Slide 1: Lottomatica Q1 2026 Results Presentation
Lottomatica Q1 2026 Results Presentation 6Confidential May 2026 |
Slide 2: Highlights and Business Update
Highlights and Business Update Guglielmo Angelozzi, Chairman and CEO
Slide 3: Another strong quarter, notwithstanding negative sports payout
Another strong quarter, notwithstanding negative sports payout Revenues(1) (€m) Adj. EBITDA(2) (€m) Q1 YoY (%) normalised(3) Q1 YoY (%) normalised(3) Q1 YoY % Q1 YoY % +10% 623 +3% reported +22% +7% 569 reported 253 Continued 207 double-digit growth in EBITDA… Q1 2025 Q1 2026 Q1 2025 Q1 2026 Overall
Slide 4: Market backdrop, competitive performance and continuous optimization of capital structure and financing costs
Market backdrop, competitive performance and continuous optimization of capital structure and financing costs… Market ▪ Continued strong momentum in the market with iGaming and Total Sports bets both at +15% yoy Tail ▪ Tail operators have continued to lose market share progressively, particularly in
Slide 5: …support a strong outlook: expected to land at the top end of the guidance
…support a strong outlook: expected to land at the top end of the guidance in 2026 and return up to €1bn to shareholders by 2027 Guidance ▪ We expect to close FY 2026 Adjusted EBITDA at the top end of the guidance(1) ▪ Up to €1bn to shareholders in FY 2026 and FY 2027, including dividends(2) Capital
Slide 6: Market continues to show strong momentum
Market continues to show strong momentum iGaming (€m) iSports (€m) Sports Retail (€m) Market Bets growth in Q1 YoY (%) Market Bets growth in Q1 YoY (%) Market Bets growth in Q1 YoY (%) +15% +16% +13% 21,566 18,770 4,819 4,148 2,726 2,417 Q1 2025 Q1 2026 Q1 2025 Q1 2026 Q1 2025 Q1 2026 Source: ADM ma
Slide 7: Tail operators continue to lose market share, particularly in iGaming
Tail operators continue to lose market share, particularly in iGaming Tail operators Lottomatica(1) iGaming Market share evolution based on GGR (%) iGaming Market share evolution based on GGR (%) +2.7 p.p. -1.9 p.p. -4.4 p.p. 19.4% New online (1) concession 32.2% 17.4% 16.6% 29.6% 16.1% 15.5% 13.9%
Slide 8: No space for prediction markets in Italy in betting/gambling
No space for prediction markets in Italy in betting/gambling NO MARKET SPACE IN ANY CASE … SPONSORSHIPS OF ILLEGAL IN ITALY (STRONG PRODUCT / CONSUMER SPORTS CLUBS DO NOT ENHANCE (BETTING/GAMBLING) MISMATCH) LOCAL BUSINESS ▪ The point is not debated: it has been clarified by ▪ Peer-to-peer products
Slide 9: Update on PWO: good progression in iGaming market share
Update on PWO: good progression in iGaming market share… iGaming Market share evolution based on GGR (%) Half of the market share lost during the migration has been recovered 6.1% 5.7% 5.4% 5.5% 5.0% Q1 2025 Q2 2025 Aug 2025 Q4 2025 Q1 2026 Start of End of migration migration Relaunch Source: Market
Slide 10: …and Total Sports recovered to pre-migration levels
…and Total Sports recovered to pre-migration levels Total Sports(1) Market share evolution based on GGR (%) Sports recovered to pre-migration levels 9.1% 9.0% 9.0% 8.9% 8.4% Q1 Q2 Aug 2025 Q4 Q1 2025 2025 2025 2026 End of migration iSports Market share evolution based on GGR (%) 9.8% 9.6% 8.2% 8.6%
Slide 11: Lottomatica: unique combination of sustainable Growth and Returns to Shareholders
