INFO BUSINESS S.p.A.

LOTTOMATICA

Interim Management report as of and for the three months ended 31 March 2026

LOTTOMATICA GROUP S.p.A.
Via degli Aldobrandeschi 300
00163 ROME (RM)
Share capital Euro 10,000,000.00
(fully paid up)
Tax Code 11008400969
Rome Business Register No. RM – 1694552
www.lottomaticagroup.com

Lottomatica Group S.p.A.
Interim report as of and for the three months ended 31 March 2026

Corporate bodies and external auditor ... 3
Interim management report ... 4
Corporate information ... 4
Condensed consolidated interim financial statements as of and for the three months ended 31 March 2026 ... 28
Consolidated statement of comprehensive income ... 29
Consolidated statement of financial position ... 30
Consolidated statement of cash flows ... 31
Consolidated statement of changes in equity ... 32
Explanatory notes to the condensed consolidated interim financial statements as of and for the three months ended 31 March 2026 ... 33

Lottomatica Group S.p.A.
Interim report as of and for the three months ended 31 March 2026

Corporate bodies and external auditor

Board of Directors
Guglielmo Angelozzi	Chairman and Chief Executive Officer
Laurence Van Lancker	Chief Financial Officer and Deputy Chief Executive Officer
Nadine Farida Faruque	Independent Director^{1} and Lead Independent Director^{(a) (b)}
Alessandro Fiumara	Director
John Paul Maurice Bowtell	Independent Director^{1 (e)}
Catherine Renee Anne Guillouard	Independent Director^{1 (a) (d) (e)}
Augusta Iannini	Independent Director^{1 (b) (c)}
Francesco Giammaria	Independent Director^{1 (d) (c) (e)}
Marzia Mastrogiacomo	Independent Director^{1 (b) (d)}
Tiziana Togna	Independent Director^{1 (a) (c)}
Fabrizio Virtuani	Independent Director^{1 (a) (e)}

Board of Directors appointed by the Shareholders' Meeting on 20 April 2026, effective from the same date and until the approval of the financial statements as of 31 December 2028. It should be noted that the corporate bodies reported refers to the date of publication of this document and not to those at the reporting date of the financial information, i.e. 31 March 2026, when the previous structure was still in place.
1 Independent director pursuant to Article 147-ter, paragraph 4, and Article 148, paragraph 3, of the TUF and Article 2 of the Corporate Governance Code.
(a) Control and Risks Committee member.
(b) Appointments and Remuneration Committee member.
(c) Related parties transaction Committee member.
(d) ESG Committee member.
(e) Technology Committee member.

Board of Statutory Auditors
Gabriele Grignaffini	Chairman
Andrea Lionzo	Auditor
Veronica Tibiletti	Auditor
Alberto Incollingo	Alternative Auditor
Elena Angela Maria Valenti	Alternative Auditor

Board of Statutory Auditors appointed by the Shareholders' Meeting on 20 April 2026 effective from the same date and until the approval of the financial statements as of 31 December 2028. It should be noted that the corporate bodies reported refers to the date of publication of this document and not to those at the reporting date of the financial information, i.e. 31 March 2026, when the previous structure was still in place.

Independent External Auditors
PricewaterhouseCoopers S.p.A.

Lottomatica Group S.p.A.
Interim report as of and for the three months ended 31 March 2026

Interim management report

1. Corporate information

Lottomatica Group S.p.A. (hereinafter “Lottomatica Group” or the “Company” and together with its subsidiaries the “Group”), is a company incorporated on 15 October 2019 and domiciled in Italy, with registered offices in Rome, Via degli Aldobrandeschi, 300, organized under the laws of the Republic of Italy. The Company is listed on Euronext Milan, a regulated market organized and managed by Borsa Italiana S.p.A., since 3 May 2023. In 2025, the Company was also included in the STOXX Europe 600 Index (SXXP), a stock index comprising 600 leading European companies, and in the FTSE MIB index, which includes the top 40 Italian companies by market capitalization and stock liquidity.

The information in this interim management report refers to the three months ended 31 March 2026 and 2025.

2. Overview

The Group is the largest player in the Italian gaming market¹, with Euro 12.4 billion in bets collected and Euro 602.3 million in Revenues for Reportable Segment recorded during the three months ended 31 March 2026, through a network of 4,024² betting rights, 26 horse-race betting rights, 19,831 VLT rights, 66,886 NOE AWP operating permits and 50,785³ owned AWPs and a network of around 17,332 points of sale of which 123 managed directly as of 31 March 2026.

The Group has the following operating segments: Online, Sports Franchise and Gaming Franchise, as described below.

2.1 Online

The Group’s Online activity comprises the offer of a wide range of online games through the GoldBet.it, Lottomatica.it, Betflag.it, Totosi.it and Planetwin365.it websites, as follows:

iSports: sports betting, virtual betting and horse betting;
iGaming: online casino games;
other online products: such as bingo, poker, betting exchange and skill games.

The Online segment generated bets of Euro 8,492.9 million for the three months ended 31 March 2026, an increase compared to Euro 7,363.5 million for the three months ended 31 March 2025.

¹ Based on GGR. GGR (or gross gaming revenues) refers to the difference between bet and winnings.
² Including 8 betting rights of Ricreativo B S.p.A..
³ The figure as of 31 March 2026 does not consider AWP machines that the group holds in inventory.

Lottomatica Group S.p.A.
Interim report as of and for the three months ended 31 March 2026

2.2 Sports Franchise

The Group's Sports Franchise activity consists in the collection of sports betting, virtual betting and horserace betting through a franchise network of 3,804 operating PoS as of 31 March 2026, through GoldBet, Intralot, Better and Planetwin365 brands. The Sports Franchise segment generated bets of Euro 1,175.2 million for the three months ended 31 March 2026 compared to Euro 1,046.3 million for the three months ended 31 March 2025.

2.3 Gaming Franchise

The Group's Gaming Franchise business comprises direct management of gaming halls and concession activities for VLTs and AWPs, managed according to different types of business models depending on the level of integration in the value chain. These business models range from the sole interconnection of machines prescribed by the concession to the ownership and management of the machines and the gaming halls. As of 31 March 2026, the Group's Gaming Franchise business included 18,200 operative VLTs and 63,283 operative AWPs. For the three months ended 31 March 2026, there were 123 gaming halls under direct management of the Group, which leveraged the Group's proprietary distribution formats and brands.

The Gaming Franchise segment generated bets of Euro 2,740.1 million for the three months ended 31 March 2026, compared to Euro 2,769.5 million for the three months ended 31 March 2025. The following paragraphs provide more specific details regarding the i) AWP, ii) VLT and iii) Retail and Street Operations product divisions.

Amusement With Prize machines (AWPs)

AWPs are relatively easy to play and offer players a good level of interaction, through the use of a graphical reel containing pictures.

The maximum cost of each single game is Euro 1.00 and each game may last between four and thirteen seconds. Any winnings must be distributed immediately after the game (only) in coins and jackpots are not permitted⁴. The machine must calculate winnings in an unpredictable way over a cycle of a maximum of 140,000 games.

Video Lottery Terminals (VLTs)

VLTs are similar to slot machines, except that they are connected to a centralized computer system that determines the outcome of each wager by using a random number generator located inside the terminal.

⁴ By law, monetary winnings must not exceed Euro 100 for a single play and as of January 2020, the minimum pay-out is set by law at 65.0% (Law No. 160 of 27 December 2019 - the so-called "2020 Budget Law" – effective as of 1 January 2020). For details regarding the evolution of PREU flat-tax rates, see the relevant comments in the consolidated financial statements as of and for the year ended 31 December 2025.

Lottomatica Group S.p.A.
Interim report as of and for the three months ended 31 March 2026

Relevant legislation requires that bet per game may range from a minimum of Euro 0.50 to a maximum of Euro 10.00, with payouts of up to Euro 5,000.00 as well as the chance to win jackpots of up to Euro 500,000.00⁵. The Group currently offers four VLT platforms (Spielo, Novomatic, Inspired and WMG).

Management of owned gaming halls and AWPs (Retail and Street Operations)

Since 2012, the Group has pursued a strategy of vertical integration involving the direct management of owned gaming halls ("Retail"), with such business being subsequently supplemented by direct management of owned AWPs ("Street Operations"). As of 31 March 2026, the Group directly manages 123 halls and 50,785⁶ owned AWPs.

3. Alternative performance measures

This document includes, in addition to the financial measures provided by IFRS® Accounting Standards ("IFRS Accounting Standards"), several measures derived from the latter even if not defined by IFRS Accounting Standards (hereinafter the "Non-GAAP Measures") which are presented in accordance with the provisions of the recommendations contained in the document prepared by ESMA, No.1415 of 2015, published on 5 October 2015, as incorporated by Consob Communication 0092543 dated 3 December 2015. These measures are consistent with the approach adopted by the Group's management for monitoring business performance (as described in Note 6 to the Condensed Consolidated Interim Financial Statements) and are presented to facilitate a more comprehensive understanding of the Group's performance. They should not be considered alternatives to the measures provided by IFRS Accounting Standards. Specifically, the Non-GAAP Measures used are as follows:

Revenues for Reportable Segment: defined as consolidated revenue adjusted to include the revenue 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).
Adjusted EBITDA: calculated as net profit for the period adjusted for: (i) income tax expense; (ii) finance income; (iii) finance expenses; (iv) share of profit/(loss) of equity accounted investments; (v) depreciation, amortization and impairments; (vi) 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; (vii) costs related to M&A, advisory and international activities; (viii) integration costs (including expenses on corporate restructuring, redundancy and higher costs incurred in relation to renegotiated operating contracts); (ix) other income and expenses that, in view of their nature, are not reasonably expected to recur in future periods.
Adjusted EBITDA Margin: calculated as the ratio of Adjusted EBITDA divided by Revenues for Reportable Segment.

⁵ As of January 2020, the percentage of bets paid out as winnings may not be lower than 83.0% (Law No. 160 of 27 December 2019 - the so-called "2020 Budget Law" – effective as of 1 January 2020). For details regarding the evolution of PREU flat-tax rates, see the relevant comments in the consolidated financial statements as of and for the year ended 31 December 2025.
⁶ The figure as of 31 March 2026 does not consider AWP machines that the group holds in inventory.

Lottomatica Group S.p.A.
Interim report as of and for the three months ended 31 March 2026

Adjusted EBIT: calculated as net profit for the period adjusted for: (i) income tax expense; (ii) finance income; (iii) finance expenses; (iv) share of profit/(loss) of equity accounted investments; (v) amortization of higher value of assets resulting from business combinations following the purchase price allocation process ("PPA") and other non-recurring amortization and depreciation; and (vi) other non-recurring costs and income excluded from Adjusted EBITDA.
Adjusted Net Profit: calculated as net profit for the period adjusted for: (i) amortization of higher value of assets resulting from business combinations following the PPA process and other non-recurring amortization and depreciation; (ii) other non-recurring costs and income excluded from Adjusted EBITDA, (iii) finance income and expenses that, due to their nature, are not reasonably expected to recur in future periods, (iv) other non-monetary items recorded in finance expenses and (v) tax effects on such adjustments.
Adjusted Net Profit per Share: calculated as Adjusted Net Profit divided by the number of shares of the Company outstanding at the reporting date, net of any treasury shares held.
Cash Capital Expenditures: calculated as cash outflows for (i) recurring capital expenditure, (ii) concession capital expenditure and (iii) extraordinary capital expenditure related to investments for extraordinary projects and deferred consideration for the acquisition of subsidiaries and business units.
Operating Cash Flow: defined as the sum of Adjusted EBITDA less (i) recurring capex and (ii) concession capex.
Cash Conversion Rate: calculated as the ratio of Operating Cash Flow divided by Adjusted EBITDA.
Net Financial Debt: calculated as the sum of (i) the nominal amount of senior secured notes (ii) IFRS 16 liabilities, and (iii) liabilities relating to the share buyback, net of (iv) cash and cash equivalents.
Net Financial Indebtedness – ESMA: determined as required by Consob Communication DEM/6064293 of 28 July 2006 and amended by Consob Communication No. 5/21 of 29 April 2021 and in accordance with ESMA Recommendations contained in Guidelines 32-382-1138 of 4 March 2021 on disclosure requirements under the Prospectus Regulation.

The following table provides details of the main financial and economic indicators for the periods indicated:

(In thousands of Euro)	As of and for the three months ended 31 March		As of and for the year ended 31 December
	2026	2025	2025
Revenues	599,975	584,548	2,247,116
Revenues for Reportable Segment*	602,259	585,737	2,255,292
Adjusted EBITDA	235,541	220,474	856,159
Adjusted EBIT	182,560	173,030	662,245
Adjusted Net Profit	106,448	94,747	369,388
Profit for the period	69,331	51,541	179,836
Total shareholders' equity	396,203	618,072	377,488
Net Financial Indebtedness – ESMA	2,118,112	1,947,438	2,160,623
Net Financial Indebtedness	2,051,438	1,804,886	2,105,202
Cash Capital Expenditures	(59,119)	(71,114)	(281,884)
Operating Cash Flow	196,205	184,389	657,134
Cash Conversion Rate	83.3%	83.6%	76.8%

Includes revenues of the Cristaltec Group amounted to Euro 2.3 million for the three months ended 31 March 2026 (Euro 1.2 million for the three months ended 31 March 2025 and Euro 8.2 million for the year ended 31 December 2025), consistent with the approach adopted by management to monitor the performance of the operating segments.

Lottomatica Group S.p.A.
Interim report as of and for the three months ended 31 March 2026

Disclaimer

This document contains forward-looking statements (in particular in the sections headed "Foreseeable operating performance" and "Significant events occurring after the reporting date") 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 behavior 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.

Lottomatica Group S.p.A.
Interim report as of and for the three months ended 31 March 2026

4. Macroeconomic context

The conflict involving the United States, Israel and Iran has further deteriorated an international environment already weakened by persistent geopolitical and trade tensions. The disruption of navigation through the Strait of Hormuz has led to a sharp increase in energy prices and raised concerns regarding the future availability of energy supplies. Consumer inflation in both the euro area and the United States had already been affected as early as March. Increased uncertainty was immediately reflected in financial markets, with sovereign yields and risk premiums rising, equity markets declining and the U.S. dollar appreciating against the main currencies.

Economic activity in the euro area slowed in the fourth quarter of 2025 and in the early months of 2026. At its March meeting, the Governing Council of the European Central Bank kept key interest rates unchanged and stated that it would continue to closely monitor developments, assessing the implications of the Middle East conflict for the inflation outlook. 7

Italy's GDP recorded moderate growth in the first months of 2026, mainly supported by positive dynamics in the services sector, despite a decline in agriculture and industry. 8

The following table shows the key information relating to the performance of the Italian economy updated to the last quarter:

Gross Domestic Product$	I Q	II Q	III Q	IV Q	I Q	II Q	III Q	IV Q	I Q	II Q	III Q	IV Q	I Q
	2023	2023	2023	2023	2024	2024	2024	2024	2025	2025	2025	2025	2026
	+0.5%	+0.6%	-0.4%	+0.2%	+0.3%	+0.2%	+0.0%	+0.0%	+0.3%	+0.0%	+0.2%	+0.3%	+0.2%

As of 31 March 2026, inflation in Italy increased by 1.7% on an annual basis primarily driven by the rebound in energy prices and the marked acceleration in prices of unprocessed food products. By contrast, inflationary pressures were partially offset by lower price growth in recreational, cultural and personal care services, as well as transport-related services.

	As of 31 March
	2025	2026
Inflation rate	+1.9%	+1.7%

As shown in the graph $^{10}$ below, the unemployment rate as of 31 March 2026 was lower than the rate recorded on the same date in 2025. Employment increased compared with February 2025, mainly driven by growth in permanent employees and self-employed workers, partly offset by a decline in temporary employees.

$^{7}$ Source: Bank of Italy - Economic Bulletin No. 2 - 2026.
$^{8}$ Source: Istat – Preliminary estimate of GDP – Q1 2026.
$^{9}$ Source: Istat – Press Release – Consumer Price – March 2026.
$^{10}$ Source: Istat – Employment and Unemployment – March 2026 – Provisional Data.

Lottomatica Group S.p.A.

Interim report as of and for the three months ended 31 March 2026

5. Key events occurring during the period

For information on significant events that occurred during the period, reference should be made to Note 11.2 to the condensed consolidated interim financial statements of the Company as of and for the three months ended 31 March 2026 (the "Condensed Consolidated Interim Financial Statements").

