Lottomatica Group (LTMC) Q4 2025 earnings summary

Executive summary

• EBITDA grew 21% year-over-year, with adjusted net profit up 45%, driven by strong organic growth and successful PWO integration.

• EUR 375 million was returned to shareholders in 2025 via dividends and buybacks, reflecting robust cash flow.

• PWO integration completed, delivering EUR 87–90 million in synergies (+34% vs. initial targets), with full run-rate expected in 2026.

• Over 50% of debt refinanced, reducing cost of debt to 5.3%, and company entered FTSE MIB index.

• Online market share increased by 1.2 percentage points in 2025, reaching 31% in Q4, with gains from smaller operators.

Financial highlights

• Revenues rose 12% year-over-year to EUR 2,255 million; EBITDA reached EUR 856 million with a 38% margin, up from 35% in 2024.

• Adjusted net profit increased to EUR 369 million (+45% YoY), with adjusted net profit per share at EUR 1.6.

• Operating cash flow grew 18% to EUR 657 million; recurring and concession capex totaled EUR 199 million.

• Net financial debt at year-end was EUR 2,105 million, with net leverage at 2.4x.

• FY 2025 bets collected: EUR 44.7 billion, up 14% year-over-year.

Outlook and guidance

• FY 2026 revenue guidance: EUR 2,390–2,460 million; EBITDA: EUR 940–980 million.

• Recurring CapEx expected at EUR 85–90 million; concession CapEx at EUR 78 million.

• Dividend proposal of EUR 0.44 per share (EUR 111 million), with a new buyback authorization for up to 12.5% of share capital (~EUR 700 million over 18 months).

• Online growth expected in the mid to high teens for 2026; iGaming segment grew 19% in early 2026.

• Capital allocation policy targets 30% payout of adjusted net profit and net leverage of 2.0–2.5x.