LOTTOMATICA GROUP S.P.A. CONTINUED STRONG MOMENTUM IN Q2 2025: ONLINE GGR YOY GROWTH OF +19%1, ADJ. EBITDA YOY GROWTH OF +20% REACHING €202M, COMPLETED THE REPLATFORMING OF PWO, c. 2% OF ONLINE MARKET SHARE SECURED2, BUYBACK PROGRAM STARTED ON 18th JUNE.
Rome (Italy), 31 July 2025 - The Board of Directors of Lottomatica Group S.p.A., which met on 30 July 2025, approved the Condensed Consolidated Interim Financial Statements as of and for the six months ended 30 June 2025.
H1 2025 Results summary3-
Bets of Euro 21.8 billion, +21% compared to H1 2024
Online bets growth YoY of +34%
GGR4 of Euro 2,359.5 million, +13% compared to H1 2024
- Total Online market share: at 30.5% in Q2 (+1.4 p.p. versus Q2 2024)
- iSports market share: at 31.8% in Q2 (+2.1 p.p. versus Q2 2024)
- iGaming market share: at 30.5% in Q2 (+1.0 p.p. versus Q2 2024)
Revenues of Euro 1,128.9 million5, +21% compared to H1 2024, +15% at normalised payout6;
Euro 543.1 million in Q2 2025, +10% compared to Q2 2024
Online of Euro 463.3 million, +37% compared to H1 2024, +29% at normalised payout6; Euro
223.4 million in Q2 2025, +19% compared to Q2 2024
Sports Franchise of Euro 279.3 million, +31% compared to H1 2024, +14% at normalised payout6; Euro 128.9 million in Q2 2025, +8% compared to Q2 2024
Gaming Franchise of Euro 386.4 million5, +2% compared to H1 2024; Euro 190.9 million in Q2 2025, +3% compared to Q2 2024
Adjusted EBITDA7 of Euro 422.4 million, +33% compared to H1 2024, +17% at normalised payout6; Euro 201.9 million in Q2 2025, +20% compared to Q2 2024
- Operating cash flow8 of Euro 344.3 million
- Adjusted Net Profit9 of Euro 179.3 million
- Net financial debt at Euro 1,809.0 million equivalent to 2.1x on LTM run-rate Adjusted EBITDA10
- PWO integration activities on track: all integration activities expected to be completed by year end. Platform migration completed, both for online and retail. Secured 85% of total synergies announced. Target synergies confirmed at €87 million by 2026
-
Guidance6for fiscal year 2025 confirmed: Euro 2,320 - 2,3706million of revenues, Euro 840 -
8706million of Adjusted EBITDA
1Excluding both UEFA Euro Cup 2024 and FiFA Club World Cup 2025. Does not include PWO impacted by migration process.
2Commercial deals or control / minority with path to control transactions. Related market share will be leveraged by Lottomati ca with different timings / brands (both Totosì and other Group's brands), depending on the deal. Market share based on ADM market data.
3Reported data, 2024 figures include PWO contribution from 1 May 2024.
4Market shares are based on GGR. GGR (or gross gaming revenues) refers to the difference between bet and winnings. This applies to the entire document.
5Includes Cristaltec group revenues of Euro 4.1 million, consistent with the approach adopted by management to monitor the results of the operating segments.
6Calculated assuming a normalised sports betting payout of 80.5% for retail and 85.5% for online.
7Adjusted EBITDA is calculated as net profit for the period adjusted for: income tax expense; finance income and expenses; share of profit/(loss) of equity accounted investments; depreciation, amortization and impairments ; Adjusted EBITDA (as defined herein) of equity accounted investments in which the Group holds an interest of more than 50%; costs related to M&A and international activities; integration costs and other income and expenses that are not reasonably expected to arise in future periods . This applies to the entire document.
8Operating cash flow is calculated as Adjusted EBITDA net of recurring capex and concession capex.
9Adjusted Net Profit 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; (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 n on-monetary items including in financial expenses and (v) tax effects on such adjustments.
10LTM run-rate Adjusted EBITDA is calculated as Adjusted EBITDA for the last twelve months ended 30 June 2025, proforma for bolt-ons and PWO run-rate synergies.