6. Evolution of gaming taxes and regulation

For information regarding the evolution of gaming taxes and regulation, please refer to Note 11.7.6 to the consolidated financial statements as of and for the year ended 31 December 2025 ("Annual Consolidated Financial Statements") and to Note 11.2.5 to the Condensed Consolidated Interim Financial Statements.

Lottomatica Group S.p.A.

Interim report as of and for the three months ended 31 March 2026

7. Group's economic performance

The following table shows the Group's consolidated income statements for the three months ended 31 March 2026 and 2025:

(In thousands of Euro)	For the three months ended 31 March				Change
	2026	% of revenues	2025	% of revenues	(Euro)	%
Revenues	599,975	100.0%	584,548	100.0%	15,427	2.6%
Other income	2,931	n.a.	3,082	n.a.	(151)	(4.9%)
Total revenues and income	602,906	n.a.	587,630	n.a.	15,276	2.6%
Cost of services	(344,996)	(57.5%)	(345,634)	(59.1%)	638	(0.2%)
Personnel expenses	(45,036)	(7.5%)	(41,115)	(7.0%)	(3,921)	9.5%
Other operating costs	(8,317)	(1.4%)	(10,905)	(1.9%)	2,588	(23.7%)
Depreciation, amortization and impairments	(69,805)	(11.6%)	(64,932)	(11.1%)	(4,873)	7.5%
Accruals and impairments	723	0.1%	(9,869)	(1.7%)	10,592	>100%
Net finance expenses	(34,129)	(5.7%)	(37,570)	(6.4%)	3,441	(9.2%)
Share of profit / (loss) of equity accounted investments	(185)	(0.0%)	205	0.0%	(390)	>100%
Profit before taxes	101,161	16.9%	77,810	13.3%	23,351	30.0%
Income tax expense	(31,830)	(5.3%)	(26,269)	(4.5%)	(5,561)	21.2%
Net profit for the period	69,331	11.6%	51,541	8.8%	17,790	34.5%
Net profit for the period attributable to non-controlling interests	2,874	0.5%	1,255	0.2%	1,619	>100%
Net profit for the period attributable to the owners of the parent	66,457	11.1%	50,286	8.6%	16,171	32.2%

7.1 Revenues

The following table shows revenues by operating segment for the three months ended 31 March 2026 and 2025:

(In thousands of Euro)	For the three months ended 31 March				Change
	2026	% of revenues	2025	% of revenues	(Euro)	%
Online	264,748	44.0%	239,816	40.9%	24,932	10.4%
Sports Franchise	142,438	23.7%	150,410	25.7%	(7,972)	(5.3%)
Gaming Franchise*	195,073	32.3%	195,511	33.4%	(438)	(0.2%)
Total Revenues for reportable segment	602,259	100.0%	585,737	100.0%	16,522	2.8%
Elimination of revenues from equity accounted investments	(2,284)	n.a.	(1,189)	n.a.	(1,095)	100.0%
Total Revenues consolidated	599,975	n.a.	584,548	n.a.	15,427	2.6%

Includes revenues of the Cristaltec Group amounting to Euro 2.3 million for the three months ended 31 March 2026 i (Euro 1.2 million for the three months ended 31 March 2025 and Euro 8.2 million for the year ended 31 December 2025), consistent with the approach adopted by management in monitoring the performance of the operating segments.

Lottomatica Group S.p.A.
Interim report as of and for the three months ended 31 March 2026

Online

The following table provides certain key performance indicators for the Online segment for the periods indicated:

	As of and for the three months ended 31 March
	2026	2025
Unique active users*	1,453,122	1,332,100
Total online bets (in millions of Euro)	8,492.9	7,363.5

Unique Active Users refers to the number of customers who have carried out, with one or more game accounts in their name, at least one bets on one or more Online products (not only sports betting) during that period.

The Online segment generated bets of Euro 8,492.9 million for the three months ended 31 March 2026, an increase of 15.3% compared to the corresponding period of the previous year (Euro 7,363.5 million for the three months ended 31 March 2025). The Online operating segment benefited from the overall growth of the Online market, further strengthening its leadership position in the sector. This was also supported by the recovery in market share by PWO S.p.A., particularly in iGaming, following the completion of the gaming platform migration process at the end of July 2025.

The overall growth in bets was driven by an increase in:

iGaming, from Euro 5,794.1 million for the three months ended 31 March 2025 to Euro 6,687.8 million for the three months ended 31 March 2026;
iSports, from Euro 1,123.7 million for the three months ended 31 March 2025 to Euro 1,281.5 million for the three months ended 31 March 2026;
Other online gaming, from Euro 445.7 million for the three months ended 31 March 2025 to Euro 523.5 million for the three months ended 31 March 2026.

In addition to the drivers noted above, key contributing factors to growth of the Online segment included:

the increase in the online games offer;
continuous technological improvements such as graphic and functional refactoring of the deposits and withdrawals section, inclusion of virtual games in the sports betting app, improvement of customer experience on all digital assets;
the review / strengthening of the CRM strategy through the implementation of retention/reactivation promotional activities and strengthening of loyalty engagement initiatives implemented by the Group;
the optimization of acquisitions from the retail channel through the introduction of focused marketing policies and the improvement of network; and
the unification of the gaming platform for both Group brands.

Online segment revenues for the three months ended 31 March 2026 amounted to Euro 264.7 million, an increase of Euro 24.9 million compared to Euro 239.8 million for the three months ended 31 March 2025. The main drivers for the increase were the same as the drivers described above for the increase in bets, partially offset by an unfavourable sports betting payout recorded in the first three months of 2026 compared to the same period of the previous year.

Lottomatica Group S.p.A.
Interim report as of and for the three months ended 31 March 2026

Sports Franchise

The following table provides certain key performance indicators for the Sports Franchise segment for the periods indicated:

	As of and for the three months ended 31 March
	2026	2025
Number of licenses/concessions*	4,024	4,024
Number of active points of sale (shops and corner)	3,804	3,769
Average number of points of sale in operations (shops and corner)	3,798	3,758
Sports Franchise bet (in millions of Euro)	1,175.2	1,046.3

Excluding the 26 licenses related to horse racing in 2026 and 2025. Including 8 betting rights of Ricreativo B S.p.A. in 2026 and 2025.

Sports Franchise bets increased from Euro 1,046.3 million for the three months ended 31 March 2025 to Euro 1,175.2 million for the three months ended 31 March 2026. The increase was mainly due to the overall growth of the retail sports betting market, as well as to the effect of the integration of PWO S.p.A. with reference to its franchised network. Sports Franchise revenues amounted to Euro 142.4 million for the three months ended 31 March 2026, a decrease of Euro 8.0 million or 5.3% compared to Euro 150.4 million for the three months ended 31 March 2025. This decrease was due to an unfavourable sports betting payout recorded in the first three months of 2026 compared to the same period of the previous year.

Gaming Franchise

Bets in the Gaming Franchise segment for the three months ended 31 March 2026 amounted to Euro 2,740.1 million, a decrease of Euro 29.4 million compared to Euro 2,769.5 million for the three months ended 31 March 2025. Gaming Franchise revenues amounted to Euro 195.1 million¹¹ for the three months ended 31 March 2026, a decrease of Euro 0.4 million compared to Euro 195.5 million¹¹ for the three months ended 31 March 2025.

¹¹ Includes Cristaltec group revenues of Euro 2.3 million for the three months ended 31 March 2026 (Euro 1.2 million for the three months ended 31 March 2025) consistent with the approach adopted by management to monitor the results of the operating segments.

Lottomatica Group S.p.A.
Interim report as of and for the three months ended 31 March 2026

The following paragraphs provide details of Gaming Franchise segment by product division:

AWP

The following table provides certain key performance indicators for the AWP product line for the periods indicated:

	As of and for the three months ended 31 March
	2026	2025
Number of AWPs in operation as of the period end	63,283	63,145
Average number of AWPs in operation for the period	63,470	63,263
AWP bet (in millions of Euro)*	1,012.3	1,045.4
Average AWP PREU (as percentage of bet)	24.0%	24.0%

The amount does not include bets generated by gaming halls connected to other concessionaires (different from Gamenet S.p.A. and Lottomatica Videotot Rete S.p.A.), amounting to Euro 188.1 million, and Euro 157.8 million for the three months ended 31 March 2026 and 2025 respectively, which is included in the Retail and Street Operations business line.

AWP bets amounted to Euro 1,012.3 million for the three months ended 31 March 2026, a decrease compared to the corresponding period of the previous year (Euro 1,045.4 million for the three months ended 31 March 2025).

AWP revenues for the three months ended 31 March 2026 amounted to Euro 73.6 million, an increase of Euro 2.7 million compared to Euro 70.9 million for the three months ended 31 March 2025. This trend, which moves against bets performance, was mainly due to the distribution insourcing strategy.

VLT

The following table provides certain key performance indicators for the VLT product line for the periods indicated:

	As of and for the three months ended 31
	2026	March 2025
Number of VLTs licenses	19,831	19,831
Average number of VLTs in operation for the period	18,211	18,376
Number of VLTs in operation as of the period end	18,200	18,371
VLT in operation as percentage of VLT rights	91.8%	92.6%
VLT bet in millions of Euro*	1,505.1	1,530.6
Average VLT PREU (as percentage of bet)	8.6%	8.6%

The amount does not include bets generated by gaming halls connected to other concessionaires (different from Gamenet S.p.A. and Lottomatica Videotot Rete), amounting to Euro 34.6 million, and Euro 35.7 million for the three months ended 31 March 2026 and 2025 respectively, which is included in the Retail and Street Operations business line.

VLT bets decreased by 1.7% from Euro 1,530.6 million for the three months ended 31 March 2025 to Euro 1,505.1 million for the three months ended 31 March 2026, while VLT revenues decreased of Euro 2.2 million from Euro 109.3 million for the three months ended 31 March 2025 to Euro 107.1 million for the three months ended 31 March 2026.

Lottomatica Group S.p.A.
Interim report as of and for the three months ended 31 March 2026

Retail and Street Operations

Bets in the Retail and Street Operations product line (from other concessionaires) amounted to Euro 222.7 million for the three months ended 31 March 2026 (Euro 193.5 million for the three months ended 31 March 2025) while the related revenues (from other concessionaires) amounted to Euro 14.4 million¹² for the three months ended 31 March 2026, a decrease of Euro 1.0 million compared to Euro 15.4¹² million for the three months ended 31 March 2025.

After reclassifying bets generated in owned gaming halls connected to the Gamenet S.p.A. and Lottomatica Videolot Rete S.p.A. concessionaires, total Retail and Street Operations bets for the three months ended 31 March 2026 amounted to Euro 1,045.7 million (Euro 968.3 million for the three months ended 31 March 2025). For details regarding movements during the period, see the comments above in relation to AWPs and VLTs.

7.2 Cost of services

The following table provides a breakdown of cost of services for the three months ended 31 March 2026 and 2025:

(In thousands of Euro)	For the three months ended 31 March				Change
	2026	% of revenues	2025	% of revenues	(Euro)	%
Distribution network compensation	(236,580)	(39.4%)	(238,790)	(40.9%)	2,210	(0.9%)
Fee on licensing gaming platforms	(34,628)	(5.8%)	(33,556)	(5.7%)	(1,072)	3.2%
Concession fees	(13,675)	(2.3%)	(16,001)	(2.7%)	2,326	(14.5%)
Rentals, leases and other rentals	(3,073)	(0.5%)	(4,051)	(0.7%)	978	(24.1%)
Other	(57,040)	(9.5%)	(53,236)	(9.1%)	(3,804)	7.1%
Total	(344,996)	(57.5%)	(345,634)	(59.1%)	638	(0.2%)

Cost of services for the three months ended 31 March 2026 amounted to Euro 345.0 million, a decrease of Euro 0.6 million compared to Euro 345.6 million for the three months ended 31 March 2025.

Cost of services mainly related to the distribution network compensation, which amounted to Euro 236.6 million for the three months ended 31 March 2026, a decrease of Euro 2.2 million compared to Euro 238.8 million for the three months ended 31 March 2025.

The fee on gaming platform licenses amounted to Euro 34.6 million for the three months ended 31 March 2026, an increase of Euro 1.0 million compared to Euro 33.6 million for the three months ended 31 March 2025. The item represents fees due to the VLT platform providers to use their systems.

The concession fee payable to the ADM for the Gaming Franchise, Sports Franchise and Online concessions amounted to Euro 13.7 million for the three months ended 31 March 2026, a decrease of Euro 2.3 million compared to Euro 16.0 million for the three months ended 31 March 2025. The decrease

¹² Includes Cristaltec group revenues of Euro 2.3 million for the three months ended 31 March 2026 (Euro 1.2 million for the three months ended 31 March 2025), consistent with the approach adopted by management to monitor the results of the operating segments.

Lottomatica Group S.p.A.
Interim report as of and for the three months ended 31 March 2026

was mainly related to the accounting treatment of concession fees, in line with the regulatory framework applicable to the new Online concessions entered into in 2025.

"Other" amounted to Euro 57.0 million for the three months ended 31 March 2026, an increase of Euro 3.8 million compared to Euro 53.2 million for the three months ended 31 March 2025. Such change was mainly due to the higher commissions on collections by credit cards following the increase in the volumes of transactions recorded, as well as higher data transmission costs driven by the growth in bets.

7.3 Personnel expenses

The following table provides a breakdown of personnel expenses for the three months ended 31 March 2026 and 2025:

(In thousands of Euro)	For the three months ended 31 March				Change
	2026	% of revenues	2025	% of revenues	(Euro)	%
Remuneration	(28,835)	(4.8%)	(28,423)	(4.9%)	(412)	1.4%
Social security contributions	(8,815)	(1.5%)	(8,867)	(1.5%)	52	(0.6%)
Other personnel costs	(7,386)	(1.2%)	(3,825)	(0.7%)	(3,561)	93.1%
Total	(45,036)	(7.5%)	(41,115)	(7.0%)	(3,921)	9.5%

Personnel expenses for the three months ended 31 March 2026 amounted to Euro 45.0 million, an increase of Euro 3.9 million compared to Euro 41.1 million for the three months ended 31 March 2025. The increase was due to the estimated costs related to the formalization of settlement agreements with the employees of the Serbian branch of PWO S.p.A. under liquidation, as well as to higher costs relating to the stock option plan.

7.4 Other operating costs

Other operating costs amounted to Euro 8.3 million for the three months ended 31 March 2026, a decrease of Euro 2.6 million or 23.7% compared to Euro 10.9 million for the three months ended 31 March 2025. The change was mainly attributable to the lower contribution made to Fondazione Lottomatica in 2026 compared with the same period of the previous year.

Lottomatica Group S.p.A.
Interim report as of and for the three months ended 31 March 2026

7.5 Depreciation, amortization and impairments

The following table provides a breakdown of depreciation, amortization and impairments for the three months ended 31 March 2026 and 2025:

(In thousands of Euro)	For the three months ended 31 March				Change
	2026	% of revenues	2025	% of revenues	(Euro)	%
Amortization of intangible assets	(50,109)	(8.4%)	(47,394)	(8.1%)	(2,715)	5.7%
of which PPA	(17,125)	(2.9%)	(18,424)	(3.2%)	1,299	(7.0%)
Depreciation of property, plant and equipment	(13,660)	(2.3%)	(12,014)	(2.1%)	(1,646)	13.7%
Depreciation of investment property.	(7)	(0.0%)	(7)	(0.0%)	-	0.0%
Depreciation of right of use	(6,029)	(1.0%)	(5,517)	(0.9%)	(512)	9.3%
Total	(69,805)	(11.6%)	(64,932)	(11.1%)	(4,873)	7.5%

Depreciation, amortization and impairments for the three months ended 31 March 2026 amounted to Euro 69.8 million, compared to Euro 64.9 million for the corresponding period of the previous year.

Amortization of intangible assets for the three months ended 31 March 2026 includes Euro 17.1 million related to amortization of intangible assets recognized during the purchase price allocation (Euro 18.4 million for the three months ended 31 March 2025).

7.6 Accruals and impairments

Accruals and impairments amounted to a net release of Euro 0.7 million for the three months ended 31 March 2026, an increase of Euro 10.6 million compared to net provisions of Euro 9.9 million for the three months ended 31 March 2025. This change was mainly due to the impairment of receivables from gaming operators recognized in 2025.

