Lottomatica Group (LTMC) Q2 2025 earnings summary

Executive summary

• Achieved strong double-digit revenue and adjusted EBITDA growth in H1 2025, with revenues up 21% to €1,129m and adjusted EBITDA up 33% to €422.4m, driven by online and sports franchise performance and full PWO integration.

• Online market share reached 30.7% in June 2025, with significant outperformance versus the market and gains for historical brands.

• Completed PWO platform migration, resulting in higher customer retention, satisfaction, and 85% of targeted synergies secured for 2026.

• Buyback program initiated, acquiring 0.53% of share capital by late June 2025.

• Full-year 2025 guidance confirmed, supported by strong H1 results and market tailwinds.

Financial highlights

• H1 2025 revenues rose 21% year-over-year to €1,129m; adjusted EBITDA up 33% to €422.4m, with margin at 37.4%.

• H1 2025 GGR increased 13% to €2,360m; bets grew 21% to €21,796m.

• Adjusted net profit for H1 2025 was €179.3m, up from €105m in H1 2024.

• Operating cash flow for H1 2025 reached €344m, up from €228m in H1 2024.

• Net financial debt as of June 30, 2025, was €1,809m; leverage ratio at 2.1x.

Outlook and guidance

• FY 2025 guidance reaffirmed, with expectations of continued double-digit growth in revenues and adjusted EBITDA.

• Additional bolt-on acquisitions planned for 2025, with run-rate impact expected in 2026.

• New online concessions to start in November 2025, with potential for further market share gains.

• Targeted synergies from PWO integration remain at €87m by 2026.

• Online margins expected to be slightly lower in H2 due to normalization of payout and timing of costs, but medium-term trend remains positive.