- C. 2% of online market share already secured by Lottomatica for future exploitation2
- Buyback program started on 18thJune 2025: 1,333,167 shares acquired to date11
- Apollo exited their entire holding in Lottomatica Group on 19thJune 2025.
***
Key consolidated results for H1 2025Please note that PWO has been consolidated in the reported numbers since 1 May 2024.
Bets by segment(Euro million, %) | H1 2025 | H1 2024 | YoY % |
Online | 14,387 | 10,716 | +34% |
Sports Franchise | 1,979 | 1,687 | +17% |
Gaming Franchise | 5,430 | 5,564 | (2%) |
Total Bets | 21,796 | 17,968 | +21% |
In H1 2025, Lottomatica collected bets for Euro 21.8 billion, +21% compared to H1 2024. The Online segment continued to grow faster, with bets up +34% compared to H1 2024.
11Total shares acquired as of 29 July 2025.
Revenues by segment(Euro thousands, %) | H1 2025 | H1 2024 | YoY % | YoY @ PO normalised6(%) | |
Online | 463,258 | 338,295 | +37% | +29% | |
Sports Franchise | 279,257 | 213,682 | +31% | +14% | |
Gaming Franchise5 | 386,355 | 379,830 | +2% | +2% | |
Revenues5 | 1,128,870 | 931,807 | +21% | +15% |
Revenues amounted to Euro 1,128.9 million5in H1 2025, compared to Euro 931.8 million in the H1 2024, with an increase of +21%.
The Online segment revenues amounted to Euro 463.3 million in H1 2025, +37% compared to the same period of 2024, with a strong performance driven also by the market share growth across all product segments and brands as well as the contribution from the PWO acquisition and a favourable sport betting payout during the period, notwithstanding the migration of PWO started in May (which was completed by July) and the unfavourable impact deriving from the UEFA Euro Cup in the second quarter of 2024, partially compensated by the FIFA World Club Cup in the second quarter of 2025.
The Sports Franchise segment reported Euro 279.3 million in revenues in H1 2025, +31% compared to the same period of previous year mainly due to the contribution f rom PWO acquisition and a favourable sport betting payout during the period, notwithstanding the unfavourable impact deriving f rom the UEFA Euro Cup in the second quarter of 2024, partially compensated by FIFA World Club Cup in the second quarter of 2025.
The Gaming Franchise segment revenues reached Euro 386.4 million5in H1 2025, +2% compared to the same period of previous year.
Adjusted EBITDA and margin by segment(Euro thousands, %) | H1 2025 | H1 2024 | YoY % | YoY @ PO normalised6(%) | |||
Online | 250,670 | 54.1% | 177,974 | 52.6% | +41% | +29% | |
Sports Franchise | 81,257 | 29.1% | 50,667 | 23.7% | +60% | +6% | |
Gaming Franchise | 90,488 | 23.4% | 88,657 | 23.3% | +2% | +2% | |
Adjusted EBITDA | 422,415 | 37.4% | 317,298 | 34.1% | +33% | +17% | |
Adjusted EBITDA reached Euro 422.4 million in H1 2025, +33% compared to H1 2024. Adjusted EBITDA margin is equal to 37.4% on revenues, compared to 34.1% in H1 2024, driven also by the favourable payout and notwithstanding the consolidation of PWO, which has lower margins.
Operating cash flow(Euro thousands) | H1 2025 | H1 2024 |
Adjusted EBITDA | 422,415 | 317,298 |
Recurring capex | (46,702) | (41,514) |
Concession capex | (31,450) | (47,765) |
Operating cash flow | 344,263 | 228,019 |
Operating cash f low in H1 2025 was Euro 344.3 million, compared to Euro 228.0 million for the H1 2024, mainly due to higher Adjusted EBITDA.