Lottomatica Group S.p.A.
Interim report as of and for the three months ended 31 March 2026

7.7 Net finance expenses

The following table provides a breakdown of net finance expenses for the three months ended 31 March 2026 and 2025:

(In thousands of Euro)	For the three months ended 31 March				Change
	2026	% of revenues	2025	% of revenues	(Euro)	%
Other interest income	262	0.0%	670	0.1%	(408)	(60.9%)
Total finance income	262	0.0%	670	0.1%	(408)	(60.9%)
Non recurring finance expenses	(233)	(0.0%)	-	0.0%	(233)	100%
Interest expense on Notes (including IRS)	(25,294)	(4.2%)	(31,286)	(5.4%)	5,992	(19.2%)
Amortized cost on Notes	(743)	(0.1%)	(1,251)	(0.2%)	508	(40.6%)
Commission on sureties	(1,532)	(0.3%)	(1,634)	(0.3%)	102	(6.2%)
Interest expenses on Revolving Loan	(1,055)	(0.2%)	(1,491)	(0.3%)	436	(29.2%)
Leasing interest expense	(1,007)	(0.2%)	(1,094)	(0.2%)	87	(8.0%)
Other interest expense	(4,527)	(0.8%)	(1,484)	(0.3%)	(3,043)	>100%
Total finance expenses	(34,391)	(5.7%)	(38,240)	(6.5%)	3,849	(10.1%)
Net finance expenses	(34,129)	(5.7%)	(37,570)	(6.4%)	3,441	(9.2%)

Net finance expenses amounted to Euro 34.1 million for the three months ended 31 March 2026, a decrease of Euro 3.5 million compared to Euro 37.6 million for the same period of the previous year. The change was mainly due to lower interest expenses and amortized costs on senior secured notes of Euro 6.5 million, partially offset by higher interest arising from the discounting of the liability related to the renewal of concessions and on put options, amounting to Euro 2.6 million.

7.8 Income tax expense

Income tax expense for the three months ended 31 March 2026 amounted to Euro 31.8 million, an increase of Euro 5.5 million compared to Euro 26.3 million for the three months ended 31 March 2025. For further details, see Note 8.9 in the Notes to the Condensed Consolidated Interim Financial Statements.

Lottomatica Group S.p.A.

Interim report as of and for the three months ended 31 March 2026

8. Group economic performance - Adjusted EBITDA, Adjusted EBIT and Adjusted Net Profit

The following table shows the reconciliation of Adjusted EBITDA for the periods indicated:

(In thousands of Euro)	For the three months ended 31 March
	2026	2025
Net profit for the period	69,331	51,541
Income tax expense	31,830	26,269
Finance income	(262)	(670)
Finance expenses	34,391	38,240
Share of loss / (profit) of equity accounted investments	185	(205)
Depreciation, amortization and impairment	69,805	64,932
Adjusted EBITDA from equity accounted investments and/or of businesses disposed of or in the process of disposal	428	936
Cost related to M&A, advisory and international activities* (a)	1,105	1,113
Integration costs** (b)	6,931	10,565
Other non-recurring (income)/expense*** (c)	21,797	27,753
Total non-recurring expenses not included in Adjusted EBITDA (a+b+c)	29,833	39,431
Of which:
- Monetary costs not included in Adjusted EBITDA	25,729	29,746
- Non-monetary costs not included in the Adjusted EBITDA	4,104	9,685
Adjusted EBITDA	235,541	220,474

The item mainly refers to advisory costs for the three months ended 31 March 2026, in relation to potential acquisitions.
** Primarily represents costs incurred for the integration of acquired companies and expenses on corporate restructuring and redundancy. For the three months ended 31 March 2026, the item mainly included costs related to the closure of the Serbian branch of PWO S.p.A..
*** For the three months ended 31 March 2026, the item mainly included costs incurred in relation to the new Online concessions, personnel costs, including termination incentives, and other. For the three months ended 31 March 2025, the item mainly included one-off costs relating to specific network activities in connection with the concession tender process and other.

The following table shows the reconciliation of Adjusted EBIT for the periods indicated:

(In thousands of Euro)	For the three months ended 31 March
	2026	2025
Net profit for the period	69,331	51,541
Income tax expense	31,830	26,269
Finance income	(262)	(670)
Finance expenses	34,391	38,240
Share of loss / (profit) of equity accounted investments	185	(205)
Amortization of assets resulting from business combinations and other non-recurring amortization and depreciation	17,252	18,424
Other non-recurring costs and income excluded from Adjusted EBITDA	29,833	39,431
Adjusted EBIT	182,560	173,030

Lottomatica Group S.p.A.

Interim report as of and for the three months ended 31 March 2026

The following table shows the reconciliation of Adjusted Net Profit for the periods indicated:

(In thousands of Euro)	For the three months ended 31 March
	2026	2025
Net profit for the period	69,331	51,541
Amortization of assets resulting from business combinations and other non-recurring amortization and depreciation	17,252	18,424
Other non-recurring costs and income excluded from Adjusted EBITDA	29,833	39,431
Other non-recurring financial expenses	233	-
Other non-monetary items including in financial expenses	4,693	2,256
Tax effect (IRES + IRAP)*	(14,894)	(16,905)
Adjusted Net Profit	106,448	94,747
Adjusted Net Profit per Share**	0.45	0.38

Tax effect calculation is based on the applicable tax regulations as of the periods illustrated.
** Calculated based on number of outstanding at the reporting date, net of any treasury shares held.

9. Group economic performance – By operating segment

The following table shows information relating to income statement items by operating segment for the periods indicated.

	Online		Sports Franchise		Gaming Franchise(a)		Total reportable segment
(In thousands of Euro, except percentages)	3M'26	3M'25	3M'26	3M'25	3M '26	3M'25	3M'26	3M'25
BET (including other concessionaires)	8,492,870	7,363,471	1,175,203	1,046,347	2,740,072	2,769,455	12,408,145	11,179,273
BET (Lottomatica Group)	8,492,870	7,363,471	1,175,203	1,046,347	2,517,420	2,575,981	12,185,493	10,985,799
GGR	474,425	428,243	182,289	191,634	588,844	604,541	1,245,558	1,224,418
Revenues toward third parties	264,748	239,816	142,438	150,410	195,073	195,511	602,259	585,737
Other income toward third parties	457	553	1,089	787	1,926	2,088	3,472	3,428
Intragroup Revenues and income	4,519	3,278	1,350	929	2,817	2,492	8,686	6,699
Total Revenues and income	269,724	243,647	144,877	152,126	199,816	200,091	614,417	595,864
Adjusted EBITDA(a)	152,184	128,474	35,041	45,650	48,316	46,350	235,541	220,474
Adjusted EBITDA Margin(b)	57.5%	53.6%	24.6%	30.4%	24.8%	23.7%	39.1%	37.6%

(a) Includes the results of the Cristaltec group, in line with the approach adopted by management to monitor the results of the operating segments.
(b) Adjusted EBITDA Margin is calculated as Adjusted EBITDA / Revenues toward third parties.
(c) The main cost component for the determination of Adjusted EBITDA relates to costs for distribution network compensation, which amounted to approximately Euro 61.8 million for Online operating segment for the three months ended 31 March 2026 (Euro 66.1 million for the three months ended 31 March 2025), Euro 86.8 million for the Sport Franchise operating segment for the three months ended 31 March 2026 (Euro 83.5 million for the three months ended 31 March 2026) and Euro 89.7 million for the Gaming Franchise operating segment for the three months ended 31 March 2026 (Euro 90.4 million for the three months ended 31 March 2025). The total amount was Euro 236.6 million for the three months ended 31 March 2026 (Euro 238.7 million for the three months ended 31 March 2025), net of intragroup costs of approximately Euro 1.8 million for the three months ended 31 March 2026 (Euro 1.3 million for the three months ended 31 March 2025).

Lottomatica Group S.p.A.
Interim report as of and for the three months ended 31 March 2026

The following table shows the reconciliation of total revenue for the periods indicated:

(In thousands of Euro)	For the three months ended 31 March
	2026	2025
Total revenues and income for reportable segment	614,417	595,864
Elimination of intersegment revenues	(8,686)	(6,699)
Elimination of revenues and other income from equity accounted investments	(2,825)	(1,535)
Consolidated Revenues and income	602,906	587,630

For the reconciliation of Adjusted EBITDA, please refer to paragraph "7. Group economic performance – Adjusted EBITDA, Adjusted EBIT and Adjusted Net Income" of this document.

Adjusted EBITDA

Online

Adjusted EBITDA of the Online segment amounted to Euro 152.2 million for the three months ended 31 March 2026, representing 64.6% of total Adjusted EBITDA, compared to Euro 128.5 million for the three months ended 31 March 2025. The increase was driven by factors previously described relating to the increase in bets and revenues, as well as the cost synergies achieved in PWO S.p.A. Adjusted EBITDA margin increased from 53.6% for the three months ended 31 March 2025 to 57.5% for the three months ended 31 March 2026.

Sports Franchise

Adjusted EBITDA of the Sports Franchise segment was Euro 35.0 million for the three months ended 31 March 2026, compared to Euro 45.7 million for the three months ended 31 March 2025, representing 14.9% of total Adjusted EBITDA. This decrease was mainly due to an unfavourable sports betting payout recorded in the first three months of 2026 compared to the same period of the previous year, partially offset by the cost synergies achieved in PWO S.p.A.. Adjusted EBITDA margin decreased from 30.4% for the three months ended 31 March 2025 to 24.6% for the three months ended 31 March 2026.

Gaming Franchise

Adjusted EBITDA of the Gaming Franchise segment was Euro 48.3 million for the three months ended 31 March 2026, compared to Euro 46.4 million for the three months ended 31 March 2025. Adjusted EBITDA increased from 23.7% for the three months ended 31 March 2025 to 24.8% for the three months ended 31 March 2026.

Lottomatica Group S.p.A.
Interim report as of and for the three months ended 31 March 2026

10. Cash flows

The following table shows summary details of the Group's cash flows for the three months ended 31 March 2026 and 2025:

(In thousands of Euro)	For the three months ended 31 March
	2026	2025
Cash flow from operating activities (a)	187,837	183,023
Cash flow used in investing activities (b)	(61,821)	(85,330)
Cash flow used in 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

10.1 Cash flow from operating activities

Cash flow generated by operating activities was Euro 187.8 million for the three months ended 31 March 2026, an increase of Euro 4.8 million compared to Euro 183.0 million for the three months ended 31 March 2025, and mainly related to:

cash flow from operating activities before the changes in net working capital of Euro 211.1 million for the three months ended 31 March 2026, an increase of Euro 19.4 million compared to Euro 191.7 million for the three months ended 31 March 2025. Such increase was substantially in line with the increase in Adjusted EBITDA (which increased by Euro 15.0 million from Euro 220.5 million for the three months ended 31 March 2025 to Euro 235.5 million for the three months ended 31 March 2026) and lower non-recurring monetary costs.
cash outflow from net working capital of Euro 22.5 million attributable, among other things to:
a negative change of Euro 31.9 million related to the decrease in PREU payables as result of the trend of bets;
a negative change of Euro 12.6 million related to higher deposit related receivables due from the ADM: considering that the payment of guaranteed deposit related receivables takes place once per year, generally during the second quarter, the first quarter is characterized by the negative impact linked to the accumulation of three months' worth of receivables due from the ADM;
a negative change of Euro 7.8 million resulting from the payment terms of concession fees due to ADM and the trend of bets;
cash outflow due to the change in working capital of Euro 20.4 million, which relates to the payment terms of the betting concession fee and bonus payments to employees amongst other; and
a positive variation of Euro 54.2 million related to the increase in betting duties ("Imposta Unica") payables for sports betting. Specifically, during the first quarter of the year (in January) only the amount relating to December is paid; during the same period, however, the payable relating to three months is accumulated.

Lottomatica Group S.p.A.
Interim report as of and for the three months ended 31 March 2026

10.2 Cash flow used in investing activities

Cash flow used in investing activities was Euro 61.8 million for the three months ended 31 March 2026, a decrease of Euro 23.5 million compared to Euro 85.3 million for the three months ended 31 March 2025. For the three months ended 31 March 2026, cash flows used in investing activities were mainly related to:

recurring capital expenditure of Euro 24.7 million, mainly related to software development and software licensing costs, AWP cabinets and motherboards as well as the renovation of betting PoS, owned and indirect gaming halls;
concession capital expenditure amounting to Euro 14.6 million mainly related to the renewal of Gaming Franchise concessions;
extraordinary and growth capex of Euro 19.8 million, mainly relating to bolt-on M&A, distribution insourcing and the payment of deferred consideration relating to previous acquisitions and investments in retail network.

The following table presents a breakdown of the Group's Cash Capital Expenditures for the periods indicated and a reconciliation between cash flow from investing activities as reported in the Group's consolidated cash flow statement and Cash Capital Expenditures:

(In thousands of Euro)	For the three months ended 31 March
	2026	2025 *
Recurring capex	(24,732)	(21,292)
Concession capex	(14,604)	(14,793)
Extraordinary capex	(19,783)	(25,029)
Of which:
- Integration	-	(9,993)
- Bolt-ons (including deferred consideration)	(7,099)	(14,607)
- Other	(12,684)	(429)
Deferred price Goldbet	-	(10,000)
Cash Capital Expenditures	(59,119)	(71,114)
Adjustments for:
Equity accounted investments	(1,938)	(4,155)
Net investments in financial assets	(764)	(10,061)
Cash flow from investing activities	(61,821)	(85,330)

For the three months ended 31 March 2025, extraordinary capex were adjusted by Euro 4.2 million relating to equity accounted investments, in order to align with the approach applied in 2026.

Lottomatica Group S.p.A.
Interim report as of and for the three months ended 31 March 2026

The following table shows a calculation of Operating Cash Flow for the periods indicated:

(In thousands of Euro)	For the three months ended 31 March
	2026	2025
Adjusted EBITDA	235,541	220,474
Capital expenditures in recurring capex	(24,732)	(21,292)
Capital expenditures in concessions capex	(14,604)	(14,793)
Operating Cash Flow	196,205	184,389

10.3 Cash flow used in financing activities

Cash flow used in financing activities amounted to Euro 150.6 million for the three months ended 31 March 2026, compared to Euro 30.0 million for the three months ended 31 March 2025 and mainly related to:

net finance expenses paid of Euro 8.1 million, mainly related to (i) interest on the senior secured notes and (ii) finance expenses related to the revolving credit facility, amounting to Euro 0.9 million;
payment of share buyback liabilities of Euro 132.3 million; and
lease payments of Euro 7.5 million.

11. Group financial position

11.1 Net financial indebtedness – ESMA

The following table presents a breakdown of Net financial indebtedness – ESMA, calculated in accordance with the recommendations contained in ESMA 32-382-1138 released on 4 March 2021, for the periods indicated:

(In thousands of Euro)	As of 31 March
	2026	2025
A. Cash	119,336	143,898
B. Cash equivalent	-	-
C. Other current financial assets	31,222	31,570
D. Liquidity (A+B+C)	150,558	175,468
E. Current financial debt	97,714	174,813
F. Current portion of non-current financial debt	104,481	91,499
G. Current Financial Indebtedness (E+F)	202,195	266,312
H. Net Current Financial Indebtedness (G-D)	51,637	90,844
I. Non-current financial debt	86,244	90,319
J. Debt instruments	1,980,231	1,979,460
K. Non-current trade and other payables	-	-
L. Non-Current Financial Indebtedness (I+J+K)	2,066,475	2,069,779
M. Net Financial Indebtedness - ESMA (H+L)	2,118,112	2,160,623

Lottomatica Group S.p.A.
Interim report as of and for the three months ended 31 March 2026

"Other current financial assets" as of 31 March 2026 mainly includes (i) cash held by operators, mainly related to cash in machines (i.e., in the hoppers and change machines) owned by Gamenet S.p.A., Lottomatica Videolot Rete S.p.A. and Big Easy S.r.l. but managed by external operators, amounting to Euro 24.3 million, and (ii) the escrow account related to the acquisition of Goldbet of Euro 5.0 million.

As of 31 March 2026, "Current financial debt" mainly relates to the payables for the share buyback and to the portion of the interest rate swap accrued as of 31 March 2026.

