Lottomatica Group S.p.a. · MIL:LTMC
Lottomatica — H1 2026 Earnings Presentation
22 slides from Lottomatica's earnings presentation, Jul 28, 2026
Slide 1: Lottomatica H1 2026 Results Presentation
Lottomatica H1 2026 Results Presentation 28 Confidential July 2026 |
Slide 2: Highlights and Business Update
Highlights and Business Update Guglielmo Angelozzi, Chairman and CEO
Slide 3: Results - H1 2026: 20% growth of Adj. EBITDA; margins growing
Results - H1 2026: 1) 20% growth of Adj. Ebitda (normalised); 2) margins growing at 58% in online (39% overall) Adj. EBITDA(1)(€m) Adj. EBITDA Q2 YoY: +14% reported, YoY % YoY % Overall Online (€m) Q2 YoY: +24% reported, +17% @norm. PO reported @norm. PO(2) +25% @norm. PO +10% +20% YoY % 465 reporte
Slide 4: Drivers: strong market growth; continuous market share increase
Drivers: 1) strong market growth; 2) continuous market share increase (and cost efficiencies) Overall Online iSports iGaming (Market GGR YTD Jun €m) (Market GGR YTD Jun €m) (Market GGR YTD Jun €m) June +19% Bets +13% +12% +16% 1,779 3,094 +4% 1,533 2,774 1,043 Strong market 1,000 growth H1 2025 H1 2
Slide 5: Consistency of growth in Adj. EBITDA every quarter in 10 years
1 Results - Consistency of growth in Adj. Ebitda: every single quarter in the last 10 years (except during Covid restrictions) Adj. EBITDA evolution (€m) Quarterly positive YoY growth (%) Quarterly negative YoY growth (%) Covid restrictions Source: Company information. Q1 2024 based on normalized pa
Slide 6: Consistency of growth in margins: from 21% to 58% in online
1 Results - Consistency of growth in margins: from 21% to 58% in online (and 12% to 39% overall), notwithstanding the integration of assets with lower profitability Adj. EBITDA margin evolution (%) Covid Adj. EBITDA margin Online by quarter (%) lockdown 57.7% 57.9% 55.4% PWO consolidation 58.3% 57.5
Slide 7: Drivers - Consistency of growth of market and market share
2 Drivers - Consistency of growth of: 1) market and 2) market share, which continues … Overall Online - Market GGR YOY growth (%) Overall Online - Market Share evolution (%) 31.3% 31.7% 29.7% 45% 39% 34% 20.3% 17.4% 24% 15.4% 18% 13% 14% 14% 15% 12% 6.7% 5.1% 6.0% 5% 0.1% 0.1% 0.9% 1.1% 2015 2016 20
Slide 8: Market share evolution by quarter
2 … to evolve in line with expectations, with … Overall Online – Market share evolution by Q iSports – Market share evolution by Q iGaming– Market share evolution by Q Growth vs Q1 2026 +0.5 p.p. +0.8 p.p. +0.1 p.p. 32.7% 31.6% 31.6% 27.1% 24.2% 22.4% Q1 Q2 Q1 Q2 Q1 Q2 2022 2026 2022 2026 2022 2026
Slide 9: PWO Sports recovering to exceed pre-migration level
2 … PWO Sports recovering to exceed pre-migration level and … Total Sports(1) Market share growth, in a disciplined manner Market share evolution (%) In Q2 Sports exceed Under Lottomatica’s management, PWO commercial strategy focused pre-migration levels on profitable growth: 9.2% ▪ Bonus optimizati
Slide 10: Tail operators continuing to decline
2 … tail operators continuing to decline Tail operators Overall Online Market share evolution (%) -0.8 p.p. -2.9 p.p. ▪ Tail operators market share continue to New online gradually decline concession ▪ We acted inorganically (Sportbet and Bgame) and organically. The market lost around 3 p.p., with u
Slide 11: Implications - Consistency of returns and enhanced distributions
Implications - Consistency of returns, compounding in excess of 30% per year, coupled with enhanced distributions Compounding returns Enhanced distributions LEVERED FREE CASH FLOW 8% DIVIDENDS 3% YIELD H2 2023 - H1 2026(1) BUYBACK FROM LFCF GENERATION LEVERED FREE CASH FLOW 26% GROWTH H2 2023 - H1 2
Slide 12: H1 2026 Financial Highlights
H1 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) 21,796 23,683 +9% Adj. EBITDA 37.4% 39.4% GGR (€m) 2,360 2,413 +2% Margin YoY % 1,181 +5% reported 1,129 465 +10% 422 H1 2025 H1 2026 H1 2025 H1 2026 Q2 YoY % Q2 YoY % reported reported Q2 Revenues 543 578 +6%
Slide 14: Financial highlights by segment
Financial highlights by segment Revenues(1) (€m) Adjusted EBITDA (€m) Online Sports Franchise YoY % YoY % Gaming Franchise reported @norm. PO Adj. EBITDA YoY % YoY % margin % reported @norm. PO 1,181 +5% +9% 1,129 39.4% +10% +20% 465 422 380 -2% -2% 24.0% +1% +1% 91 386 90 70 25.5% -14% +18% 275 -1%
Slide 15: Operating cash flow
Operating cash flow Capex (€m) Operating cash flow(2) (€m) Recurring Concession +12% Capex as % of revenues(1) 7% 7% 78 80 385 344 31 32 47 48 H1 2025 H1 2026 H1 2025 H1 2026 Growth/One-off 41 36 Does not include Goldbet deferred consideration (€21m) Notes: (1) Based on recurring and concession cape
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 Include refinancing Include growth/one costs for €11m 2,051 2,110 (230) off bolt-ons for €16m 101 47 58 65 (114) 75 57 NFD as of Adjusted Net working Taxes paid Capex Financial Buyb
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 Q2 2026 Q2 2025 YoY H1 2026 H1 2025 YoY Bets Online 8,493 7,363 +15% 7,688 7,024 +9% 16,181 14,387 +12% Sports Franchise 1,175 1,046 +12% 1,000 933 +7% 2,175 1,979 +10% Gaming Franchise 2,740 2,769 (1%) 2,586 2,6
Slide 19: Income statement (Reclassified)
Income statement (Reclassified) P&L (€m) H1 2026 H1 2025 FY 2025 (1) Revenues 1,181 1,129 2,255 Adjusted EBITDA 465 422 856 Adjusted EBITDA from equity accounted investments and/or of businesses (3) (1) (3) disposed of or in the process of disposal D&A (exc. PPA and other non-recurring depreciation
Slide 20: Cash flow statement (Reclassified)
Cash flow statement (Reclassified) Cash Flow (€m) H1 2026 H1 2025 FY 2025 Adjusted EBITDA 465 422 856 Adjusted EBITDA from equity accounted investments and/or of businesses disposed of or in the (3) (1) (3) process of disposal Extraordinary monetary costs not included in Adjusted EBITDA (58) (52) (8
Slide 21: Net financial debt as of 30 June 2026
Net financial debt as of 30 June 2026 Net financial debt (€m) 30.06.2026 31.12.2025 Gross Financial Debt 2,477 2,249 EUR 400m FRNs due 2031 - 400 EUR 500m SSNs due 2030 500 500 EUR 1,100m SSNs due 2031 1,100 1,100 EUR 765m SSNs due 2032 765 - Buyback liabilities 39 173 IFRS 16 (leases) 73 76 Cash (3
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