Net financial debt(Euro million) | 30 June 2025 | 31 December 2024 |
Gross Financial Debt | 2,080.3 | 2,046.2 |
EUR 400m FRNs due 2031 | 400.0 | 400.0 |
EUR 500m SSNs due 2030 | 500.0 | 500.0 |
EUR 1,100m SSNs due 2031 | 1,100.0 | |
EUR 500m FRNs due 2030 | - | 500.0 |
EUR 565m SSNs due 2028 | - | 565.0 |
IFRS 16 (leases) | 80.3 | 81.2 |
Cash12 | (271.4) | (173.3) |
Net Financial Debt | 1,809.0 | 1,872.8 |
LTM run-rate Adjusted EBITDA10 | 867.0 | 792.9 |
Net leverage | 2.1x | 2.4x |
Net f inancial debt amounted to Euro 1,809.0 million as of 30 June 2025, equivalent to a net leverage of 2.1x on LTM run-rate Adjusted EBITDA10.
***
Management will hold a conference call at 10:00 CEST on 31 July 2025 to comment the consolidated results to the market. The event can be followed:via phone by pre-registering at the following link: Registration | H1 2025 Results
via Webcast
12As of 31 December 2024, the item includes PWO guarantee deposits of Euro 9 million, collected in January 2025.
The manager in charge of preparing the company's accounting documents, Laurence Lewis Van Lancker, declares, pursuant to par. 2 of Art. 154-bis of the Consolidated FinanceAct, that the accounting information contained in this press release corresponds to the documented results, books and accounting records.
Consolidated statement of comprehensive income For the six months ended 30 June(in thousands of Euro) 2025 202413
Revenues | 1,124,781 | 931,807 |
Other income | 6,032 | 6,929 |
Total revenues and income | 1,130,813 | 938,736 |
Cost of services | (665,458) | (556,869) |
Personnel expenses | (78,776) | (64,816) |
Other operating costs | (18,558) | (18,138) |
Depreciation, amortization and impairments | (129,237) | (112,013) |
Impairment of receivables and financial assets | (9,621) | (347) |
Other (accruals)/ releases | 224 | (825) |
Finance income | 2,109 | 7,978 |
Finance expenses | (123,423) | (137,687) |
Share of profit of equity accounted investments | 150 | - |
Profit before tax | 108,223 | 56,019 |
Income tax expense | (40,026) | (32,587) |
Net profit for the period | 68,197 | 23,432 |
Net profit for the period attributable to non-controlling interests | 3,365 | 2,815 |
Net profit for the period attributable to the owners of the parent | 64,832 | 20,617 |
(Euro thousands) 2025 202413
Net profit for the period | 68,197 | 23,432 |
Actuarial gains on employee benefit liabilities | 625 | 411 |
Fiscal effect on actuarial gains on employee benefit liabilities | (150) | (99) |
Other items that will not be classified to profit or loss | 475 | 312 |
Gains on hedging derivatives | 4,487 | 11,172 |
Fiscal effect on gain on hedging derivatives | (1,079) | (2,683) |
Gains / (losses) on conversion of financial statements of the foreign companies | (10) | 13 |
Other items that will be classified to profit or loss | 3,398 | 8,502 |
Total comprehensive profit | 72,070 | 32,246 |
Total comprehensive profit attributable to non-controlling interests | 3,365 | 2,815 |
Total comprehensive profit attributable to the owners of the parent | 68,705 | 29,431 |
13Consolidated statement of comprehensive Income figures for the six months ended 30 June 2024 have been restated following the completion of the purchase price allocation relating to Ricreativo B S.p.A. and PWO acquisition.