The items "Non-current financial debt" and "Current portion of non-current financial debt", mainly related to:

the current liability relating to the deferred price component in connection with the acquisition of Goldbet (now GBO Italy S.p.A.), amounting to Euro 7.0 million;
the liability relating to the acquisition of Rete Gioco Italia S.r.l., amounting to Euro 2.2 million;
the liability relating to the acquisition of Center Game S.r.l., amounting to Euro 1.8 million;
liabilities relating to other acquisitions, amounting in aggregate to Euro 6.2 million;
the liability relating to the potential exercise of put options on minority interests, amounting to Euro 63.3 million;
the liability relating to bank borrowings, amounting to Euro 2.8 million;
the liability relating to accrued and unpaid interest on the senior secured notes issued, amounting in aggregate to Euro 32.4 million;
the lease liability recognised pursuant to IFRS 16, amounting to Euro 74.1 million.

Debt Instruments refers to:

the senior secured notes issued on 13 May 2025 for an aggregate principal amount of Euro 1,100 million (recognised at amortised cost of Euro 1,088.4 million as of 31 March 2026), bearing interest at a fixed annual rate of 4.875%, to be paid semi-annually, commencing on 1 November 2025 and maturing in January 2031 (the "May 2025 Notes");
the senior secured notes issued on 29 May 2024 for a total principal nominal amount of Euro 900 million (recognized at amortized cost of Euro 891.8 million as of 31 March 2026) of which (i) Euro 500 million bearing interest at a fixed annual rate of 5.375%, to be paid semiannually, commencing on 1 December 2024 and (ii) Euro 400 million bearing interest equal to the sum of three-month EURIBOR (with a 0% floor) plus 3.250% per annum to be paid quarterly, commencing on 1 September 2024 (the "May 2024 Notes").

For further details regarding the item, see Note 9.16 to the Annual Consolidated Financial Statements.

Lottomatica Group S.p.A.
Interim report as of and for the three months ended 31 March 2026

11.2 Net Financial Debt

The following table presents a breakdown of the Net Financial Debt, as monitored by the Group, for the periods indicated:

(In thousands of Euro)	As of 31 March	As of 31 December
	2026	2025
May 2024 Notes*	900,000	900,000
May 2025 Notes*	1,100,000	1,100,000
Buyback liabilities	96,663	173,421
IFRS 16	74,111	75,679
Cash and cash equivalents	(119,336)	(143,898)
Net Financial Debt	2,051,438	2,105,202

Represents the nominal value of the debt.

12. Other information

12.1 Intragroup and related party transactions

The transactions that the Group has entered into with related parties, identified in accordance with the criteria defined by IAS 24 - "Related Party Disclosures", are mainly of a commercial and financial nature and are carried out at normal market conditions.

For a detailed disclosure of the transactions incurred for the three months ended 31 March 2026, please refer to the information in Note 10 to the Condensed Consolidated Interim Financial Statements.

12.2 Parent company's own shares held by it or its subsidiaries

As of 31 March 2026, the Company held 16,134,329 treasury shares, equal to 6.4% of the outstanding ordinary shares.

12.3 Foreseeable operating performance

Based on the results of the first three months of 2026 and the forecasts for the year ending 31 December 2026, the Board of Directors confirmed the guidance for the current year as reported in the consolidated directors report as of and for the year ended 31 December 2025.

Lottomatica Group S.p.A.
Interim report as of and for the three months ended 31 March 2026

13. Significant events occurring after the reporting period

For details of significant events occurring after 31 March 2026, see Note 11.3 to the Condensed Consolidated Interim Financial Statements.

Exception from the obligation to publish informative documents.

In exception from the obligation to publish informative documents in accordance with the provisions of Article 70, paragraph 8, and Article 71, paragraph 1bis, of Consob Regulation No 11971/1999 ("Issuers' Regulation"), the Company has waived its obligation under Article 70, paragraph 6, and Article 71, paragraph 1, concerning the publication of an informative document drawn up in accordance with Annex 3B of the Issuers' Regulation, in the event of significant mergers, carve out, capital increase through the contribution of assets in kind, significant acquisitions and disposals.

On behalf of the Board of Directors

Chief Executive Officer

Guglielmo Angelozzi

Condensed consolidated interim financial statements as of and for the three months ended 31 March 2026

Lottomatica Group S.p.A.

Condensed consolidated interim financial statements

Consolidated statement of comprehensive income

(In thousands of Euro)	Note	For the three months ended 31 March
		2026	of which Related Parties (Note 10)	2025	of which Related Parties (Note 10)
Revenues	8.1	599,975	24	584,548
Other income	8.2	2,931	8	3,082
Total revenues and income		602,906		587,630
Cost of services	8.3	(344,996)	(679)	(345,634)	(296)
Personnel expenses	8.4	(45,036)	(5,531)	(41,115)	(3,688)
Other operating costs	8.5	(8,317)	(25)	(10,905)
Depreciation, amortization and impairments	8.6	(69,805)		(64,932)
Impairment of receivables and financial assets	8.7	23		(9,937)
Other (accruals) / releases	8.7	700		68
Finance income	8.8	262	1	670
Finance expenses	8.8	(34,391)		(38,240)
Share of profit / (loss) of equity accounted investments		(185)		205
Profit before tax		101,161		77,810
Income tax expense	8.9	(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
Earning per share – Base and Diluted (in Euro)		0.28		0.20
(In thousands of Euro)	Note	For the three months ended 31 March
---	---	---	---	---
		2026	of which Related Parties (Note 10)	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
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

(The attached notes form an integral part of these condensed consolidated interim financial statements)

Lottomatica Group S.p.A.

Condensed consolidated interim financial statements

Consolidated statement of financial position

(In thousands of Euro)	Note	As of 31 March		As of 31 December
		2026	of which Related Parties (Note 10)	2025	of which Related Parties (Note 10)
Intangible assets	9.1	730,034		745,448
Goodwill	9.2	2,085,262		2,080,855
Property, plant and equipment	9.3	153,518	1,877	160,397	1,768
Right of use	9.4	68,103		69,181
Investment property		402		408
Non-current financial assets	9.6	1,902	100	1,202
Equity accounted investments	9.5	15,812		14,825
Non-current trade receivables	9.7	3,083		3,171
Deferred tax assets		366		781
Other non-current assets	9.8	14,232		17,986
Total non-current assets		3,072,714		3,094,254
Inventories		1,486		1,630
Current trade receivables	9.7	65,637	60	74,070	44
Current financial assets	9.6	31,222	2	31,570
Tax receivables		142		268
Other current assets	9.8	170,670		157,179
Cash and cash equivalents	9.9	119,336		143,898
Total current assets		388,493		408,615
Total assets		3,461,207		3,502,869
Share capital	9.10	10,000		10,000
Other reserves	9.10	53,937		109,225
Retained earnings	9.10	276,830		205,845
Total shareholders' equity attributable to the owners of the parent		340,767		325,070
Equity attributable to non-controlling interests	9.10	55,436		52,418
Total shareholders' equity		396,203		377,488
Employee benefit liabilities		28,018		27,753
Non-current financial liabilities	9.11	2,066,475		2,069,779
Non-current trade payables	9.14	1		-
Provisions for risks and charges	9.12	41,804		41,135
Deferred tax liabilities		121,520		126,077
Other non-current liabilities	9.13	30,032		34,651
Total non-current liabilities		2,287,850		2,299,395
Current financial liabilities	9.11	202,195		266,312
Current trade payables	9.14	119,475	762	131,130	940
Tax payables		67,633		31,095
Other current liabilities	9.13	387,851	993	397,449	3,241
Total current liabilities		777,154		825,986
Total equity and liabilities		3,461,207		3,502,869

(The attached notes form an integral part of these condensed consolidated interim financial statements)

Lottomatica Group S.p.A.

Condensed consolidated interim financial statements

Consolidated statement of cash flows

(In thousands of Euro)	Note	For the three months ended 31 March
		2026	of which Related Parties (Note 10)	2025
INDIRECT METHOD
Profit before tax		101,161		77,810
Reconciliation of profit before tax with cash flow from operating activities:
Depreciation, Amortization and Impairment	8.6	69,805		64,932
Accruals and write-downs for impairment losses	8.7	(723)		9,869
Other accruals	8.4	(674)		907
Share of (profit) / loss of equity accounted investments		185		(205)
Net finance expenses	8.8	33,122	(1)	36,476
Leasing financial expenses	8.8	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	9.7	7,891	8	3,374
Increase / (Decrease) in trade payables	9.14	(7,587)	(882)	(5,546)
Other changes in net working capital	9.8-9.13	(22,904)	(5,719)	(5,984)
Cash flow from changes in net working capital		(22,494)		(8,595)
Accruals to employee benefits and provisions for risks and charges	9.12	(744)		(83)
Cash flow from operating activities (a)		187,837		183,023
Cash flow from investing activities
Investments:		(52,021)		(46,507)
- intangible assets	9.1	(39,601)		(29,770)
- property, plant and equipment	9.3	(12,420)	(109)	(16,737)
Investments in equity accounted investments		(1,938)		(4,155)
Net investment in financial assets	9.6	(764)		(10,061)
Deferred purchase consideration for acquisition of subsidiaries/business units	9.11	(9,872)		(13,830)
Acquisition net of cash and cash equivalents	9.11	2,774		(10,777)
Cash flow from investing activities (b)		(61,821)		(85,330)
Cash flow from financing activities
Net finance expenses including RCF	9.11	(8,104)		(21,809)
Lease payment	9.11	(7,456)		(6,825)
Repayment of other bank liabilities	9.11	(654)		(560)
Share buyback	9.10	(132,257)		-
Transactions with minorities	9.10	(1,807)		153
Dividends paid	9.10	(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	9.9	143,898		164,156
Cash and cash equivalents at the end of the period	9.9	119,336		231,881

(The attached notes form an integral part of these condensed consolidated interim financial statements)

Lottomatica Group S.p.A.

Condensed consolidated interim financial statements

Consolidated statement of changes in equity

(In thousands of Euro)	Note	Share capital	Legal Reserve	Share premium reserve	Treasury shares	Other Reserves	Total Other Reserves	Retained Earnings/ (Losses)	Total Shareholders' Equity Attributable to Owners of the Parent	Equity Attributable to Minority Interests	Total Shareholders' Equity
As of 31 December 2024	9.10	10,000	10	368,408	-	37,541	405,959	102,010	517,969	47,534	565,503
Net profit for the period		-	-	-	-	-	-	50,286	50,286	1,255	51,541
Other items of comprehensive income		-	-	-	-	-	-	717	717	-	717
Total comprehensive income		-	-	-	-	-	-	51,003	51,003	1,255	52,258
Allocation of previous year results and dividends distribution		-	-	-	-	-	-	-	-	(400)	(400)
Stock options		-	-	-	-	-	-	557	557	-	557
Other changes in equity including transactions with minorities		-	-	-	-	-	-	-	-	154	154
As of 31 March 2025	9.10	10,000	10	368,408	-	37,541	405,959	153,570	569,529	48,543	618,072
(In thousands of Euro)	Note	Share capital	Legal Reserve	Share premium reserve	Treasury shares	Other Reserves	Total Other Reserves	Retained Earnings/ (Losses)	Total Shareholders' Equity Attributable to Owners of the Parent	Equity Attributable to Minority Interests	Total Shareholders' Equity
---	---	---	---	---	---	---	---	---	---	---	---
As of 31 December 2025	9.10	10,000	2,000	368,408	(298,724)	37,541	109,225	205,845	325,070	52,418	377,488
Net profit for the period		-	-	-	-	-	-	66,457	66,457	2,874	69,331
Other items of comprehensive income		-	-	-	-	-	-	2,375	2,375	-	2,375
Total comprehensive income		-	-	-	-	-	-	68,832	68,832	2,874	71,706
Allocation of previous year results and dividends distribution		-	-	-	-	-	-	-	-	(300)	(300)
Share buyback		-	-	-	(55,288)	-	(55,288)	-	(55,288)	-	(55,288)
Stock options		-	-	-	-	-	-	4,220	4,220	-	4,220
Other changes in equity including transactions with minorities		-	-	-	-	-	-	(2,067)	(2,067)	444	(1,623)
As of 31 March 2026	9.10	10,000	2,000	368,408	(354,012)	37,541	53,937	276,830	340,767	55,436	396,203

(The attached notes form an integral part of these condensed consolidated interim financial statements)

Lottomatica Group S.p.A.
Condensed consolidated interim financial statements

Explanatory notes to the condensed consolidated interim financial statements as of and for the three months ended 31 March 2026

1. General information

1.1 Introduction

Lottomatica Group S.p.A. (hereinafter 'the "Company" or the "Parent" and together with its subsidiaries the "Group") is a company incorporated on 15 October 2019 and domiciled in Italy with registered offices in Rome, Via degli Aldobrandeschi, 300, organized under the laws of the Republic of Italy. The share capital of the Company amounts to Euro 10,000,000, divided into 251,630,412 ordinary shares without nominal value. The Company is listed on Euronext Milan, a regulated market organized and managed by Borsa Italiana S.p.A., since 3 May 2023. In 2025, the Company was also included in the STOXX Europe 600 Index (SXXP), a stock index comprising 600 leading European companies, and in the FTSE MIB index, which includes the top 40 Italian companies by market capitalization and stock liquidity.

The Group offers a diversified product range spread across three operating segments: (i) online betting and gaming (Online); (ii) betting and gaming through the retail network (Sports Franchise); and (iii) management of the AWPs (amusement with prize machines) and VLTs (video lottery terminals) entertainment device networks and management of owned gaming halls and AWPs (Gaming Franchise).

These condensed consolidated interim financial statements as of and for the three months ended 31 March 2026 (hereinafter the "Condensed Consolidated Interim Financial Statements") were approved by the Company's Board of Directors on 5 May 2026.

2. Basis of preparation and accounting policies

2.1 Basis of preparation

These Condensed Consolidated Interim Financial Statements have been prepared in accordance with the IFRS® Accounting Standards ("IFRS Accounting Standards") as issued by the International Accounting Standards Board (IASB) and adopted by the European Union (hereafter, "EU IFRS Accounting Standards") in force as of 31 March 2026.

The designation "EU IFRS Accounting Standards" includes all "IFRS Accounting Standards", all "International Accounting Standards" ("IAS® Standards") and all interpretations of the IFRS Interpretations Committee ("IFRIC® Interpretations"), formerly the Standing Interpretations Committee

Lottomatica Group S.p.A.
Condensed consolidated interim financial statements

("SIC® Interpretations"), adopted as of the reporting date, by the European Union in accordance with the procedures provided for in Regulation No. 1606/2002 of the European Parliament and of the Council of 19 July 2002.

These Condensed Consolidated Interim Financial Statements have been prepared in accordance with IAS 34 Interim Financial Reporting (hereinafter "IAS 34"). IAS 34 allows entities to prepare condensed financial statements that include less information at interim dates than that foreseen by EU IFRS Accounting Standards. The Condensed Consolidated Interim Financial Statements should therefore be read together with the annual consolidated financial statements as of and for the year ended 31 December 2025 approved by the Board of Directors on 2 March 2026 (the "Annual Consolidated Financial Statements").

The Condensed Consolidated Interim Financial Statements:

have been prepared on a going concern basis, as management has confirmed the absence of financial, operational or other indicators that may suggest an inability on the part of the Group to meet its obligations in the foreseeable future and, in particular, during the 12 months following the reporting date;
have been prepared and are presented in Euro, the main currency in which Group companies operate. Unless otherwise specified, all amounts in this document are expressed in thousands of Euro (Euro '000);
include the consolidated statement of financial position, the consolidated statement of comprehensive income, the consolidated statement of cash flows, the consolidated statement of changes in equity and the notes to the consolidated financial statements.

The Group operates in an industry characterized by a business model in which collections precede payments. This dynamic, also considering the strong cash generation, allows the Group to manage its finances efficiently and utilize cash and cash equivalents for payments also related to non-recurring transactions which may determine temporary situations, such as those at 31 March 2026, in which current assets may be lower than current liabilities.

The recognition, classification and measurement criteria and accounting policies adopted in preparing the Condensed Consolidated Interim Financial Statements are the same as those adopted in preparing the Annual Consolidated Financial Statements to which reference is made.

The Group has not opted for early adoption of any standards, interpretations or amendments issued but not yet effective.

Starting from 2024, the Group falls within the scope of application of the Pillar 2/GloBE rules. Specifically, these rules came into effect in Italy on 1 January 2024 as a result of Legislative Decree No. 209/2023 implementing Directive No. 2523/2022/EU. The Pillar 2 rules provide that entities which are part of the Group (wherever located) shall be subject to a level of effective income taxation of at least 15%, to be determined on the basis of a structured count based on aggregate accounting and tax data by country. In case the level of taxation in a certain country is less than 15%, this results in the application of supplementary taxation (so-called "Top-Up Tax") up to that 15% level.

