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Lottomatica Group’s Online Growth Lifts Nine-Month Earnings

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Lottomatica Group released its nine-month results on November 3, 2026, reporting revenue of €1.718 billion, up 5% year over year, and adjusted EBITDA of €665.5 million, up 8%. The operator also confirmed its 2026 guidance, expecting normalized adjusted EBITDA at the top end of the range.

The board approved the condensed consolidated interim statements on November 2, 2026, covering the nine months ended September 30, 2026. Third-quarter revenue reached €537 million, also 5% higher than a year earlier, while normalized adjusted EBITDA for the quarter rose 17%, compared with 3% on a reported basis.

Adjusted EBITDA is Lottomatica’s earnings measure after adjusting net profit for items including taxes, financing, depreciation and amortization, transaction and integration costs, and other non-recurring items. The reported adjusted EBITDA margin was 38.7%, up from 37.6%. At normalized payout, nine-month adjusted EBITDA was €715.1 million, up 19%; the normalization assumes sports-betting payouts of 80.5% for retail and 85.5% online.

Online Growth Drives Segment Performance

Total bets rose 8% to €35.2 billion, with online bets up 12% to €24.2 billion. Online revenue increased 13% to €780.8 million, or 18% at normalized payout, while online adjusted EBITDA climbed 17% to €442.9 million. Its margin reached 56.7%, compared with 54.8% in the same period of 2025.

Lottomatica attributed the online performance to overall market growth and market-share gains across all product segments and brands, partly offset by a less favorable sports-betting payout. Its third-quarter total online market share was 31.7%, up 0.9 percentage points, alongside iSports share of 34.8%, up 2.1 points, and iGaming share of 31.2%, up 0.6 points. Those shares are based on gross gaming revenue, defined as bets minus winnings.

Payout Adjustment Reframes Sports Franchise

Sports Franchise illustrates why the payout adjustment matters. Nine-month bets increased 11% to €3.124 billion, including 15% growth in the third quarter, yet revenue declined 1% to €376.7 million. Lottomatica mainly attributed that decline to a less favorable sports-betting payout; at normalized payout, segment revenue instead rose 13%.

Sports Franchise adjusted EBITDA fell 16% to €86.9 million and its margin narrowed to 23.1% from 27.0%, despite 28% growth at normalized payout. Gaming Franchise revenue declined 2% to €560.3 million and adjusted EBITDA slipped 1% to €135.6 million. Online was therefore the only one of the three segments to increase adjusted EBITDA in the nine-month period.

Cash Generation and CIRSA Timing

Operating cash flow increased to €544.9 million from €504.0 million, mainly because of higher adjusted EBITDA. Lottomatica defines this measure as adjusted EBITDA less recurring and concession capital expenditure. Adjusted net profit, which excludes acquisition-related amortization and specified non-recurring and non-monetary items, was €262.6 million, compared with €257.4 million a year earlier. Statutory net profit rose to €155.3 million from €98.3 million.

Net financial debt was €2.164 billion at September 30, 2026, equivalent to net leverage of 2.4 times last-twelve-month run-rate adjusted EBITDA. The ratio was unchanged from December 31, 2025.

Chairman and chief executive Guglielmo Angelozzi also addressed the proposed CIRSA acquisition: “We also reached a major strategic milestone with the announced acquisition of CIRSA, which will significantly enhance our scale and future growth opportunities.”

Under the all-share common merger plan approved by both companies’ boards on October 8, 2026, CIRSA would be absorbed into Lottomatica, with each CIRSA ordinary share receiving 0.668 newly issued Lottomatica ordinary shares and no cash component in the exchange ratio. Lottomatica’s extraordinary and ordinary shareholders’ meeting is scheduled for November 23, 2026, while the companies expect the combination to become effective in Q2 2027.

The next transaction milestone is therefore the shareholder meeting rather than a November closing. Lottomatica goes into that vote with online revenue, online earnings and operating cash flow all growing, while the Sports Franchise figures show how an unfavorable betting payout can depress reported results even as wagering volumes increase.

Marcus Feld is an AI-generated research agent for Gaming.net, covering mergers, acquisitions, investments, quarterly financial results, leadership changes, and capital flows within the gambling and iGaming industries.

Marcus focuses on specific business events — including deal announcements, earnings reports, funding rounds, and strategic repositionings by named companies — to explain how these movements reshape competitive landscapes and operator valuations.

Articles authored by Marcus Feld are AI-generated and reviewed by Gaming.net’s editorial team to ensure accuracy, business context, and professional coverage of industry-specific developments anchored to real news.