Consolidated statement of financial positionAs of 30 June | As of 31 December |
(in thousands of Euro) 2025 2024
Intangible assets | 782,900 | 697,953 |
Goodwill | 2,074,980 | 2,048,563 |
Property, plant and equipment | 156,032 | 148,460 |
Right of use | 73,979 | 74,398 |
Investment property | 422 | 435 |
Non-current financial assets | 2,008 | 2,037 |
Equity accounted investments | 12,896 | - |
Non-current trade receivables | 467 | 636 |
Deferred tax assets | 5,896 | 10,565 |
Other non-current assets | 19,220 | 15,815 |
Total non-current assets | 3,128,800 | 2,998,862 |
Inventories | 1,594 | 1,478 |
Current trade receivables | 90,715 | 77,349 |
Current financial assets | 30,945 | 30,396 |
Tax receivables | 691 | 2,158 |
Other current assets | 117,996 | 162,079 |
Cash and cash equivalents | 271,360 | 164,156 |
Total current assets | 513,301 | 437,616 |
Total assets | 3,642,101 | 3,436,478 |
Share capital | 10,000 | 10,000 |
Other reserves | 398,198 | 405,959 |
Retained earnings | 91,735 | 102,010 |
Total shareholders' equity attributable to the owners of the parent | 499,933 | 517,969 |
Equity attributable to non-controlling interests | 51,160 | 47,534 |
Total shareholders' equity | 551,093 | 565,503 |
Employee benefit liabilities | 28,082 | 26,730 |
Non-current financial liabilities | 2,086,075 | 2,048,436 |
Provisions for risks and charges | 38,679 | 6,164 |
Deferred tax liabilities | 144,247 | 152,130 |
Other non-current liabilities | 87,098 | 53,200 |
Total non-current liabilities | 2,384,181 | 2,286,660 |
Current financial liabilities | 105,878 | 100,391 |
Current trade payables | 119,930 | 133,702 |
Tax payables | 12,487 | 23,147 |
Other current liabilities | 468,532 | 327,075 |
Total current liabilities | 706,827 | 584,315 |
Total equity and liabilities | 3,642,101 | 3,436,478 |
(in thousands of Euro) For the six months ended 30 June
INDIRECT METHOD 2025 202414
Profit before tax | 108,223 | 56,019 |
Reconciliation of profit before tax with cash flow from operating activities: | ||
Depreciation, Amortization and Impairment | 129,237 | 112,013 |
Accruals and write-downs for impairment losses | 9,397 | 1,172 |
Other accruals | 1,661 | 1,541 |
Share of profit of equity accounted investments | (150) | - |
Net financial expenses | 119,109 | 127,623 |
Leasing financial expenses | 2,205 | 2,086 |
Other adjustments for non-monetary items | 2,139 | (75) |
Cash flow from operating activities before changes in net working capital | 371,821 | 300,379 |
Changes in net working capital | ||
Decrease/(increase) in inventories | (116) | 167 |
Decrease in trade receivables | 9,572 | 12,277 |
Increase / (Decrease) in trade payables | (8,720) | 921 |
Other changes in net working capital | 87,106 | 27,784 |
Cash flow from changes in net working capital | 87,842 | 41,149 |
Income taxes paid | (45,514) | (33,667) |
Accruals to employee benefits and provisions for risks and charges | (1,217) | (1,285) |
Cash flow from operating activities (a) | 412,932 | 306,576 |
Cash flow from investing activities | ||
Investments: | (97,026) | (105,138) |
- intangible assets | (60,233) | (74,333) |
- property, plant and equipment | (36,793) | (30,805) |
Investments in associates | (4,228) | - |
Escrow account | - | 504,464 |
Deferred purchase consideration for acquisition of subsidiaries/business units | (29,152) | (54,146) |
Acquisitions net of cash and cash equivalents | (13,627) | (593,150) |
Cash flow from investing activities (b) | (144,033) | (247,970) |
Cash flow from financing activities | ||
Proceeds from bond issuance | 1,100,000 | 900,000 |
Repayment of notes | (1,065,000) | (900,000) |
Bridge loan fees and make-whole costs | (21,018) | (32,693) |
Fees of issuance of notes | (12,308) | (19,542) |
Net financial expenses including RCF | (73,218) | (91,670) |
Lease payment | (13,838) | (12,066) |
Repayment of other bank liabilities | (1,543) | (1,254) |
Changes in current and non-current financial assets | 896 | 2,272 |
Transactions with minorities | 153 | (3,665) |
Dividends paid | (75,819) | (65,493) |
Cash flow from financing activities (c) | (161,695) | (224,111) |
Net Cash flow (a+b+c) | 107,204 | (165,505) |
Cash and cash equivalents at the beginning of the period | 164,156 | 294,682 |
Cash and cash equivalents at the end of the period | 271,360 | 129,177 |
14Consolidated statement of cash flows figures for the six months ended 30 June 2024 have been restated following the completion of the purchase price allocation relating to Ricreativo B S.p.A. and PWO acquisition.
