Lottomatica Group (LTMC) Q4 2025 earnings summary

Executive summary

• EBITDA grew 21% year-over-year, with adjusted net profit up 45%, driven by organic growth, optimization, and successful PWO integration, which achieved €87–90 million in synergies, 34% above initial targets.

• €375 million returned to shareholders in 2025 via dividends and buybacks, reflecting strong cash flow and balance sheet capacity.

• Over 50% of debt refinanced, reducing cost of debt to 5.3% and saving €24 million annually.

• Market share gains of 1.2 points in 2025, with online market share at 31% and sports retail above 40%.

• Liquidity now exceeds €50 million per day, 15x higher than at IPO.

Financial highlights

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

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

• Operating cash flow grew 18% to €657 million despite higher concession CapEx.

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

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

Outlook and guidance

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

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

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

• Online expected to remain the main growth engine, with iGaming growth in the mid to high teens.

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