Lottomatica Group (LTMC) Q3 2026 earnings summary

Executive summary

• 9M revenue was €1,717.8m, up 5% reported and 10% at normalized payout; Adjusted EBITDA was €665.5m, up 8% reported and 19% normalized.

• Q3 reported revenue grew 5% and Adjusted EBITDA 3%; normalized growth was 12% and 17%, respectively, despite unfavorable sports payouts.

• Online and Sports Franchise share gains supported growth; Gaming Franchise remained lower YoY.

• FY 2026 normalized Adjusted EBITDA guidance was confirmed at the top end of the range, with expectations in the upper half of the high end.

Financial highlights

• 9M bets rose 8% to €35,204m; GGR increased 2% to €3,516m and revenue rose 5% to €1,717.8m.

• 9M statutory net profit was €155.3m versus €98.3m; Adjusted Net Profit was €262.6m versus €257.4m.

• 9M operating cash flow was €544.9m, up 8%; recurring and concession CapEx totaled €120.6m.

• Q3 reported revenue was €537m, up 5%, and Adjusted EBITDA was €200m, up 3%.

Outlook and guidance

• FY 2026 normalized Adjusted EBITDA guidance remains unchanged at the top end of the range; management cited expectations in the upper half of the high end.

• Normalized payout assumptions of 85.5% for online and 80.5% for retail remain valid on a rolling three-year basis.

• Online market growth is expected to remain double digit, with iGaming growing faster than iSports; sports demand can shift between retail and online.

• CIRSA closing is expected in Q2 2027, subject to regulatory approvals and shareholder meetings; financing is secured.