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Lottomatica Group (LTMC) investor relations material
Lottomatica Group Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary4 Nov, 2025
Executive summary
Achieved robust financial and competitive performance in Q3 and 9M 2025, with adjusted EBITDA up 18% in Q3 to €195M and 28% for the nine months to €617.3M, and record online market share reaching 32.0% in September 2025.
Completed PWO integration ahead of plan, with two-thirds of expected synergies to be realized in 2025 and PWO brand market share rebounding to 6.0% in September.
Product and tech innovation accelerated, with a significant increase in exclusive and bespoke content, focus on omnichannel experience, and enhanced customer engagement.
Disciplined capital allocation remains a priority, with excess cash directed to share buybacks, dividends, and selective M&A, emphasizing value creation and shareholder returns.
Board of Directors and Statutory Auditors confirmed majority independence following Apollo's exit as controlling shareholder.
Financial highlights
Nine-month 2025 revenues reached €1,640.1M, up 16% year-over-year; adjusted EBITDA at €617.3M, up 28%, with margin improving to 37.6%.
Q3 2025 revenues were €511.3M, with adjusted EBITDA of €194.9M, reflecting 18% growth year-over-year.
Group bets totaled €32.5B for 9M 2025, up 17% year-over-year; GGR up 10% to €3,454M.
Net profit for 9M 2025 was €98.3M, up from €50.6M in 9M 2024.
Operating cash flow for 9M 2025 was €504M, up from €353M in 9M 2024.
Outlook and guidance
FY 2025 guidance: revenues of approximately €2,270M and adjusted EBITDA of approximately €860M, assuming normalized Q4 payout.
New online concession to start on 13 November 2025, with redistribution and market share gains anticipated to accelerate in 2026.
Online margins expected to normalize at mid-50% range, with Q3 margin above trend due to timing of synergies.
Free cash flow profile expected to improve further in 2026, with fewer non-recurring items and lower financing costs.
Further improvement expected from PWO integration, product innovation, and favorable online regulatory environment.
Quantify PWO synergy realization
What drives Online market share growth?
Future capital allocation strategy?
PWO's long-term margin contribution
New concessions: impact on profitability
International M&A: replatforming strategy
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Next Lottomatica Group earnings date
Q4 20253 Mar, 2026
Next Lottomatica Group earnings date
Q4 20253 Mar, 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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