Lottomatica Group (LTMC) Q3 2024 earnings summary

Executive summary

• Q3 2024 Adjusted EBITDA rose 30% year-over-year to €165.8 million, with normalized EBITDA at €179 million, and online market share reached an all-time high of 30%; sports franchise market share was 42%.

• Achieved strong Q3 acceleration, driven by robust online market growth, successful project delivery, and SKS365 integration; guidance for FY2024 confirmed.

• SKS synergies upgraded to €75 million, with about 50% already secured; bolt-on acquisitions for the year targeted at over €20 million.

• Outperformed competition in iGaming and iSports, the largest and fastest-growing segments.

• Omnichannel and multi-brand strategy credited for consistent market share gains across brands.

Financial highlights

• 9M 2024 revenues reached €1,417.4 million, up 19% year-over-year; Q3 revenues were €485.6 million, up 30%.

• Adjusted EBITDA for 9M 2024 was €483.1 million (+13%); Q3 Adjusted EBITDA was €165.8 million (+30%).

• Total bets reached €27.8 billion in 9M 2024, up 28% year-over-year; online bets grew 48%.

• Adjusted net profit for 9M 2024 was €160.6 million; Q3 Adjusted Net Profit was €55.3 million, up €16.8 million year-over-year.

• Adjusted EBITDA margin for 9M 2024 at 34.1%.

Outlook and guidance

• Full-year 2024 guidance confirmed: revenues of €2,030–2,080 million and normalized adjusted EBITDA of €700–730 million.

• Incremental run-rate effect from SKS synergies and bolt-ons expected to add €90 million.

• Q4 expected to benefit from SKS contribution, normalized payout, and bolt-on growth.