As required by the accounting standard IAS 12 (in particular, by the "Amendments to IAS 12 Income Taxes-International Tax Reform-Pillar Two Model Rules"), the Group has performed an analysis, in order to identify the scope of application and the potential impact of this new legislation on the jurisdictions of

Lottomatica Group S.p.A.
Condensed consolidated interim financial statements

its scope of consolidation, also making use of the so-called transitional safe harbours applicable in the three-year period 2024-2026 (so-called transitional period) as provided by the OECD guidelines.

Based on the information available as of the date of these Condensed Consolidated Interim Financial Statements, the Company qualifies as the "Ultimate Parent Entity" of the Group for Pillar Two purposes. In its capacity as Ultimate Parent Entity, the Company has performed analyses in relation to the Pillar Two rules for the fiscal years from 2023 to 2025 (based on the information available as of the reporting date). As no Top-up Tax liability has arisen in any of the jurisdictions in which the Group operates for any of the aforementioned fiscal years, based on the information currently available, and as there are presently no material discontinuities between those fiscal years and fiscal year 2026, management does not currently expect any significant impacts from the application of the Pillar Two legislation in respect of the first three months of 2026.

2.2 Scope and principles of consolidation

There have been no changes in the consolidation criteria and methods adopted compared to what was reported in the Annual Consolidated Financial Statements. The Group's scope of consolidation has changed compared to the Annual Consolidated Financial Statements as a result of:

the acquisition of Center Game S.r.l., for which please refer to Note 7.1;
the deconsolidation of Bakoo S.p.A. with effect from 1 January 2026;
the increase in the equity interest in Giocanline S.r.l. following the acquisition of an additional 5% of its share capital.

Please refer to Appendix A to these Condensed Consolidated Interim Financial Statements for the list of companies included in the scope of consolidation as of 31 March 2026.

2.3 Use of accounting estimates

The accounting principles, policies and valuation estimates adopted are consistent with those used in the preparation of the Annual Consolidated Financial Statements.

As of 31 March 2026, there were no changes in the application of estimates and assumptions by the management compared to the Annual Consolidated Financial Statements.

Lottomatica Group S.p.A.
Condensed consolidated interim financial statements

2.4 Recently issued accounting standards

2.4.1 Accounting standards, amendments effective from 1 January 2026

The following list illustrates the new standards and interpretations approved by the IASB, endorsed by the EU and applied since 1 January 2026:

	Endorsed by the EU	Effective date
Contracts Referencing Nature-dependent Electricity – Amendments to IFRS 9 and IFRS 7 (issued on 18 December 2024)	YES	Accounting periods beginning on or after January 1, 2026
Annual Improvements Volume 11 (issued on 18 July 2024)	YES	Accounting periods beginning on or after January 1, 2026
Amendments to the Classification and Measurement of Financial Instruments (Amendments to IFRS 9 and IFRS 7) (issued on 30 May 2024)	YES	Accounting periods beginning on or after January 1, 2026

The adoption of these amendments did not have significant impacts on the Condensed Consolidated Interim Financial Statements.

2.4.2 Accounting standards, amendments and interpretations not yet endorsed by the EU

As of the date of approval of the Condensed Consolidated Interim Financial Statements, the following standards and amendments had not yet been endorsed by the EU:

	Endorsed by the EU	Effective date
IFRS 19 Subsidiaries without Public Accountability: Disclosures (issued on 9 May 2024)	NO	Accounting periods beginning on or after 1 January 2027
Amendments to IFRS 19 Subsidiaries without Public Accountability: Disclosures (issued on 21 August 2025)	NO	Accounting periods beginning on or after 1 January 2027
Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates: Translation to a Hyperinflationary Presentation Currency (issued on 13 November 2025)	NO	Accounting periods beginning on or after 1 January 2027

The Group is evaluating the effects that the application of the aforementioned principles could have on its Consolidated Financial Statements; however, management do not expect significant impact from their adoption.

Lottomatica Group S.p.A.
Condensed consolidated interim financial statements

2.4.3 Accounting standards endorsed by the EU, but not yet applicable

At the approval date of the Condensed Consolidated Interim Financial Statements, the competent bodies of the European Union have approved the following principles and amendments, but they have not yet been adopted by the Group:

	Endorsed by the EU	Effective date
IFRS 18 — Presentation and Disclosure in Financial Statements (issued on 9 April 2024)	YES	Accounting periods beginning on or after January 1, 2027

Management is currently assessing the potential impacts that the introduction of IFRS 18 would have on the Consolidated Financial Statements, with specific reference to the presentation of the Group's consolidated income statement, the consolidated statement of cash flows, and the additional disclosures required in respect of management performance measures (MPMs), as well as the impact on the presentation of some information in financial statements. Other than changes mentioned above, the adoption of the standard under review is not expected to affect the Group's financial position, results or cash flows.

Application is effective from 1 January 2027; in accordance with IAS 34, the entity will be required to present its consolidated income statement in compliance with the requirements of IFRS 18 starting from first quarter of 2027.

3. Management of financial risks

As of 31 March 2026, there were no changes in the financial risks disclosed in the Annual Consolidated Financial Statements.

4. Seasonality or cyclical aspect of interim transactions

The Group's activities show no significant seasonal or cyclical variations.

5. Financial assets and liabilities by category

Financial assets and liabilities, other than derivative financial instruments, are initially recognized at fair value and subsequently measured at amortized cost, calculated using the effective interest method. Except in the case of the notes, the fair values of such instruments do not differ materially from their book values as they were short-term or valued at market rates and, consequently, their fair value is deemed to be substantially in line with their book value.

Lottomatica Group S.p.A.

Condensed consolidated interim financial statements

As of the reporting date, the fair values of the senior secured notes issued on 29 May 2024 and on 13 May 2025 amounted to Euro 912.1 million and Euro 1,111.2 million, respectively.

The following table shows the financial instruments measured at fair value according to the valuation technique used:

(In thousands of Euro)	Level 1	Level 2	Level 3	As of 31 March 2026
Derivative financial instruments assets	-	27	-	27
Derivative financial instruments liabilities	-	(935)	-	(935)
Put options	-	-	(63,308)	(63,308)
Total	-	(908)	(63,308)	(64,216)
(In thousands of Euro)	Level 1	Level 2	Level 3	As of 31 December 2025
---	---	---	---	---
Derivative financial instruments assets	-	3	-	3
Derivative financial instruments liabilities	-	(5,694)	-	(5,694)
Put options	-	-	(60,372)	(60,372)
Total	-	(5,691)	(60,372)	(66,063)

During the reporting periods, the Group did not make any changes to the valuation techniques used in determining the fair value of financial instruments.

6. Operating segments

The Group operates in the following operating segments: (i) online betting and gaming ("Online"); (ii) betting and gaming through the retail network ("Sports Franchise"); and (iii) concessionary activities relating to the product lines: (a) amusement with prize machines (AWP), (b) video lottery terminals (VLT), and (c) management of owned gaming halls and AWPs (Retail & Street Operations) ("Gaming Franchise").

Operating segments are monitored based on: (i) total revenues and income for reportable segment and (ii) Adjusted EBITDA for reportable segment. Adjusted EBITDA is defined as net profit for the period adjusted for: (i) income tax expense; (ii) finance income; (iii) finance expenses; (iv) share of profit/(loss) of equity accounted investments; (v) depreciation, amortization and impairments; (vi) 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; (vii) costs related to M&A, advisory and international activities; (viii) integration costs (including expenses on corporate restructuring, redundancy and higher costs incurred in relation to renegotiated operating contracts); (ix) other income and expenses that, in view of their nature, are not reasonably expected to recur in future periods. Management believes that the aforementioned indicators provide a good indication of the performance of the Group's operating segments.

The following table provides details of Group operating segments for the three months ended 31 March 2026 and 2025 analyzed by the Group's management.

Lottomatica Group S.p.A.

Condensed consolidated interim financial statements

(In thousands of Euro)	Online		Sports Franchise		Gaming Franchise		Total reportable segment
	Mar '26	Mar '25	Mar '26	Mar '25	Mar '26(a)	Mar '25	Mar '26	Mar '25
Revenues toward third parties(b)	264,748	239,816	142,438	150,410	195,073	195,511	602,259	585,737
Other income toward third parties	457	553	1,089	787	1,926	2,088	3,472	3,428
Intersegment Revenues and Other income	4,519	3,278	1,350	929	2,817	2,492	8,686	6,699
Total Revenues and income	269,724	243,647	144,877	152,126	199,816	200,091	614,417	595,864
Adjusted EBITDA(c)	152,184	128,474	35,041	45,650	48,316	46,350	235,541	220,474
Adjusted EBITDA Margin(d)	57.5%	53.6%	24.6%	30.4%	24.8%	23.7%	39.1%	37.6%

a) Includes the results of the Cristaltec group, in line with the approach adopted by management to monitor the results of the operating segments.
b) Revenues toward third parties in Gaming Franchise operating segment were as follows: (i) Euro 73,589 thousand for the three months ended 31 March 2026 related to the AWP product line (Euro 70,873 thousand for the three months ended 31 March 2025), (ii) Euro 107,052 thousand for the three months ended 31 March 2026 related to the VLT product line (Euro 109,270 thousand for the three months ended 31 March 2025), and (iii) Euro 14,432 thousand for the three months ended 31 March 2026 related to the Retail and Street Operations product line (Euro 15,368 thousand for the three months ended 31 March 2025).
c) The main cost component for the determination of Adjusted EBITDA relates to costs for distribution network compensation, which amounted to approximately Euro 61.8 million for Online operating segment for the three months ended 31 March 2026 (Euro 66.1 million for the three months ended 31 March 2025), Euro 86.8 million for the Sport Franchise operating segment for the three months ended 31 March 2026 (Euro 83.5 million for the three months ended 31 March 2026) and Euro 89.7 million for the Gaming Franchise operating segment for the three months ended 31 March 2026 (Euro 90.4 million for the three months ended 31 March 2025). The total amount was Euro 236.6 million for the three months ended 31 March 2026 (Euro 238.7 million for the three months ended 31 March 2025), net of intragroup costs of approximately Euro 1.8 million for the three months ended 31 March 2026 (Euro 1.3 million for the three months ended 31 March 2025).
d) Adjusted EBITDA Margin defined as Adjusted EBITDA / Revenues toward third parties.

The following table shows the reconciliation of total revenue for the periods indicated:

(In thousands of Euro)	For the three months ended 31 March
	2026	2025
Total Revenues and Other income for reportable segment	614,417	595,864
Elimination of intersegment revenues	(8,686)	(6,699)
Elimination of revenues and other income from equity accounted investments	(2,825)	(1,535)
Consolidated Revenues and income	602,906	587,630

The following table shows the reconciliation of Adjusted EBITDA for the periods indicated:

(In thousands of Euro)	For the three months ended 31 March
	2026	2025
Total Adjusted EBITDA for reportable segment	235,541	220,474
Elimination of Adjusted EBITDA from equity accounted investments and/or of businesses disposed of or in the process of disposal	(428)	(936)
Costs not included in Adjusted EBITDA	(29,833)	(39,431)
of which:
- monetary	(25,729)	(29,746)
- non monetary	(4,104)	(9,685)
Depreciation, amortization and impairments	(69,805)	(64,932)
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

Lottomatica Group S.p.A.
Condensed consolidated interim financial statements

7. Business combinations and acquisition of businesses

The acquisitions made during the three months ended 31 March 2026 are briefly described below.

7.1 Acquisition of Center Game S.r.l.

On 1 January 2026, Ricreativo B S.p.A. finalized the acquisition of 60% of the share capital of Center Game S.r.l., a company operating in the management and maintenance of AWP gaming machines. The consideration for the acquisition amounted to Euro 3.6 million. Of this amount, Euro 1.8 million was paid on the acquisition completion date, Euro 1.2 million will be paid by 4 January 2027, while the remaining amount, equal to Euro 0.6 million, will be settled by 2028 upon the occurrence of certain conditions.

The aforementioned acquisition resulted in increased revenues of Euro 0.6 million, while it did not have significant impacts on the Group's net profit for the period from the acquisition date to 31 March 2026. Such amounts have been calculated based on the accounting records of the acquired company as of the date closest to the date control was assumed, namely 1 January 2026, adjusted as required to recognize any differences with respect to the accounting policies adopted by the Group.

The assets and liabilities acquired were recognized at fair value, together with goodwill amounting to approximately Euro 2.6 million, calculated as shown in the table below:

(In thousands of Euro)	Book Value at acquisition date	Purchase price allocation at acquisition date	Fair Value at acquisition date
Intangible assets	155	-	155
Property, plant and equipment	714	-	714
Right of use	673	-	673
Financial assets	207	-	207
Inventories	1	-	1
Other assets	361	-	361
Cash and cash equivalents	5,535	-	5,535
Deferred tax liabilities net	(87)	-	(87)
Employee benefit	(523)	-	(523)
Financial liabilities	(2,876)	-	(2,876)
Trade payables	(24)	-	(24)
Tax payables	(15)	-	(15)
Other liabilities	(2,444)	-	(2,444)
Net acquired assets (liabilities) (A)	1,677	-	1,677
Equity attributable to non-controlling interests (B)	671	-	671
Purchase price (C)	3,563	-	3,563
Goodwill (C) - (A) + (B)	2,557	-	2,557

As of the date of preparation of this document, the final measurement of the fair value of the assets acquired and liabilities assumed, as well as the amount to be allocated to goodwill, is still ongoing and, therefore, in accordance with the provisions of IFRS 3, the Group will complete such measurement within twelve months from the acquisition date. The provisional values of the assets acquired and

Lottomatica Group S.p.A.
Condensed consolidated interim financial statements

liabilities assumed may be adjusted retrospectively to recognize their fair value at the acquisition date, with such adjustment involving the recalculation of goodwill.

Net cash flows relating to the acquisition are shown in the following table:

(In thousands of Euro)
Consideration paid as of 31 March 2026	(1,772)
Cash and cash equivalents at acquisition date	5,535
Net cash flow from acquisition as of 31 March 2026	3,763

7.2 Acquisition of businesses

As part of the distribution insourcing strategy mainly relating to the Gaming Franchise segment, the assets acquired and liabilities assumed through acquisitions of business units for the three months ended 31 March 2026 are summarized below:

(In thousands of Euro)	Fair Value at acquisition date
Property, plant and equipment	347
Employee benefit	(16)
Trade payables	(417)
Other liabilities	(12)
Net acquired assets (liabilities) (A)	(98)
Purchase price (B)	1,753
Goodwill (B) - (A)	1,851

The difference between the purchase price and the fair value of the net assets acquired was recognized as goodwill mainly allocated to the Gaming Franchise segment. As of 31 March 2026, the cash flow relating to the total consideration paid for the acquisition of the businesses amounted to Euro 1.0 million.

Lottomatica Group S.p.A.
Condensed consolidated interim financial statements

8. Notes to the consolidated statement of comprehensive income

8.1 Revenues

(In thousands of Euro)	For the three months ended 31 March
	2026	2025
Online	264,748	239,816
Sports Franchise	142,438	150,410
Gaming Franchise	195,073	195,511
Total Revenues for reportable segment	602,259	585,737
Elimination of revenues from equity accounted investments	(2,284)	(1,189)
Total	599,975	584,548

"Revenues"¹³ amounted to Euro 600.0 million for the three months ended 31 March 2026, an increase of Euro 15.5 million compared to Euro 584.5 million for the three months ended 31 March 2025. The increase was mainly due to the growth of the Online operating segment, partially offset by an unfavourable sports betting payout recorded in the first three months of 2026 compared to the same period of the previous year, particularly in the Sports Franchise operating segment.

8.2 Other income

"Other income" amounted to Euro 2.9 million for the three months ended 31 March 2026 (Euro 3.1 million for the three months ended 31 March 2025) and mainly included: (i) income from services and re-charge to the sales point operators of the Gaming Franchise and Sports Franchise network; (ii) income from the re-sale of consumables and provision of services in halls; (iii) income from the transfer to the supply-chain of costs incurred in relation to the acquisition of AWP NOE and NOD concession agreements; and (iv) income from compensation, indemnification and income from other operations.

¹³ Revenues from contracts with customers amounted to Euro 427 million for the three months ended 31 March 2026 and were recognised at a point in time.

