,256 11,787
Tax effect (IRES + IRAP) (14,894) (16,905) (71,471)
Adjusted Net Profit 106,448 94,747 369,388

Lottomatica Group S.p.A.
Q1 2026 Press release

Further information

Mirko Senesi
Head of Investor Relations, Capital Markets and M&A
[email protected]

[email protected]

Disclaimer

This press release contains forward-looking statements, which are subject to known and unknown risks, uncertainties, and assumptions that are difficult to predict because they relate to events and depend on circumstances that will occur in the future. Many of these risks and uncertainties relate to factors that are beyond the company's ability to control or estimate precisely, such as future market conditions, currency fluctuations, the behaviour of other market participants, the actions of regulators and other factors. Therefore, the Company actual results may differ materially and adversely from those expressed or implied in any forward-looking statements.

Factors that might cause or contribute to such differences include, but are not limited to, economic conditions globally, social, political, economic and regulatory developments or changes in economic or technological trends or conditions in Italy and internationally. Consequently, the Company makes no representation, whether expressed or implied, as to the conformity of the actual results with those projected in the forward-looking statements. Any forward-looking statements made by or on behalf of the Company speak only as of the date they are made. The Company does not undertake to update forward-looking statements to reflect any changes in the Company expectations with regard thereto or any changes in events, conditions or circumstances on which any such statement is based. The reader should, however, consult any further disclosures the Company may make in documents it files with the Italian Securities and Exchange Commission and with the Italian Stock Exchange.


About Lottomatica Group S.p.A.

With approximately Euro 45 billion bets and Euro 2.3 billion of consolidated revenues in FY 2025, Lottomatica is the leader player in the Italian gaming market. It operates across three segments: Online, Sports Franchise and Gaming Franchise. Lottomatica offers safe and engaging gaming experiences across all channels. The Group counts on the expertise of approximately 2,600 direct employees and its large franchising network. As of 31 December 2025 Lottomatica has a customer base of more than 2.2 million online customers and distributes its gaming products across approximately 17,400 points of sales.