Lottomatica Group (LTMC) Q3 2024 earnings summary

Executive summary

• Achieved strong Q3 2024 growth, with Adjusted EBITDA up 30% year-over-year to €166 million and online market share at an all-time high of 30%, with sports franchise share at 42%.

• Revenues for the first nine months reached €1,417.4 million, up 19% year-over-year, driven by robust online segment expansion and SKS365 acquisition.

• SKS365 integration progressing rapidly, with synergy targets increased to €75 million and about 50% already secured.

• Full-year 2024 guidance confirmed: revenues expected at €2,030–2,080 million and Adjusted EBITDA at €700–730 million.

• Net profit for the period was €57.0 million, down from €67.3 million in the prior year, mainly due to higher finance expenses and non-recurring costs.

Financial highlights

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

• 9M 2024 revenues were €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%).

• 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 reaffirmed: revenues €2,030–2,080 million, Adjusted EBITDA €700–730 million, assuming normalized sports betting payout.

• Incremental run-rate effect from SKS365 synergies and bolt-on acquisitions expected to add €90 million.

• Q4 expected to benefit from SKS365 contribution, normalized payout, and bolt-on growth.