Lottomatica Group S.p.A.
Condensed consolidated interim financial statements

8.3 Cost of services

The following table provides a breakdown of "Cost of services":

(In thousands of Euro)	For the three months ended 31 March
	2026	2025
Distribution network compensation	(236,580)	(238,790)
Fee on gaming platform licenses	(34,628)	(33,556)
Bank and insurance expenses	(16,352)	(14,373)
Concession Fee	(13,675)	(16,001)
Marketing and advertising	(10,911)	(11,359)
Utility costs, postal and logistics costs, security services	(5,354)	(6,109)
Technical assistance and network management	(5,120)	(4,817)
Tax, administrative and legal consultancy costs	(3,982)	(3,791)
Data transmission	(3,714)	(2,316)
Leases and rentals	(3,073)	(4,051)
Pay-TV	(1,913)	(1,607)
Board of Directors remunerations and costs	(1,196)	(964)
Other	(8,498)	(7,900)
Total	(344,996)	(345,634)

Cost of services amounted to Euro 345.0 million for the three months ended 31 March 2026, a decrease of Euro 0.6 million compared to Euro 345.6 million for the three months ended 31 March 2025.

8.4 Personnel expenses

The following table provides a breakdown of "Personnel expenses":

(In thousands of Euro)	For the three months ended 31 March
	2026	2025
Remuneration	(28,835)	(28,423)
Social security contributions	(8,815)	(8,867)
Other personnel costs	(7,386)	(3,825)
Total	(45,036)	(41,115)

Personnel expenses amounted to Euro 45.0 million for the three months ended 31 March 2026, an increase of Euro 3.9 million compared to Euro 41.1 million for the three months ended 31 March 2025. The increase was due to estimated costs related to the formalization of settlement agreements with the employees of the Serbian branch of PWO S.p.A. under liquidation, as well as to higher costs relating to the stock option plan.

It should be noted that the item does not include capitalized personnel expenses related to the development of internal software, amounting to Euro 4.4 million for the three months ended 31 March 2026 (Euro 5.0 million for the three months ended 31 March 2025).

Lottomatica Group S.p.A.
Condensed consolidated interim financial statements

The item also includes the charge related to the long-term incentive plan amounting to Euro 4.2 million for the three months ended 31 March 2026 (Euro 0.6 million for the three months ended 31 March 2025).

The following table shows Group employee numbers by category:

	Number as of 31 March 2026	Average number for the three months ended 31 March 2026	Number as of 31 March 2025	Average number for the three months ended 31 March 2025
Executives	55	55	59	59
Middle managers	233	236	231	232
White collar	1,577	1,574	1,577	1,587
Blue collar	316	321	392	406
Foreign employees	344	361	401	383
Total	2,525	2,547	2,660	2,667

8.5 Other operating costs

The following table provides a breakdown of "Other operating costs":

	For the three months ended 31 March
(In thousands of Euro)	2026	2025
Purchase of goods and other purchases	(2,672)	(3,758)
Taxes and sundry duties	(1,790)	(2,767)
Fines, penalties and losses on receivables	(1,288)	(178)
Entertainment expenses	(1,036)	(786)
Other expenses	(1,531)	(3,416)
Total	(8,317)	(10,905)

The change was mainly due to the lower contribution made to Fondazione Lottomatica in 2026 compared with the same period of the previous year.

8.6 Depreciation, amortization and impairments

The following table provides a breakdown of "Depreciation, amortization and impairments":

	For the three months ended 31 March
(In thousands of Euro)	2026	2025
Amortization of intangible assets	(50,109)	(47,394)
of which purchase price allocation	(17,125)	(18,424)
Depreciation of property, plant and equipment	(13,660)	(12,014)
Depreciation of investment property	(7)	(7)
Depreciation of right of use	(6,029)	(5,517)
Total	(69,805)	(64,932)

For further details regarding movements in intangible assets, property, plant and equipment and rights of use, please refer to Note 9.1, 9.3 and 9.4, respectively.

Lottomatica Group S.p.A.
Condensed consolidated interim financial statements

8.7 Impairment of receivables and financial assets and other accruals

The following table provides a breakdown of "Impairment of receivables and financial assets" and "Other accruals":

(In thousands of Euro)	For the three months ended 31 March
	2026	2025
(Provision) / release for impairment of receivables and financial assets	23	(9,937)
(Provision) / release for risks and charges	700	68
Total	723	(9,869)

Provisions are stated net of releases.

For further details regarding movements in the "Provision for impairment of receivables and financial asset" see Notes 9.7 and 9.12.

8.8 Net finance expenses

The following table provides a breakdown of "Net finance expenses":

(In thousands of Euro)	For the three months ended 31 March
	2026	2025
Other interest income	262	670
Total finance income	262	670
Interest expense on May 2025 Notes	(13,406)	-
Interest expense on May 2024 Notes	(9,976)	(10,833)
Interest expense on December 2023 Notes	-	(4,987)
Interest expense on June 2023 Notes	-	(10,064)
Amortized cost on May 2025 Notes	(390)	-
Amortized cost on May 2024 Notes	(353)	(329)
Amortized cost on December 2023 Notes	-	(394)
Amortized cost on June 2023 Notes	-	(528)
IRS interest expense	(1,912)	(5,402)
Commission on sureties	(1,532)	(1,634)
Interest expense on Revolving Loan	(1,055)	(1,491)
Leasing interest expense	(1,007)	(1,094)
Other interest expense	(4,760)	(1,484)
Total finance expenses	(34,391)	(38,240)
Net finance expenses	(34,129)	(37,570)

"Net finance expenses" amounted to Euro 34.1 million for the three months ended 31 March 2026, a decrease of Euro 3.5 million compared to Euro 37.6 million for the three months ended 31 March 2025.

Lottomatica Group S.p.A.
Condensed consolidated interim financial statements

The change was mainly due to lower interest expenses and amortized costs on senior secured notes of Euro 6.5 million, partially offset by an increase in "Other financial expenses" for Euro 3.3 million, mainly due to higher interest arising from the discounting of the liability related to the renewal of concessions and on put options, amounting to Euro 2.6 million.

8.9 Income tax expense

The following table provides a breakdown of "Income tax expense":

	For the three months ended 31 March
(In thousands of Euro)	2026	2025
Current taxes	(36,764)	(28,889)
Deferred taxes Purchase price allocation	4,748	5,316
Deferred taxes	186	(2,696)
Total	(31,830)	(26,269)

Lottomatica Group S.p.A., the current Italian parent company, has opted, as the consolidating entity, for the national tax consolidation regime with the controlled companies that meet the requirements for participation in the Group's taxation.

Lottomatica Group S.p.A.

Condensed consolidated interim financial statements

9. Notes to the consolidated statement of financial position

9.1 Intangible assets

The following table provides a breakdown of "Intangible assets" and movements during the periods under review:

(In thousands of Euro)	Software	Concessions	Trademarks	Assets under development and other intangible	Network Relationship	Total
Cost as of 31 December 2025	178,029	363,934	266,425	95,805	513,221	1,417,414
Accumulated amortization as of 31 December 2025	(100,158)	(255,227)	(75,289)	(58,775)	(182,517)	(671,966)
Net book amount as of 31 December 2025	77,871	108,707	191,136	37,030	330,704	745,448
Additions	3,509	8	-	32,327	-	35,844
Business combination:
Center Game	-	-	155	-	-	155
Bakoo disposal	(817)	-	-	(433)	-	(1,250)
Amortization for the period	(6,622)	(19,215)	(4,431)	(7,400)	(12,441)	(50,109)
of which purchase price allocation
Gamenet group	(312)	-	(1,203)	-	(978)	(2,493)
IGT business	-	-	(1,598)	-	(3,159)	(4,757)
Gioconline	-	-	-	-	(244)	(244)
Marim	-	-	-	-	(96)	(96)
Betflag	-	-	(718)	-	(2,992)	(3,710)
Ricreativo B	-	-	(85)	-	(290)	(375)
PWO	-	-	(768)	-	(4,683)	(5,451)
Disposal	(35)	-	-	(19)	-	(54)
Reclassifications	2,675	-	-	(2,675)	-	-
Cost as of 31 March 2026	182,900	363,942	266,708	124,736	513,221	1,451,507
Accumulated amortization as of 31 March 2026	(106,319)	(274,442)	(79,848)	(65,906)	(194,958)	(721,473)
Net book amount as of 31 March 2026	76,581	89,500	186,860	58,830	318,263	730,034

Additions to "Software" mainly related to the purchase of software licenses required for bets collection and management activities, for the upgrade of the SAP ERP system and the purchase of software.

Additions to "Assets under development and other intangible" mainly related to software development, as well as to the capitalization of NOE, Entry Fees and activation contributions.

Lottomatica Group S.p.A.
Condensed consolidated interim financial statements

9.2 Goodwill

The following table provides a breakdown of "Goodwill" for the periods under review:

(In thousands of Euro)	Total
Balance as of 31 December 2025	2,080,855
Acquisitions	4,407
Balance as of 31 March 2026	2,085,262

The increase of "Goodwill" mainly related to the acquisitions during the period.

As of 31 March 2026, no indicators of impairment had been identified.

9.3 Property, plant and equipment

The following table provides a breakdown of "Property, plant and equipment" and movements during the periods under review:

(In thousands of Euro)	Gaming Hardware	Other assets	Furniture	Leasehold improvements	Assets under development and payments on account	Total
Cost as of 31 December 2025	174,978	70,022	35,247	74,121	14,221	368,589
Accumulated depreciation as of 31 December 2025	(121,820)	(27,949)	(18,150)	(40,273)	-	(208,192)
Net book amount as of 31 December 2025	53,158	42,073	17,097	33,848	14,221	160,397
Additions	1,901	1,911	338	452	1,203	5,805
Business combination
Center Game	604	91	19	-	-	714
Bakoo disposal	(2)	(3)	(3)	-	-	(8)
Business acquisition	319	28	-	-	-	347
Disposals	(64)	(11)	(2)	-	-	(77)
Depreciation for the period	(6,342)	(3,428)	(1,132)	(2,758)	-	(13,660)
Reclassifications	71	1,209	2	164	(1,446)	-
Cost as of 31 March 2026	178,937	73,135	35,618	74,740	13,978	376,408
Accumulated depreciation as of 31 March 2026	(129,292)	(31,265)	(19,299)	(43,034)	-	(222,890)
Net book amount as of 31 March 2026	49,645	41,870	16,319	31,706	13,978	153,518

Additions to "Gaming hardware" mainly related to the purchase of (i) gaming boards and AWP cabinets for approximately Euro 1.6 million, and (ii) equipment and hardware at betting outlets for Euro 0.3 million.

Additions to "Other assets" mainly related to the purchase of plant and equipment for gaming halls amounting to Euro 0.4 million, and to the purchase of office equipment and IT security devices amounting to Euro 1.5 million.

Additions to "Furniture" mainly relates to redevelopment and optimization project of the gaming halls.

Lottomatica Group S.p.A.
Condensed consolidated interim financial statements

Additions to "Leasehold Improvements" are mainly linked to the completion of the works on the halls that have become operational and the set-up of new corners in the halls.

Additions to "Assets under development and payments on account" mainly relates to the purchase of furniture and fittings and down payments for the purchase of new gaming devices and other IT equipment for the set-up of new betting points of sale not yet in operation.

9.4 Right of use

The following table provides a breakdown of "Right of use" and movements during the period under review:

(In thousands of Euro)	Land, Buildings and Offices	Gaming halls	Vehicles	Other	Right of Use
Balance as of 31 December 2025	12,269	49,489	7,396	27	69,181
Business Combination:
Center Game S.r.l.	673	-	-	-	673
Bakoo disposal	(137)	-	-	-	(137)
Depreciation	(1,430)	(3,602)	(962)	(35)	(6,029)
Additions	582	4,640	437	402	6,061
Disposal	(1,168)	(364)	(114)	-	(1,646)
Other movements	220	(220)	-	-	-
Balance as of 31 March 2026	11,009	49,943	6,757	394	68,103

The increase for the period relates to: (i) the renewal of certain lease agreements; (ii) the increase in rents due to ISTAT increases which led to the recalculation of the value of the assets; and (iii) new lease contracts and the acquisitions of the period.

9.5 Equity accounted investments

The following table provides a breakdown of "Equity accounted investments" and movements during the periods under review:

(In thousands of Euro)	Total
Balance as of 31 December 2025	14,825
Acquisition and subscriptions	1,172
Share of profit/(loss) of equity accounted investments	(185)
Balance as of 31 March 2026	15,812

The increase for the period was mainly due to the price adjustment recognized in favor of the sellers of Cristaltec S.p.A. following the fulfilment of the contractual conditions provided for, as well as to new investments in retail initiatives.

No indicators of impairment were identified as of the reporting date.

Lottomatica Group S.p.A.
Condensed consolidated interim financial statements

9.6 Current and non-current financial assets

The following table provides a breakdown of "Current and non-current financial assets":

(In thousands of Euro)	As of 31 March 2026	As of 31 December 2025
Cash held by operators	24,281	25,389
Escrow account	5,000	5,000
Merchant accounts and restricted cash	1,279	277
Other	2,564	2,106
Total	33,124	32,772

"Cash held by operators" relates to cash in machines (i.e., in the hoppers and change machines) owned by Group but managed by external operators, amounting to Euro 6.8 million, Euro 10.1 million and Euro 3.7 million, for Gamenet S.p.A., Lottomatica Videolot Rete S.p.A. and Big Easy S.r.l. as of 31 March 2026, respectively.

The following table provides a summary of key information relating to financial assets:

(In thousands of Euro)	As of 31 March 2026	of which current	As of 31 December 2025	of which current
Cash held by operators	24,281	23,901	25,389	25,389
Escrow account	5,000	5,000	5,000	5,000
Merchant accounts and restricted cash	1,279	1,002	277	-
Other	2,564	1,319	2,106	1,181
Total	33,124	31,222	32,772	31,570

9.7 Current and non-current trade receivables

The following table provides a breakdown of "Current and non-current trade receivables":

(In thousands of Euro)	As of 31 March 2026	As of 31 December 2025
Concessionaire's receivables from operators/TIR	86,534	100,457
Receivables from betting operators	24,378	20,491
Receivables from customers	6,459	6,420
Other receivables from distribution network	4,164	4,296
Receivables guaranteed by formal commitments	2,904	2,121
Receivables for penalties and interest on delayed payments	324	348
Allowance for doubtful receivables	(56,043)	(56,892)
Total	68,720	77,241

"Concessionaire's receivables from operators/TIR" mainly comprises receivables relating to bet activities (mainly PREU, concession fees and other amounts owing to the concessionaires). As of 31 March 2026,

Lottomatica Group S.p.A.
Condensed consolidated interim financial statements

Euro 39.3 million relates to Gamenet S.p.A and Euro 47.2 million relates to Lottomatica Videolot Rete S.p.A..

The following table shows details of movements in the allowance for doubtful receivables:

(In thousands of Euro)
Balance as of 31 December 2025	56.892
Bakoo Disposal	(72)
Provisions net of releases	(23)
Utilization	(874)
Reclassification	120
Balance as of 31 March 2026	56.043

9.8 Other current and non-current assets

The following table provides a breakdown of "Other current and non-current assets":

(In thousands of Euro)	As of 31 March	As of 31 December
	2026	2025
ADM guarantee deposits	63,166	50,588
Gaming online accounts	53,709	55,925
Accrued income and prepayments	30,734	34,800
Gaming halls receivables	15,967	18,209
Tax receivables	7,140	7,384
Guarantee deposits	4,307	4,309
Other receivables	9,879	3,950
Total	184,902	175,165

"ADM guarantee deposits" represents 0.5% of amounts waged using devices connected to the online network. Such deposits are reimbursed to the concessionaire when certain service levels are achieved in the first half of the following year.

"Accrued income and prepayments" mainly included the recognition of prepaid expenses on arrangement fees and underwriting fees for the Revolving Credit Facility and prepaid expenses for the costs related to the sureties paid against the concessions' renewals.

Lottomatica Group S.p.A.
Condensed consolidated interim financial statements

The following table provides a summary of key information relating to other assets:

(in thousands of Euro)	As of 31 March 2026	of which current	As of 31 December 2025	of which current
ADM guarantee deposits	63,166	63,166	50,588	50,588
Gaming online accounts	53,709	53,709	55,925	55,925
Accrued income and prepayments	30,734	23,434	34,800	24,204
Gaming halls receivables	15,967	15,967	18,209	18,209
Tax receivables	7,140	4,315	7,384	4,307
Guarantee deposits	4,307	427	4,309	227
Other receivables	9,879	9,652	3,950	3,719
Total	184,902	170,670	175,165	157,179

9.9 Cash and cash equivalents

The following table provides a breakdown of "Cash and cash equivalents":

(In thousands of Euro)	As of 31 March 2026	As of 31 December 2025
Bank deposits	79,977	107,504
Cash on hand	39,359	36,394
Total	119,336	143,898

Reference is made to the Consolidated Statement of Cash Flows for further details regarding movements during the period in Cash and cash equivalents.

