Lottomatica Group (LTMC) Q4 2024 earnings summary

Executive summary

• Achieved record FY2024 revenues exceeding €2 billion, up 24% year-over-year, and adjusted EBITDA of €739 million (normalized), both above guidance.

• Online segment was the primary growth driver, with online market share reaching 30.9% in Q4 and strong momentum into early 2025.

• Omnichannel strategy and market share gains fueled performance, supported by successful integration of PWO (SKS), with synergies exceeding initial targets.

• Board proposed a €0.30 per share dividend and sought authorization for up to 10% share buyback over 18 months.

• Strong start to 2025, with online and sports franchise GGR up 72% and 79% year-over-year in early months.

Financial highlights

• FY2024 revenues reached €2,005 million (+23% YoY); online revenues grew 50% to €780 million, sports franchise revenues up 25% to €461 million, and gaming franchise revenues up 3% to €764 million.

• Adjusted EBITDA was €707 million (+22% YoY), with a margin of 35.3%; online EBITDA surpassed €400 million (+39% YoY, margin 53.6%).

• Net profit for the period was €103.8 million; adjusted net profit €254 million.

• Operating cash flow improved to €557 million in 2024.

• Net financial debt at year-end was €1,873 million, with leverage at 2.4x run-rate adjusted EBITDA.

Outlook and guidance

• FY2025 guidance: revenues €2,320–2,370 million; adjusted EBITDA €840–870 million.

• Recurring CapEx expected at ~€85 million; concession CapEx includes €22 million and €4 million in one-off payments.

• Dividend proposal of €0.30 per share (€75 million total), in line with policy of 30% of adjusted net profit.

• Authorization sought for share buyback up to 10% of share capital over 18 months.