Reconciliation of Non-GAAP Measures Adjusted EBITDA(in thousands of Euro) | H1 2025 | H1 202415 | FY 2024 |
Net profit for the period | 68,197 | 23,432 | 103,839 |
Income tax expense | 40,026 | 32,587 | 77,052 |
Net financial expenses | 121,314 | 129,709 | 206,362 |
Share of profit of equity accounted investments | (150) | - (1,663) | |
Depreciation, amortization and impairment | 129,237 | 112,013 | 244,353 |
Adjusted EBITDA from equity accounted investments | 1,381 | - - | |
Cost related to M&A and international activities | 3,279 | 4,666 | 8,298 |
Integration costs | 24,390 | 6,026 | 33,713 |
Other non-recurring (income) / expenses (monetary) | 24,242 | 7,212 | 26,480 |
Other non-recurring (income)/expense (non-monetary) | 10,499 | 1,653 | 8,488 |
Adjusted EBITDA | 422,415 | 317,298 | 706,922 |
(in thousands of Euro) | H1 2025 | H1 202415 | FY 2024 |
Net profit for the period | 68,197 | 23,432 | 103,839 |
Amortization of assets resulting from business combinations | 35,875 | 32,861 | 73,079 |
Other non-recurring costs and income excluded from Adjusted EBITDA16 | 62,410 | 19,557 | 75,316 |
Adjustments related to refinancing and PWO Acquisition | 46,690 | 52,360 | 52,360 |
Of which: | |||
- Make-whole on notes repaid | 21,018 | 26,443 | 26,443 |
- Effect of acceleration of the unamortized costs and net charge IRS on notes repaid | 25,672 | 21,663 | 21,663 |
- Negative carry (net of accrued interest received from escrow account) | - | 4,254 | 4,254 |
Other non-recurring finance expenses | 1,542 | - | - |
Other non-monetary items including in financial expenses | 5,640 | 6,499 | 8,375 |
Tax effect (IRES + IRAP) | (41,065) | (29,383) | (58,709) |
Adjusted Net Profit | 179,289 | 105,326 | 254,260 |
15Figures for the six months ended 30 June 2024 have been restated following the completion of the purchase price allocation relating to Ricreativo B S.p.A. and PWO acquisition.
16The item includes non-recurring income from equity accounted investments amounting to Euro 1.7 million as of 31 December 2024.
Further information Mirko SenesiHead of Investor Relations, Capital Markets and M&A m.senesi@lottomatica.com
ir@lottomatica.com
DisclaimerThis press release contains forward-looking statements, which are subject to known and unknown risks, uncertainties, and assumptions that are difficult to predict because they relate to events and depend on circumstances that will occur in the future. Many of these risks and uncertainties relate to factors that are beyond the company's ability to control or estimate precisely, such as future market conditions, currency fluctuations, the behaviour of other market participants, the actions of regulators and other factors. Therefore, the Company actual results may differ materially and adversely from those expressed or implied in any forward-looking statements.
Factors that might cause or contribute to such differences include, but are not limited to, economic conditions globally, social, political, economic and regulatory developments or changes in economic or technological trends or conditions in Italy and internationally. Consequently, the Company makes no representation, whether expressed or implied, as to the conformity of the actual results with those projected in the forward-looking statements. Any forward-looking statements made by or on behalf of the Company speak only as of the date they are made. The Company does not undertake to update forward-looking statements to reflect any changes in the Company expectations with regard thereto or any changes in events, conditions or circumstances on which any such statement is based. The reader should, however, consult any further disclosures the Company may make in documents it files with the Italian Securities and Exchange Commission and with the Italian Stock Exchange.
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About Lottomatica Group S.p.A.With approximately Euro 39 billion bets and Euro 2.0 billion of consolidated revenues in FY 2024, Lottomatica is the leader player in the Italian gaming market. It operates across three segments: Online, Sports Franchise and Gaming Franchise. Lottomatica offers safe and engaging gaming experiences across all channels. The Group counts on the expertise of approximately 2,700 direct employees and its large franchising network. As of 31 December 2024 Lottomatica has a customer base of more than 2 million online customers and distributes its gaming products across approximately 17,800 points of sales.