9.10 Shareholders' equity

A description of changes in Shareholders' equity as of 31 March 2026 can be found in the Consolidated Statement of Changes in Equity.

9.10.1 Equity attributable to the owners of the parent

The Company's share capital amounted to Euro 10.0 million as of 31 March 2026 and was divided into 251,630,412 ordinary shares without nominal value.

The Equity attributable to the owners of the parent, excluding the net profit for the period, decreased mainly due to the share buyback of Euro 55.3 million.

Lottomatica Group S.p.A.
Condensed consolidated interim financial statements

Treasury shares

As of 31 March 2026, the Company held 16,134,329 treasury shares (representing to 6.4% of the outstanding ordinary shares).

9.10.2 Equity attributable to non-controlling interests

The Equity attributable to non-controlling interests increased by Euro 3.0 million mainly due to the result of the period.

9.11 Current and non-current financial liabilities

The following table provides a breakdown of "Current and non-current financial liabilities":

(In thousands of Euro)	As of 31 March	As of 31 December
	2026	2025
May 2025 Notes	1,088,408	1,088,017
May 2024 Notes	891,823	891,443
Accrued interest – May 2025 Notes	22,344	8,938
Accrued interest – May 2024 Notes	10,072	3,323
Payables for leasing	74,111	75,679
Put option liability	63,308	60,372
Payables for acquisitions	17,171	25,176
Interest Rate Swap liabilities	1,820	6,610
Bank borrowings	2,784	2,636
Other financial payables	96,829	173,897
Total	2,268,670	2,336,091

The decrease for the period was mainly due to the payment of deferred purchase price liabilities on acquisitions and of the liability for the share buyback, partially offset by interest accrued on senior secured notes.

The spread applicable at the current date in the event of utilizing the revolving credit facility of Euro 447.25 million (the "Revolving Credit Facility") is 2.25%. As of 31 March 2026, the Test Condition is not met as the revolving credit facility was not utilized. For further details on current and non-current financial liabilities, please refer to the Annual Consolidated Financial Statements.

Lottomatica Group S.p.A.

Condensed consolidated interim financial statements

The following table provides a summary of key information relating to financial liabilities:

(In thousands of Euro)	As of 31 March 2026	of which current	As of 31 December 2025	of which current
Notes	1,980,231	-	1,979,460	-
Payables for leasing	74,111	25,108	75,679	24,247
Put option liability	63,308	32,519	60,372	32,087
Payables for acquisitions	17,171	13,075	25,176	21,389
Accrued interest on Notes	32,416	32,416	12,261	12,261
Interest Rate Swap liabilities	1,820	885	6,610	916
Bank borrowings	2,784	1,363	2,636	1,515
Other financial payables	96,829	96,829	173,897	173,897
Total	2,268,670	202,195	2,336,091	266,312

The following table provides changes in liabilities arising from financing activities as required by IAS7:

(In thousands of Euro)	As of 31 December 2025	Cash flow from financing activities	Non-cash changes	As of 31 March 2026
Senior secured notes	1,979,460	-	771	1,980,231
Accrued interest on Notes	12,261	(3,227)	23,382	32,416
Payables for acquisitions	25,176	(15,397)	7,392	17,171
Payables for leasing	75,679	(7,456)	5,888	74,111
Put option liability	60,372	(1,927)	4,863	63,308
Interest Rate Swap liabilities	6,610	(2,779)	(2,011)	1,820
Bank borrowings	2,636	(654)	802	2,784
Other financial payables*	173,897	(132,257)	55,189	96,829
Total	2,336,091	(163,697)	96,276	2,268,670
Reconciliation of cash flow from financing activities:
Payment for acquisition not included in cash flow from financing activities		15,397
Other assets and liabilities not included in financial liabilities		(2,278)
Total		(150,578)

*Cash flows relating to other financial liabilities related to the payment of liabilities related to share buyback.

Lottomatica Group S.p.A.
Condensed consolidated interim financial statements

Total Net Financial Indebtedness

The following is a breakdown of the composition of the Group's Net Financial Indebtedness as of 31 March 2026 compared with the situation as of 31 December 2025 determined in accordance with CONSOB Communication DEM/6064293 of 28 July 2006, as amended by CONSOB Communication No. 5/21 of 29 April 2021 and in accordance with ESMA Recommendations contained in "Guidelines 32-382-1138 of 4 March 2021 on disclosure requirements under the prospectus regulation".

(In thousands of Euro)	As of 31 March 2026	As of 31 December 2025
A. Cash	119,336	143,898
B. Cash equivalent	-	-
C. Other current financial assets	31,222	31,570
D. Liquidity (A+B+C)	150,558	175,468
E. Current financial debt	97,714	174,813
F. Current portion of non-current financial debt	104,481	91,499
G. Current Financial Indebtedness (E+F)	202,195	266,312
H. Net Current Financial Indebtedness (G-D)	51,637	90,844
I. Non-current financial debt	86,244	90,319
J. Debt instruments	1,980,231	1,979,460
K. Non-current trade and other payables	-	-
L. Non-Current Financial Indebtedness (I+J+K)	2,066,475	2,069,779
M. Net Financial Indebtedness - ESMA (H+L)	2,118,112	2,160,623

9.12 Provisions for risks and charges

The following table provides a breakdown of "Provisions for risks and charges":

(In thousands of Euro)	Total
Balance as of 31 December 2025	41,135
Provisions/ (Releases)	1,112
Utilizations	(439)
Other movements	(4)
Balance as of 31 March 2026	41,804

"Provision for risks and charges" mainly included (i) the provisions made by Gamenet and Lottomatica Videolot Rete for non-compliance with the concession-holder network management service level obligations provided for in Annex 2 of the Concession Agreement (Euro 1.2 million as of 31 March 2026); (ii) the "Provision for technological renewals", which represents periodic provisions made by the Group's AWP and VLT concession-holders for technological and structural upgrading of the online network and other infrastructures used for gaming-related collection activities (Euro 0.9 million as of 31 March 2026); (iii) the provision related to the ruling of the Italian Council of State for the 2015 Italian Stability Law of Euro 34.5 million, and for the residual part (iv) the provision for legal disputes, to cover estimated costs

Lottomatica Group S.p.A.

Condensed consolidated interim financial statements

relating to disputes, including labor-related disputes, with third parties (Euro 5.1 million as of 31 March 2026).

9.13 Other current and non-current liabilities

The following table provides a breakdown of "Other current and non-current liabilities":

(In thousands of Euro)	As of 31 March 2026	As of 31 December 2025
Public gaming taxes	106,274	52,026
Payables to tax authorities for PREU	57,927	89,777
Other payables to tax authorities	53,903	56,651
Players' online accounts	53,709	59,056
Payables to employees	20,226	21,420
Payables to distribution network for guarantees	12,341	12,426
Payables to social security institutions	10,551	11,312
Payables to other concessionaires for bets/wagers collection	10,044	11,589
Provision for Jackpot and VLT tickets to be validated	8,123	7,709
Concession fee payables	6,845	14,692
Other payables	77,940	95,442
Total	417,883	432,100

"Public gaming taxes" as of 31 March 2026 included the gaming tax balance owing for the three months ended 31 March 2026 in respect of January-April 2026 that will be paid on 31 August 2026. The amount due as of 31 December 2025, on the other hand, related to the gaming tax balance owing in respect of the single month of December, which was paid in January 2026.

"Payables to tax authorities for PREU" as of 31 March 2026 included the balance relating to the second period of 2026 (March-April) to be paid in May 2026. It should be noted that the amount as of 31 December 2025, on the other hand, included the balance relating to the sixth period of 2025, which was paid in January 2026.

The decrease in the item "Other tax liabilities" was mainly due to payments made to the tax authorities following the application for the facilitated settlement of pending tax disputes filed in 2023 on tax notices related to betting duties (Imposta Unica) of PWO S.p.A..

"Concession fee payables" mainly related to the concession-fee owing in respect of the second period of 2026, due to be paid in May 2026. It should be noted that the amount as of 31 December 2025, on the other hand, included the balance relating to the concession-fee owing in respect of the sixth period of 2025, which was paid in January 2026.

The item "Other payables" mainly included Euro 61.8 million as of 31 March 2026 related to payables for the extension of concessions, of which Euro 33.2 million for the Sports Franchise concessions of GBO Italy S.p.A. and PWO S.p.A. and Euro 28.6 million for the Gaming Franchise concessions of Gamenet S.p.A. and Lottomatica Videolot Rete S.p.A.. This liability is recognized at amortized cost, calculated using an interest rate of $4.875\%$ (equal to the interest rate applied to the May 2025 Notes).

Lottomatica Group S.p.A.
Condensed consolidated interim financial statements

Other payables also included payables relating to sports bets, amounting to Euro 4.7 million as of 31 March 2026 (Euro 6.7 million as of 31 December 2025). At the same date, the item also included payables related to casino games, poker and bingo related jackpots amounting to Euro 4.6 million (Euro 4.4 million as of 31 December 2025).

The following table provides a summary of key information relating to other liabilities:

(In thousands of Euro)	As of 31 March 2026	of which current	As of 31 December 2025	of which current
Public gaming taxes	106,274	106,274	52,026	52,026
Payables to tax authorities for PREU	57,927	57,927	89,777	89,777
Other payables to tax authorities	53,903	37,174	56,651	35,531
Players' online accounts	53,709	53,709	59,056	59,056
Payables to employees	20,226	20,226	21,420	21,420
Payables to distribution network for guarantees	12,341	219	12,426	204
Payables to social security institutions	10,551	9,806	11,312	10,453
Payables to other concessionaires for bets/wagers collection	10,044	10,044	11,589	11,589
Provision for Jackpot and VLT tickets to be validated	8,123	8,123	7,709	7,709
Concession fee payables	6,845	6,845	14,692	14,692
Other payables	77,940	77,504	95,442	94,992
Total	417,883	387,851	432,100	397,449

9.14 Current and non-current trade payables

The following table provides a breakdown of "Current and non-current trade payables":

(In thousands of Euro)	As of 31 March 2026	As of 31 December 2025
Invoices to be received	64,873	65,718
Trade payables	31,071	37,512
Payables to operators	20,420	23,754
Payables relating to remuneration in respect of collection activities - VLT	1,378	2,368
Payables relating to remuneration in respect of collection activities - AWP	1,733	1,778
Total	119,475	131,130

Lottomatica Group S.p.A.

Condensed consolidated interim financial statements

10. Related party transactions

Related parties transactions are mainly attributable to commercial, administrative and financial relationships. These operations are part of normal business management, within the typical activity of each interested party, and are regulated at market conditions.

The Group has or had relationships with the following related parties:

Cristaltec S.p.A. and its subsidiaries ("Associates");
Key Management Personnel (for further details, please refer to the paragraph below).

The following table shows Group receivables and payables due from/to related parties:

(In thousands of Euro)	As of 31 March 2026
	Associates	Key management personnel	Total related parties	Total reported amount	% of total
Property, plant and equipment	1,877	-	1,877	153,518	1.2%
Non-current financial assets	100	-	100	1,902	5.3%
Current financial assets	2	-	2	31,222	0.0%
Current trade payables	762	-	762	119,475	0.6%
Current trade receivables	60	-	60	65,637	0.1%
Other current liabilities	77	916	993	387,851	0.3%
(In thousands of Euro)	As of 31 December 2025
---	---	---	---	---	---
	Associates	Key management personnel	Total related parties	Total reported amount	% of total
Property, plant and equipment	1,768	-	1,768	160,397	1.1%
Current trade payables	940	-	940	131,130	0.7%
Current trade receivables	44	-	44	74,070	0.1%
Other current liabilities	-	3,241	3,241	397,449	0.8%

The following table shows Group revenues and expenses due from/to related parties:

For the three months ended 31 March 2026
(In thousands of Euro)	Associates	Key management personnel	Total related parties	Total reported amount	% of total
Revenues	24	-	24	599,975	0.0%
Cost of services	(679)	-	(679)	(344,996)	0.2%
Personnel expenses	-	(5,531)	(5,531)	(45,036)	12.3%
Other income	8	-	8	2,931	0.3%
Other operating costs	(25)	-	(25)	(8,317)	0.3%
Finance income	1	-	1	262	0.4%

Lottomatica Group S.p.A.
Condensed consolidated interim financial statements

(In thousands of Euro)	For the three months ended 31 March 2025
	Associates	Key management personnel	Total related parties	Total reported amount	% of total
Cost of services	(296)	-	(296)	(345,634)	0.1%
Personnel expenses	-	(3,688)	(3,688)	(41.115)	9.0%

In 2025, transactions with Associates are related to the commercial relationships with the associate Cristaltec S.p.A..

Key management personnel

The following table provides a breakdown of the remuneration attributable to Group's key management personnel for the three months ended 31 March 2026 and 2025.

(In thousands of Euro)	For the three months ended 31 March
	2026	2025
Remuneration	1.246	1,105
Bonus una tantum	1.815	1,777
Social security contributions	167	118
Severance indemnity	243	217
Share based payments	2,060	471
Total	5,531	3,688

11. Other information

11.1 Commitments and risks

11.1.1 Guarantees granted in favor of third parties

It is noted that as of 31 March 2026, the Group had granted concession related guarantees in favor of the ADM amounting to Euro 438.1 million. For details regarding guarantees relating to the notes, please refer to Annual Consolidated Financial Statements.

11.1.2 Contingent liabilities

Other than as reported at Note 11.2 below, management is not aware of any disputes or legal action that could reasonably have significant repercussions on the Group's operating results, financial position or cash flows compared to what already mentioned in the Annual Consolidated Financial Statements.

Lottomatica Group S.p.A.
Condensed consolidated interim financial statements

11.1.3 Atypical/unusual transaction

In accordance with the disclosures required by Consob Communication DEM/6064293 dated 28 July 2006, it should be noted that during the first three months of 2026 the Group did not carry out any atypical and/or unusual transactions.

11.1.4 Significant non-recurring events and transactions

As required by Consob Communication DEM/6064293 dated 28 July 2006 and in accordance with the ESMA Guidelines/2015/1415, the effects of non-recurring events and transactions on profit or loss are detailed below:

(In millions of Euro)	For the three months ended 31 March 2026	Profit before tax	Financial Position
Costs not included in Adjusted EBITDA
Cost related to M&A, advisory and international activities	(1.1)	✓
Integration costs	(6.9)	✓
Other non-recurring expense	(21.8)	✓
Total (A)	(29.8)	(29.8)	-
Other non-recurring finance expenses
Other non-recurring finance expenses	(0.2)	✓
Total (B)	(0.2)	(0.2)	-
Total (A+B)	(30.0)	(30.0)	-
(In millions of Euro)	For the three months ended 31 March 2025	Profit before tax	Financial Position
---	---	---	---
Costs not included in Adjusted EBITDA
Cost related to M&A and international activities	(1.1)	✓
Integration costs	(10.6)	✓
Other non-recurring expense	(27.7)	✓
Total	(39.4)	(39.4)	-

11.1.5 Compensation to the board of directors and the board of auditors

Compensation due to the members of the Company's Board of Directors and statutory auditors amounted to Euro 0.9 million and Euro 0.2 million for the three months ended 31 March 2026, respectively.

Lottomatica Group S.p.A.
Condensed consolidated interim financial statements

11.2 Significant events for the period

11.2.1 FIGC court order

For details regarding this claim, see the Annual Consolidated Financial Statements. There are no developments subsequent to the disclosures in the Annual Consolidated Financial Statements.

11.2.2 Vat reimbursement

For further details on the dispute in question, please refer to the Annual Consolidated Financial Statements. There are no developments subsequent to the disclosures in the Annual Consolidated Financial Statements.

11.2.3 PWO litigation

For details regarding this litigation, please refer to the Annual Consolidated Financial Statements. There are no developments subsequent to the disclosures in the Annual Consolidated Financial Statements.

11.2.4 Other Claims

For details over other claims of the Group deemed significant and the risk where losing the case is considered possible, see the Annual Consolidated Financial Statements. Subsequent developments are described below.

