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Lottomatica Group
Lottomatica Group (LTMC) investor relations material
Lottomatica Group Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary4 Nov, 2025
Executive summary
Achieved robust financial and competitive performance in Q3 and 9M 2025, with Adjusted EBITDA up 18% in Q3 and 28% for the nine months, and record online market share reaching 32.0% in September 2025.
PWO integration completed ahead of plan, with two-thirds of expected synergies to be realized in 2025 and PWO brand market share rebounding to 6.0% in September.
Product and tech innovation accelerated, with a significant increase in exclusive and bespoke content, focus on omnichannel experience, and enhanced customer engagement.
Disciplined capital allocation prioritized, with excess cash directed to share buybacks, dividends, and selective M&A, emphasizing value creation and shareholder returns.
Major refinancing in May 2025 included €1.1 billion in new notes and early repayment of previous notes, improving the debt profile.
Financial highlights
Nine-month 2025 revenues reached €1,640 million, up 16% year-over-year; Adjusted EBITDA at €617 million, up 28%, with margin improving to 37.6%.
Q3 2025 revenues were €511 million, with Adjusted EBITDA of €195 million, reflecting 18% growth year-over-year.
Net profit for 9M 2025 was €98.3 million, nearly doubling year-over-year.
Operating cash flow for 9M 2025 was €504 million, up from €353 million in the prior year.
Net financial debt as of 30 September 2025 was €1,856 million, with net leverage at 2.1x.
Outlook and guidance
Full-year 2025 guidance: revenues of approximately €2,270 million and Adjusted EBITDA of approximately €860 million, assuming normalized Q4 payout.
Further improvement expected from PWO integration, product innovation, and favorable regulatory environment, with new online concession starting November 2025 and market share gains anticipated in 2026.
Online margins expected to normalize at mid-50% range, with Q3 margin above trend due to timing of synergies.
Free cash flow profile expected to improve further in 2026, with fewer non-recurring items and lower financing costs.
Quantify PWO synergy realization
What drives Online market share growth?
Future capital allocation strategy?
PWO's long-term margin contribution
New concessions: impact on profitability
International M&A: replatforming strategy
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Next Lottomatica Group earnings date
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Next Lottomatica Group earnings date
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Frequently asked questions
Lottomatica Group S.p.A., formerly known as Gamma Midco SpA, is an Italian holding company engaged in the betting and lottery industry. The company operates through three main segments: Sports Betting and Online Gaming (Online), Sports Betting and Gaming through the Retail Network (Sports Franchise), and Gaming Franchise. The Gaming Franchise segment is involved in the direct management of gaming centers and concessionary activities for Video Lottery Terminals (VLTs) and Amusement With Prizes (AWPs). The Sports Franchise segment offers a broad range of retail betting options, including sports betting, virtual betting, and horse race betting. The Online segment encompasses iSports (online sports, virtual, and horse race betting), iGaming (online casino), and other online products such as bingo, poker, skill games, and betting exchange. The company is headquartered in Rome, Italy, and its shares are listed on Euronext Milan.
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