Lottomatica: After a blockbuster first quarter, the group appears firmly on course to meet its financial ambitions for the year
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Lottomatica has reaffirmed its full-year 2025 guidance, forecasting revenues between €2.32bn and €2.37bn and adjusted EBITDA between €840m and €870m. After a blockbuster first quarter, the group appears firmly on course to meet its financial ambitions for the year.
BEST Q1 RESULTS EVER WITH ADJUSTED EBITDA OF €220M (+47% YOY).
INCREASED TARGET SYNERGIES AT €87M. €500M SHARE BUYBACK TO START IN
JUNE. COMPLETED REFINANCING WITH THE ISSUANCE OF €1.1BN OF SENIOR
SECURED NOTES RESULTING IN RUN-RATE SAVINGS OF €24M. CREDIT RATING
UPGRADED TO BB (S&P) AND BA2 (MOODY’S).
Rome (Italy), 7 May 2025 – The Board of Directors of Lottomatica Group S.p.A. approved the
Condensed Consolidated Interim Financial Statements for the three months ended 31 March 2025.
Q1 2025 Results summary1
● Bets of Euro 11.2 billion, +28% compared to Q1 2024
o Online bets growth YoY of +46%
● GGR2 of Euro 1,224.4 million, +21% compared to Q1 2024
o Total Online market share: at 30.4% in Q1 (+1.6 p.p. versus Q1 2024)
o iSports market share: at 31.8% in Q1 (+0.9 p.p. versus Q1 2024)
o iGaming market share: at 30.3% in Q1 (+2.1 p.p. versus Q1 2024)
● Revenues of Euro 585.7 million3
, +33% compared to Q1 2024, +21% at normalised payout4
o Online of Euro 239.8 million, +59% compared to Q1 2024, +43% at normalised payout4
;
o Sports Franchise of Euro 150.4 million, +59% compared to Q1 2024, +25% at normalised
payout4
;
o Gaming Franchise of Euro 195.5 million3
, +0.1% compared to Q1 2024;
● Adjusted EBITDA5 of Euro 220.5 million, +47% compared to Q1 2024, +18% at normalised
payout4
● Operating cash flow6 of Euro 184.4 million
● Adjusted Net Profit7 of Euro 94.7 million
● Net financial debt at Euro 1,804.9 million equivalent to 2.1x on LTM run-rate Adjusted EBITDA8
● PWO target synergies upgraded: Additional €12.5 million cost synergies identified, bringing the
total target synergies to €87 million (from €75 million) by 2026
● Guidance4
for fiscal year 2025 confirmed: Euro 2,320 - 2,3704 million of revenues, Euro 840 –
8704 million of Adjusted EBITDA
● Buyback program to start in June 2025: up to Euro 500 million over the next 18 months
● Refinancing successfully completed: ~€24m per annum of run-rate interest savings expected
from 2026. Credit rating upgraded to BB by S&P and to Ba2 by Moody’s. All maturities now
extended to 2030 or beyond.
Guglielmo Angelozzi, Chief Executive Officer of Lottomatica Group, commented: “We are off to
a great start of the year, registering our best Q1 results ever and paving the way for a successful
2025. The integration of PWO proceeds at speed and additional synergies have been identified.
Market trends support our organic growth path and we feel confident in the strength of our business,
even against the current macroeconomic environment. Also, we have successfully completed the
refinancing for an amount of €1,100 million, resulting in material interest savings. Finally, in light of
our strong balance sheet and cash flow generation, we will start the buyback programme of up to
€500 million in the next 18 months, which will continue to compete with M&A and other capital
allocation opportunities, with a view to maximise shareholder returns.”
The Bolsa Milan-listed gambling group announced a “record-breaking start” to the year, delivering all-time high results across all core financial metrics in the first quarter.
Group revenues rose 33% to €585.7m (Q12024: €445m), as total wagers across all channels climbed 28% to €11.2bn, reflecting broad-based growth and consistent player engagement in both digital and retail operations.
Q1 accounts reported adjusted EBITDA of €220.5m, marking a 47% increase on 2024 comparatives of €150m, as performance reflected peak online activity generated by the successful integration of new acquisitions.
The online segment served as the standout contributor generating a revenue increase of 59% to €239m and an EBITDA contribution of €128m. Online growth was supported by a sharp increase in wagers, market share gains in key verticals such as iGaming and iSports, and the operational boost from the PWO acquisition (the re-branded business of SKS365).
Lottomatica’s Sports Franchise unit continues to expand, with revenues up 59% to €150.4m, largely attributed to a “favourable payout environment” and the continued rollout of PWO-integrated offerings. Q1 trading saw The EBITDA of franchises double to €45m (Q12024: €19m)
Meanwhile, the Gaming Franchise, Lottomatica’s mature retail network, remained steady, generating €195m in revenue with solid margins and a contribution of €46.4m in EBITDA.
Lottomatica also strengthened its leadership in the Italian market. The group’s total online market share reached 30.4%, up 1.6 percentage points from Q1 2024. In iSports, market share rose to 31.8%, while in iGaming it climbed to 30.3%.
CEO Guglielmo Angelozzi believes 2025 will be a record year: “We are off to a great start of the year, registering our best Q1 results ever and paving the way for a successful 2025. The integration of PWO proceeds at speed, and additional synergies have been identified. Market trends support our organic growth path and we feel confident in the strength of our business.”
Underlining confidence in its financial performance and cash generation, Lottomatica will launch a €500m share buyback programme starting in June.
The 18-month initiative will target up to 10% of share capital, enhancing returns for shareholders while maintaining capital flexibility. The group also successfully completed a €1.1bn refinancing, pushing debt maturities beyond 2030 and unlocking an expected €24m in annual interest savings from 2026.
https://lottomaticagroup.com/Lottomaticagroup.com/media/library_documents/Investors/Lottomatica-Group_Q1-2025-Press-Release.pdf
https://sbcnews.co.uk/retail/2025/05/07/lottomatica-q1-beats-all/