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Lottomatica Group
Lottomatica Group (LTMC) investor relations material
Lottomatica Group Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary3 Mar, 2026
Executive summary
EBITDA grew 21% year-over-year, with adjusted net profit up 45%, driven by organic growth, optimization, and successful PWO integration, which achieved €87–90 million in synergies, 34% above initial targets.
€375 million returned to shareholders in 2025 via €75 million in dividends and €300 million in buybacks, reflecting strong cash flow and balance sheet capacity.
Over 50% of debt refinanced, reducing cost of debt to 5.3% and saving €24 million annually in interest.
Market share gains of 1.2 points in 2025, with online market share at 31% and Sports Retail above 40%.
Company entered FTSE MIB index, increasing stock liquidity; board independence rose to 73% after Apollo's exit.
Financial highlights
Revenues rose 12% year-over-year to €2,255.3 million; adjusted EBITDA reached €856.2 million (+21%), with margin improving to 38.0% from 35.3% in 2024.
Adjusted net profit increased to €369 million (+45% YoY), with adjusted net profit per share at €1.6.
Operating cash flow grew 18% to €657.1 million; recurring and concession capex totaled €199 million.
Net financial debt at year-end was €2,105.2 million, with net leverage at 2.4x.
FY 2025 bets collected: €44.7 billion, up 14% year-over-year.
Outlook and guidance
FY 2026 guidance: revenues €2,390–2,460 million, adjusted EBITDA €940–980 million.
Recurring capex expected at €85–90 million; concession capex at €78 million.
Dividend proposal of €0.44 per share (~€111 million), with authorization sought for up to 12.5% share buyback (~€700 million over 18 months).
Capital allocation policy targets 30% payout of adjusted net profit and net leverage of 2.0–2.5x.
Online expected to remain the main growth engine, with iGaming growth in the mid-to-high teens.
What is the PWO synergy contribution to 2026 EBITDA?
How will the new buyback authorization impact M&A?
What are the strategic benefits of 9-year concessions?
Impact of online concession technical testing on market share
M&A pipeline and valuation levels for bolt-ons
Key drivers for online segment's mid-to-high teens growth
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Next Lottomatica Group earnings date
Q1 20266 May, 2026
Lottomatica Group
Next Lottomatica Group earnings date
Q1 20266 May, 2026
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Frequently asked questions
Lottomatica Group S.p.A., formerly known as Gamma Midco SpA, is an Italian holding company engaged in the betting and lottery industry. The company operates through three main segments: Sports Betting and Online Gaming (Online), Sports Betting and Gaming through the Retail Network (Sports Franchise), and Gaming Franchise. The Gaming Franchise segment is involved in the direct management of gaming centers and concessionary activities for Video Lottery Terminals (VLTs) and Amusement With Prizes (AWPs). The Sports Franchise segment offers a broad range of retail betting options, including sports betting, virtual betting, and horse race betting. The Online segment encompasses iSports (online sports, virtual, and horse race betting), iGaming (online casino), and other online products such as bingo, poker, skill games, and betting exchange. The company is headquartered in Rome, Italy, and its shares are listed on Euronext Milan.
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