Lottomatica has closed 2025 with results above expectations analysts, supported by growth in the online channel and solid cash generation. Revenues, margini e Useful nett exceeded estimates, confirming the group's solidity in the Italian gambling market.
At Piazza Affari, Lottomatica is the only title in green on a main price list dominated by red (-3,5% for the Ftse Mib), on a day still marked by strong sales due to theescalation in the Middle East. At the moment, the stock is quoted at 21,44 euros (+4,79%), supported by the market's appreciation for the accounts 2025, the guidance 2026 exceeding expectations, the robust cash generation and the clear strategy for the return of capital through dividends e buyback.
Lottomatica: 2025 revenue and profit exceed expectations
In the 2025 i revenues Lottomatica's revenues reached 2,26 billion euros, up 12% compared to the 2 billion in 2024, thanks above all to the growth of online channel, which continues to represent a significant share of turnover.Adjusted Ebitda rose to 856,16 million euros, an increase of 21% compared to 706,92 million in 2024, slightly exceeding the analysts' consensus of 854,2 million.
The adjusted net profit recorded a 45% increase, reaching 369,39 million euros, compared to 254,26 million in 2024, exceeding the market forecast of 350,2 million.Net income (excluding minority interests) amounted to 174,3 million, up from 98,6 million in 2024, while operating profit went from 103,83 million to 179,83 million euros.
At the end of 2025, the net financial position It was negative by 2,105 billion euros, compared to 1,87 billion at the end of 2024, equal to 2,4 times the adjusted EBITDA.
Net revenue and iGaming show strong growth
Net winnings increased by 8%, reaching 4,735 billion euros in 2025. The segment Online Casino/iGaming Lottomatica also recorded a positive trend in February 2026, with an 18,1% increase to €284,2 million, an acceleration compared to the 16% increase recorded in 2025. Lottomatica's market share in the online sector stood at 31,7%, an all-time high, up 60 basis points compared to January 2026 and significantly higher than the 30,6% average for 2025.
2026 dividend and return of capital to shareholders
In 2025, Lottomatica returned a total of 375 million to shareholders, of which 75 million through dividends and 300 million through buyback. For 2026, the board has proposed a dividend 0,44 of euros per share, corresponding to a dividend yield of approximately 2,15% and a payout ratio of 30%. The coupon will be detached on May 18, 2026 and paid on May 20, 2026, for a total amount of 110,72 million.
Furthermore, the assembly will be called to deliberate on the authorization for the purchase of own shares up to 12,5% of the capital social in the next 18 months, aimed at remunerating capital and competing with the M&A activity and other capital allocation opportunities, with the goal of maximizing shareholder returns.
2026 Guidance: Revenue and Investment Growth
For the 2026, Lottomatica foresees revenues between 2,39 and 2,46 billion of euros and a Adjusted Ebitda included between 940 and 980 million. The investments recurring are estimated between 85 and 90 million of euros, while those in concessions they attest around 78 millionThe guidance confirms the solidity of organic growth and the group's ability to generate sustainable cash, with free cash flow expected to exceed €400 million, according to Equita estimates.
L'ad William Angelozzi Angelozzi commented: “2025 highlighted our ability to evolve, innovate, and grow in an attractive market environment. We consolidated our leadership in the gaming sector, with a 31% online market share and over 40% in Sports Retail. We completed the integration of PWO and obtained new online gaming concessions valid for the next nine years.” For 2026, Angelozzi confirmed: “We will continue our strategy of organic growth and targeted acquisitions, further enhance our product and technological capabilities, and invest in brand development and the expansion and efficiency of our physical sales network, always striving for the highest levels of reliability and security in our offering.”
