Lottomatica Group (LTMC) Q2 2026 earnings summary

Executive summary

• EBITDA increased 14% reported and 17% normalized in Q2, with a 10% reported rise for H1 and 20% normalized, recovering from Q1 payout issues.

• Online segment margins reached 58.3% in Q2 2026, with overall margins at 39.7%.

• Consistent quarterly Adjusted EBITDA growth for the past 10 years, except during COVID restrictions.

• Market share gains continued in iSports, iGaming, and overall online, supported by both organic growth and M&A, with disciplined commercial strategies and bonus optimization.

• Adjusted EBITDA guidance for FY 2026 confirmed at the top end of the range, reflecting consistent growth across all key financial and business metrics.

Financial highlights

• H1 2026 revenues reached €1,181 million, up 5% year-over-year; normalized payout revenues up 9%.

• Adjusted EBITDA was €465.3 million (+10% YoY), with margin rising to 39.4% from 37.4%.

• Net profit for H1 2026 was €116 million, up from €68 million in H1 2025.

• Operating cash flow increased 12% year-over-year to €385.5 million.

• Free cash flow to equity reached €217 million, up 20% year-over-year.

Outlook and guidance

• FY 2026 Adjusted EBITDA expected at the top end of the guidance range, supported by robust online growth and margin expansion.

• Management expects continued market growth and further market share gains, supported by ongoing cost efficiencies.

• Returns are compounding in excess of 30% per year, with enhanced distributions to shareholders.

• No further cost efficiencies or synergies assumed for H2 beyond those already realized.

• Online EBITDA margin expected to remain above mid-50s, with some quarter-to-quarter volatility.