Lottomatica Q1 2026 EBITDA surges 22%, shares jump 6%
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Guglielmo Angelozzi, Chairman and Chief Executive Officer of Lottomatica Group, commented: “In the first quarter of 2026 we continued to see strong momentum of our addressable markets, supporting a double-digit growth YoY in Adj. EBITDA of +22%, on a normalised basis. PWO continues to perform well having fully recovered its market share in total Sports compared to pre-migration levels, and with a good progression in iGaming. We also successfully carried out the refinancing of our FRNs due 2031, lowering our average pre-tax cost of debt to 4.9%.
With a positive outlook for FY 2026, we expect to close the FY 2026 Adj. EBITDA at the top end of the guidance and to return up to Euro 1 billion to shareholders in 2026 and 2027, starting this week with the launch of the newly approved buyback programme.
Finally, we thank all our shareholders for their continued support.”
LOTTOMATICA GROUP S.P.A.
STRONG PERFORMANCE IN Q1 WITH ADJUSTED EBITDA1 GROWTH OF +22% YOY ON A NORMALISED BASIS2. CONTINUED STRONG MOMENTUM IN THE MARKET WITH IGAMING AND TOTAL SPORTS BETS BOTH AT +15% YOY.
ADJUSTED EBITDA FY 2026 EXPECTED AT THE TOP END OF THE GUIDANCE2 RANGE.
Rome (Italy), 6 May 2026 – The Board of Directors of Lottomatica Group S.p.A., which met on 5th May 2026, approved the Condensed Consolidated Interim Financial Statements as of and for the three months ended 31 March 2026.
Q1 2026 consolidated results summary
● Bets of Euro 12 billion, +11% compared to Q1 2025
o Online bets growth YoY of +15%
● GGR3 of Euro 1,246 million, +2% compared to Q1 2025
o Total Online market share: at 31.8%4 in Q1 (+1.4 p.p. versus Q1 2025)
o iSports market share: at 32.5%4 in Q1 (+0.7 p.p. versus Q1 2025)
o iGaming market share: at 32.2%4 in Q1 (+1.9 p.p. versus Q1 2025)
● Revenues of Euro 602 million5, +3% compared to Q1 2025, +10% at normalised payout2
o Online revenues of Euro 265 million, +10% compared to Q1 2025, +17% at normalised payout2
o Sports Franchise revenues of Euro 142 million, -5% compared to Q1 2025, +11% at normalised payout2
o Gaming Franchise revenues of Euro 195 million5, flat compared to Q1 2025
● Adjusted EBITDA of Euro 236 million, +7% compared to Q1 2025, Euro 253 million and +22% at normalised payout2
● Operating cash flow6 of Euro 196 million
● Adjusted Net Profit7 of Euro 106 million, +12% compared to Q1 2025
● Net financial debt at Euro 2,051 million equivalent to 2.3x on LTM run rate Adjusted EBITDA8
● PWO market shares evolution:
o Good progression in iGaming market share at 5.5% in Q1 (+0.5 p.p. since the trough in August 2025, at 5.0%). Half of the market share lost during the migration has been recovered
o Total Sports (online and franchise) recovered to pre-migration levels at 9.0%
1 Adjusted EBITDA is calculated as net profit for the period adjusted for: (i) income tax expense; (ii) finance income and expenses; (iii) share of profit/(loss) of equity accounted investments; (iv) depreciation, amortization and impairments; (v) Adjusted EBITDA (as defined herein) of equity accounted investments in which the Group holds an interest of more than 50% or financial instruments that, if exercised, enable the Group to obtain control (excluding companies that have not yet commenced operations), and/or of businesses disposed of or in the process of disposal;
(vi) costs related to M&A, advisory and international activities; (vii) integration costs (including expenses on corporate restructuring, redundancy and higher costs incurred in relation to renegotiated operating contracts); (viii) other income and expenses that, in view of their nature, are not reasonably expected to recur in future periods. This applies to the entire document.
2 Calculated assuming a normalised sports betting payout of 80.5% for retail and 85.5% for online.
3 Market shares are based on GGR. GGR (or gross gaming revenues) refers to the difference between bet and winnings. This applies to the entire document.
4 Includes Sportbet and Bgame.
5 Includes Cristaltec group revenues of Euro 2.3 million in Q1 2026, consistent with the approach adopted by management to monitor the results of the operating segments (Euro 1.2 million in Q1 2025).
6 Operating cash flow is calculated as Adjusted EBITDA net of recurring capex and concession capex.
7 Adjusted Net Profit is calculated as net profit for the period adjusted for: (i) amortization of higher value of assets resulting from business combinations following the purchase price allocation process and other non-recurring amortization and depreciation; (ii) other non-recurring costs and income excluded from Adjusted EBITDA, (iii) financial income and expenses that, due to their nature, are not reasonably expected to recur in future periods, (iv) other non-monetary items including in financial expenses and (v) tax effects on such adjustments.
8 LTM run rate Adjusted EBITDA is calculated as Adjusted EBITDA for the last twelve months ended 31 March 2026, proforma bolt-ons and the PWO run rate synergies.
· Successfully priced SSN due 2032 for Euro 765 million in April: the proceeds will be used to fund the redemption of Euro 400 million Floating Rate Senior Secured Notes due 2031 (with run rate interest savings of approximately Euro 5.5 million per annum) and for general corporate purposes, which may include buyback or potential future bolt-on acquisitions. Closing expected on 7 May 2026. Cost of debt now at 4.9% (from 5.3%)
· Dividend payment confirmed: Euro 0.44 per share, amounting to a total dividend payment of c. Euro 111 million9
· AGM in April authorized to buyback an additional 12.5% of the share capital: up to Euro 1 billion may be returned to shareholders in 2026 and 2027, including dividends10
● Guidance2 for fiscal year 2026 confirmed: Adjusted EBITDA expected at the top end of the range.
Guglielmo Angelozzi, Chairman and Chief Executive Officer of Lottomatica Group, commented: “In the first quarter of 2026 we continued to see strong momentum of our addressable markets, supporting a double-digit growth YoY in Adj. EBITDA of +22%, on a normalised basis. PWO continues to perform well having fully recovered its market share in total Sports compared to pre-migration levels, and with a good progression in iGaming. We also successfully carried out the refinancing of our FRNs due 2031, lowering our average pre-tax cost of debt to 4.9%.
With a positive outlook for FY 2026, we expect to close the FY 2026 Adj. EBITDA at the top end of the guidance and to return up to Euro 1 billion to shareholders in 2026 and 2027, starting this week with the launch of the newly approved buyback programme.
Finally, we thank all our shareholders for their continued support.”