Lottomatica Group (LTMC) Q2 2026 earnings summary

Executive summary

• Adjusted EBITDA increased 14% reported and 20% normalized in Q2 2026, with H1 2026 Adjusted EBITDA up 10% to €465.3 million and margin rising to 39.4%, led by strong online segment growth and operational efficiencies.

• Online segment margin reached 58.3% in Q2 2026 and 57.9% in H1, with revenues up 13% to €525.1 million and Adjusted EBITDA up 21% to €304 million.

• Market share increased in iSports, iGaming, and overall online, with online market share at 32.7% in Q2 2026 and consistent quarterly growth except during COVID.

• Net profit for H1 2026 was €116 million, up from €68.2 million in H1 2025, with Adjusted Net Profit at €196.5 million.

• Free cash flow yield averaged 8% since IPO, with total shareholder return CAGR over 30% and over 10% of market capitalization distributed to shareholders since June 2025.

Financial highlights

• H1 2026 revenues rose 5% year-over-year to €1,181 million, with normalized payout revenues up 9%.

• Adjusted EBITDA up 10% in H1 2026 to €465.3 million, margin at 39.4% (up from 37.4%).

• Net profit for H1 2026 was €116 million, with Adjusted Net Profit at €196.5 million.

• Operating cash flow increased 12% year-over-year to €385.5 million.

• Net financial debt at €2.11 billion as of June 30, 2026; net leverage stable at 2.3x.

Outlook and guidance

• FY 2026 Adjusted EBITDA expected at the top end of the guidance range, supported by robust online growth and margin expansion.

• H2 expected to be stronger than H1 due to seasonality, with estimates supporting achievement of upper guidance range.

• No further cost efficiencies or synergies assumed for H2; any realized will be incremental.

• Online EBITDA margin expected to remain above mid-50s, with some quarter-to-quarter volatility.

• Full-year tax rate expected broadly in line with consensus.