Gaming franchise

Gari – Giomatic

The payment orders were challenged by the counterparties. Gamenet S.p.A. will enter an appearance in the opposition proceedings within the deadline for filing its notice of appearance and statement of defense, which expires on 29 May 2026.

11.2.5 Legislative and regulatory provisions introduced in 2026

Reference is made to the Annual Consolidated Financial Statements for details regarding regulatory provisions introduced by the government and the ADM in 2025. Subsequent developments and provisions introduced during 2026 are as follows.

Lottomatica Group S.p.A.
Condensed consolidated interim financial statements

GAD segment

Starting from the effective date of the concession agreement (13 November 2025), concessionaires are required to pay to ADM an annual concession fee equal to 3% of the concessionaire's net margin, calculated as the difference between the amount of bets and the amount of winnings paid, related taxes and gaming duties, or, for concession-based games not subject to a gaming duties calculated on the difference between bets and winnings paid out, equal to 3% of the remuneration due to the concessionaire.

The annual concession fee will be paid in two equal semi-annual instalments, by 16 January and 16 July of each year. The net margin taken into account for the calculation of the concession fee was that achieved by the concessionaire in the previous year.

For the year in which the agreement is executed, when the agreement is signed in the second half of the year, an amount equal to 3% of the remuneration achieved during that period shall be paid no later than 16 January of the following year. This amount will be calculated in accordance with the criteria mentioned above.

With reference to the concessionaires GBO Italy S.p.A., Betflag S.p.A., PWO S.p.A. and Totosi S.r.l., the required payments were made by 16 January 2026.

11.2.6 ESG rating

On 6 October 2025, Lottomatica Group S.p.A. received an ESG rating of 12.5 out of 100 from Morningstar Sustainalytics, corresponding to a low risk of experiencing material financial impacts from ESG factors. This rating placed the Company among the top-ranked companies globally out of approximately 70 companies assessed in the "Casinos and Gaming" industry segment and among approximately 450 companies assessed in the "Consumer Services" sector. In addition, in February 2026, the Company was recognized by Morningstar Sustainalytics as an Industry ESG Leader 2026.

In January 2026, the Group renewed its certification and received the "Top Employer Italy 2026" award, obtaining this recognition for the third consecutive year, and also renewed its participation in the UNGC for the fifth consecutive year. In addition, the Group joined CDP (Carbon Disclosure Project), an international non-profit organization that serves as a reference for evaluating the environmental strategies of listed companies, providing detailed disclosure on its sustainability initiatives and receiving a B rating. In March 2025, the Group obtained the renewal of its ISO 27701 certification for its privacy and data security management system, and in September 2025 obtained ISO 14064 certification for the Group's Carbon Footprint which, together with the renewal of ISO 14001:2015 in November 2025, confirming an environmental management system undergoing continuous improvement.

On 15 September 2025, the Company also announced that it had obtained the highest score of "AAA" in the MSCI ESG Ratings assessment, placing it in the "Leader" category. MSCI ESG Research provides ESG ratings for global public companies and certain private companies on a scale from "AAA" ("Leader") to "CCC" ("Laggard"), based on exposure to industry-specific ESG risks and the ability to manage those risks relative to peers.

Regarding its ESG objectives for 2026, the Group identified 99 initiatives, of which (i) 3% had been completed, (ii) 70% had been initiated, and (iii) 27% had not yet been started.

Lottomatica Group S.p.A.
Condensed consolidated interim financial statements

11.2.7 Acquisition of 60% of Center Game S.r.l.

11.2.8 Reorganization of the Group

As part of the internal reorganization of the Group, the Company initiated the transfer of its technology division to its subsidiary Totosi Servizi S.r.l., through the subscription of a capital increase to be paid in kind by contributing the business unit. In connection with the transaction, the subsidiary is renamed "Lottomatica Technology & Operations S.r.l.".

11.2.9 Termination of PWO's Serbian branch

On 3 March 2026, the Board of Directors of PWO S.p.A. approved the termination of operations of the branch located in Serbia, together with the related activities that are useful, connected and/or necessary for the completion of this transaction.

11.2.10 Increase in ownership interest in Giocaonline S.r.l.

On 30 March 2026, GBO Italy S.p.A. completed the acquisition of an additional 5% of the share capital of its subsidiary Giocaonline S.r.l. from minority shareholders for Euro 1.9 million.

11.3 Significant events occurring after the reporting period

11.3.1 Share buyback programme

On 20 April 2026, the Shareholders' Meeting cancelled the authorization to implement the share buyback programme granted on 30 April 2025 and authorized the implementation of a new share buyback programme for a maximum number of shares not exceeding, in aggregate, 12.5% of the total number of the Company's outstanding shares over the following 18 months.

11.3.2 New Stock Option Plan for 2026-2028

On 20 April 2026, the Shareholders' Meeting of Lottomatica approved a new stock option plan providing for the grant of option rights for a single three-year incentive cycle. It entitles certain members of management, to be identified from time to time by Lottomatica's Board of Directors, to subscribe for the

Lottomatica Group S.p.A.
Condensed consolidated interim financial statements

Company's ordinary shares (the "SOP"). The SOP is expected to be implemented by Lottomatica's Board of Directors, subject to the opinion of the Board of Statutory Auditors on matters within its remit.

11.3.3 Senior secured notes issuance

On 21 April 2026, the Company completed the pricing of a new Euro 765 million senior secured notes due 2032 at a fixed rate of 4.625% (the "Offering"). The proceeds from the Offering will be used to (i) fully repay the Euro 400 million senior secured floating-rate note due 2031, together with accrued and unpaid interest; (ii) support general corporate purposes, which may include the announced share buyback or potential future bolt-on acquisitions; and (iii) pay certain fees and expenses incurred in connection with the Offering. The Offering is expected to close on 7 May 2026, subject to the satisfaction of customary closing conditions.

Rome, 5 May 2026

Chief Executive Officer

Guglielmo Angelozzi

Certification pursuant to Article 154-bis Paragraph 2, of Legislative Decree 58/98

The undersigned Laurence Van Lancker, executive officer responsible for the preparation of Lottomatica Group's Financial Statements, hereby certify that, pursuant to Article 154-bis Paragraph 2 of the Italian Legislative Decree 58 of 24 February 1998, the Condensed Consolidated Interim Financial Statements as of 31 March 2026 corresponds with that contained in the accounting documentation, books and ledger entries.

Rome, 5 May 2026

Executive Officer responsible for
the preparation of corporate accounting information

Laurence Van Lancker

Lottomatica Group S.p.A.

Condensed consolidated interim financial statements

Annex A

The following table provides details of the companies included in the scope of consolidation for the relevant periods.

	Registered office	Share capital	% direct ownership	Owned by	% ownership at Group level	Consolidation method	As of 31 March	As of 31 December
							2026	2025
PARENT COMPANY:
Lottomatica Group S.p.A.	Rome	€10,000,000	-	-	-	-	X	X
SUBSIDIARIES:
Gamenet S.p.A.	Rome	€8,500,000	100.0%	Lottomatica Gaming S.p.A.	96.5%	Line-by-line	X	X
Billions Italia S.r.l. (3)	Rome	€200,000	100.0%	Lottomatica Gaming S.p.A.	96.5%	Line-by-line	X	X
Gnetwork S.r.l. (3)	Rome	€66,667	75.0%	Lottomatica Gaming S.p.A.	72.4%	Line-by-line	X	X
GBO Italy S.p.A.	Rome	€860,000	100.0%	GBO S.p.A.	100.0%	Line-by-line	X	X
Jolly Group S.r.l. (3)	Rome	€19,683	64.7%	Lottomatica Gaming S.p.A.	62.4%	Line-by-line	X	X
Agesoft S.r.l.	Rome	€100,000	60.0%	Gamenet S.p.A.	57.9%	Line-by-line	X	X
Lottomatica Videolot Rete S.p.A.	Rome	€3,413,984	100.0%	Lottomatica Gaming S.p.A.	96.5%	Line-by-line	X	X
Big Easy S.r.l. (3)	Rome	€2,474,219	100.0%	Lottomatica Gaming S.p.A.	96.5%	Line-by-line	X	X
Lottomatica Gaming S.p.A. (formerly GGM S.p.A.) (2)	Rome	€27,238,695	96.5%	Lottomatica Group S.p.A.	96.5%	Line-by-line	X	X
GBO S.p.A.	Rome	€300,000	100.0%	Lottomatica Group S.p.A.	100.0%	Line-by-line	X	X
Gioconline S.r.l. (8)	Milan	€10,000	65.0%	GBO Italy S.p.A.	65.0%	Line-by-line	X	X
Area S.r.l.	Rome	€10,000	80.0%	Gamenet S.p.A.	77.2%	Line-by-line	X	X
Marim S.r.l.	Rome	€583,640	85.7%	Lottomatica Gaming S.p.A.	82.7%	Line-by-line	X	X
Tecno-Mar S.r.l.	Moncalieri (TO)	€1,000	70.0%	Marim S.r.l.	57.9%	Line-by-line	X	X
Big Easy Bingo S.r.l.	Rome	€10,400	100.0%	Big Easy S.r.l.	96.5%	Line-by-line	X	X
Betflag S.p.A.	Rome	€1,500,000	100.0%	GBO S.p.A.	100.0%	Line-by-line	X	X
Ricreativo B S.p.A.	Rome	€10,000,000	100.0%	Lottomatica Gaming S.p.A.	96.5%	Line-by-line	X	X
PIYO S.p.A.	Rome	€10,000,000	100.0%	GBO S.p.A.	100.0%	Line-by-line	X	X
Planet Entertainment S.r.l.	Rome	€10,000	100.0%	PIYO S.p.A.	100.0%	Line-by-line	X	X
Lottomatica Technology & Operations S.r.l. (formerly Totosi Servizi S.r.l.) (1)	Rome	€200,000	100.0%	Lottomatica Group S.p.A.	100.0%	Line-by-line	X	X
Totosi S.r.l.	Rome	€10,000	100.0%	GBO S.p.A.	100.0%	Line-by-line	X	X
Rete Gioco Italia S.r.l. (3)	Rome	€3,759,060	60.0%	Lottomatica Gaming S.p.A.	57.9%	Line-by-line	X	X
IMA S.r.l.	Rome	€101,000	100.0%	Marim S.r.l.	82.7%	Line-by-line	X	X
Distante S.r.l. (3)	Francavilla Fontana (BR)	€52,000	65.0%	Lottomatica Gaming S.p.A.	62.7%	Line-by-line	X	X
Lottomatica Servizi S.r.l. (formerly Lottomatica Payments S.r.l.)	Rome	€10,000	100.0%	GBO S.p.A.	100.0%	Line-by-line	X	X
Center Game S.r.l. (4)	Sant'Angelo in Vado (PU)	€57,000	60.0%	Ricreativo B S.p.A.	57.9%	Line-by-line	X	-
EQUITY ACCOUNTED INVESTMENTS:
Cristaltec S.p.A.	Rome	€1,687,500	60.0%	Lottomatica Gaming S.p.A.	57.9%	Equity	X	X
Luduscristaltec L.d.A.	Porto (PT)	€20,000	51.0%	Cristaltec S.p.A.	29.5%	Equity	X	X
Bakoo S.p.A. (2)	Rome	€120,000	51.0%	Cristaltec S.p.A.	29.5%	Equity	X	X
Huge Easy Nerviano S.p.A.	Salò (BS)	€50,000	49.0%	Big Easy S.r.l.	47.3%	Equity	X	X
Huge Easy San Giuliano S.p.A.	Salò (BS)	€50,000	49.0%	Big Easy S.r.l.	47.3%	Equity	X	X
Huge Easy Terri S.p.A.	Salò (BS)	€50,000	49.0%	Big Easy S.r.l.	47.3%	Equity	X	X
Huge Easy Blu S.p.A.	Salò (BS)	€50,000	49.0%	Big Easy S.r.l.	47.3%	Equity	X	X
Huge Easy Giallo S.p.A.	Salò (BS)	€50,000	49.0%	Big Easy S.r.l.	47.3%	Equity	X	X
Huge Easy Nero S.p.A.	Salò (BS)	€50,000	49.0%	Big Easy S.r.l.	47.3%	Equity	X	X
Huge Easy Rosso S.p.A.	Salò (BS)	€50,000	49.0%	Big Easy S.r.l.	47.3%	Equity	X	X
Huge Easy Verde S.p.A.	Salò (BS)	€50,000	49.0%	Big Easy S.r.l.	47.3%	Equity	X	X
Sportbet S.r.l.	Rome	€10,000	20.0%	GBO S.p.A.	20.0%	Equity	X	X

On 26 January 2026 the company was renamed "Lottomatica Technology & Operations S.r.l.".
On 16 January 2026 the company was renamed "Lottomatica Gaming S.p.A.".
On 7 October 2025, with effect from 1 January 2026, the partial demerger of the equity interests held by Lottomatica Videolot Rete S.p.A. in Rete Gioco Italia S.r.l., Cristaltec S.p.A., Distante S.r.l., and Big Easy S.r.l., and the partial demerger of the equity interests held by Gamenet S.p.A. in Billions Italia S.r.l., Jolly Group S.r.l., and Gnetwork S.r.l., in favor of Lottomatica Gaming S.p.A., was completed.
On 12 December 2025, with effect from 1 January 2026, Ricreativo B S.p.A. finalized the acquisition of 60% of the share capital of Center Game S.r.l.
On 19 December 2025, with effect from 1 January 2026, Marim S.r.l. disposed of its entire equity interest in Bakoo S.p.A. to Cristaltec S.p.A. for 51%, with the remaining interest transferred to two private investors. Strating from this date, the company was deconsolidated from the Group.
On 30 March 2026, GBO Italy S.p.A. finalized the acquisition of an additional 5% of equity interest of Gioconline S.r.l.

AI assistant

Lottomatica Group — Interim / Quarterly Report 2026

9957_rns_2026-05-07_df5f9e8b-1c28-4094-9cc3-fd7e7bc05b58.pdf

Contents

Corporate bodies and external auditor

Interim management report

1. Corporate information

2. Overview

2.1 Online

2.2 Sports Franchise

2.3 Gaming Franchise

Amusement With Prize machines (AWPs)

Video Lottery Terminals (VLTs)

Management of owned gaming halls and AWPs (Retail and Street Operations)

3. Alternative performance measures

Disclaimer

4. Macroeconomic context

5. Key events occurring during the period

6. Evolution of gaming taxes and regulation

7. Group's economic performance

7.1 Revenues

Online

Sports Franchise

Gaming Franchise

AWP

VLT

Retail and Street Operations

7.2 Cost of services

7.3 Personnel expenses

7.4 Other operating costs

7.5 Depreciation, amortization and impairments

7.6 Accruals and impairments

7.7 Net finance expenses

7.8 Income tax expense

8. Group economic performance - Adjusted EBITDA, Adjusted EBIT and Adjusted Net Profit

9. Group economic performance – By operating segment

Adjusted EBITDA

Online

Sports Franchise

Gaming Franchise

10. Cash flows

10.1 Cash flow from operating activities

10.2 Cash flow used in investing activities

10.3 Cash flow used in financing activities

11. Group financial position

11.1 Net financial indebtedness – ESMA

11.2 Net Financial Debt

12. Other information

12.1 Intragroup and related party transactions

12.2 Parent company's own shares held by it or its subsidiaries

12.3 Foreseeable operating performance

13. Significant events occurring after the reporting period

Exception from the obligation to publish informative documents.

Consolidated statement of comprehensive income

Consolidated statement of financial position

Consolidated statement of cash flows

Consolidated statement of changes in equity

Explanatory notes to the condensed consolidated interim financial statements as of and for the three months ended 31 March 2026

1. General information

1.1 Introduction

2. Basis of preparation and accounting policies

2.1 Basis of preparation

2.2 Scope and principles of consolidation

2.3 Use of accounting estimates

2.4 Recently issued accounting standards

2.4.1 Accounting standards, amendments effective from 1 January 2026

2.4.2 Accounting standards, amendments and interpretations not yet endorsed by the EU

2.4.3 Accounting standards endorsed by the EU, but not yet applicable

3. Management of financial risks

4. Seasonality or cyclical aspect of interim transactions

5. Financial assets and liabilities by category

6. Operating segments

7. Business combinations and acquisition of businesses

7.1 Acquisition of Center Game S.r.l.

7.2 Acquisition of businesses

8. Notes to the consolidated statement of comprehensive income

8.1 Revenues

8.2 Other income

8.3 Cost of services

8.4 Personnel expenses

Lottomatica Group Interim / Quarterly Report 2026