Lottomatica: unique combination of sustainable Growth and Returns to Shareholders # # of European Listed Companies(1) ▪ Strong and resilient business Size model (omnichannel, product, #382 Market Cap >€5.0bn tech, AI, etc.) o Top line growth o Costs control and scalability + o M&A and integration Gr
Slide 12: Q1 2026 Financial Highlights
Q1 2026 Financial Highlights Laurence Van Lancker, CFO and Deputy CEO
Slide 13: Group financial highlights
Group financial highlights Revenues(1) (€m) Adjusted EBITDA (€m) YoY % reported Bets (€m) 11,179 12,408 +11% Adj. EBITDA 37.6% 39.1% GGR (€m) 1,224 1,246 +2% Margin YoY % reported 586 602 +3% +7% 236 220 Q1 2025 Q1 2026 Q1 2025 Q1 2026 YoY % YoY % @norm. PO @norm. PO Q1 Revenues Q1 Adj. EBITDA 569 6
Slide 14: Financial highlights by segment
Financial highlights by segment Revenues(1) (€m) Adjusted EBITDA (€m) Online Sports Franchise Gaming Franchise YoY % YoY % Adj. EBITDA YoY % YoY % reported @norm. PO margin % reported @norm. PO 602 +3% +10% 236 39.1% +7% +22% 586 220 48 24.8% +4% +4% 196 195 +0% +0% 46 35 24.6% -23% +21% 46 142 -5%
Slide 15: Operating cash flow
Operating cash flow Capex (€m) Operating cash flow(2) (€m) Recurring Concession +6% Capex as % of revenues(1) 6% 7% 196 184 39 36 15 15 25 21 Q1 2025 Q1 2026 Q1 2025 Q1 2026 Growth/One-off 25 20 Does not include Goldbet deferred consideration (€10m) Notes: (1) Based on recurring and concession capex
Slide 16: Net financial debt and leverage evolution
Net financial debt and leverage evolution Include extraordinary items in relation to the closure of the Serbian branch 2,105 (236) 28 2,051 56 59 16 23 NFD as of Adjusted Net working Capex Financial Buyback Other NFD as of 31 Dec 2025 EBITDA capital expenses and 31 Mar 2026 leases €144m Cash €119m 2
Slide 17: Appendix
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Slide 18: Bets, GGR, Revenues, Adj. EBITDA and Margin details (Reported)
Bets, GGR, Revenues, Adj. EBITDA and Margin details (Reported) (€m) Q1 2026 Q1 2025 YoY Bets Online 8,493 7,363 +15% Sports Franchise 1,175 1,046 +12% Gaming Franchise 2,740 2,769 (1%) Total 12,408 11,179 +11% GGR Online 474 428 +11% Sports Franchise 182 192 (5%) Gaming Franchise 589 605 (3%) Total
Slide 19: Income statement (Reclassified)
Income statement (Reclassified) P&L (€m) Q1 2026 Q1 2025 FY 2025 Revenues(1) 602 585 2,255 Adjusted EBITDA 236 220 856 Adjusted EBITDA from equity accounted investments and/or of businesses (0) (1) (3) disposed of or in the process of disposal(2) D&A (exc. PPA and other non-recurring depreciation an
Slide 20: Cash flow statement (Reclassified)
Cash flow statement (Reclassified) Cash Flow (€m) Q1 2026 Q1 2025 FY 2025 Adjusted EBITDA 236 220 856 Adjusted EBITDA from equity accounted investments and/or of businesses disposed of or in the (0) (1) (3) process of disposal(1) Extraordinary monetary costs not included in Adjusted EBITDA (26) (30)
Slide 21: Net financial debt as of 31 March 2026
Net financial debt as of 31 March 2026 Net financial debt (€m) 31.03.2026 31.12.2025 Gross Financial Debt 2,171 2,249 EUR 400m FRNs due 2031 400 400 EUR 500m SSNs due 2030 500 500 EUR 1,100m SSNs due 2031 1,100 1,100 Buyback liabilities 97 173 IFRS 16 (leases) 74 76 Cash (119) (144) Net Financial De
Slide 22: Disclaimer
Disclaimer This proprietary presentation (including any accompanying oral presentation, question and answer session and any other document or materials distributed with or in connection with this presentation) (collectively, the “Presentation”) has been prepared by Lottomatica Group S.p.A. (the “Com