Lottomatica Group reported revenues of €1,180.6 million for the first half of 2026, up 5% on H1 2025, and adjusted EBITDA of €465.3 million, a 10% increase, as online growth covered declines in both retail segments. The Italian operator confirmed FY 2026 adjusted EBITDA will land at the top end of its guidance range.
The results were approved by the board on 27 July and published on 28 July 2026. Group bets totalled €23.7 billion in the six months to 30 June, up 9% year on year, while GGR came in at €2,413 million, up 2%.
Adjusted EBITDA margin rose to 39.4% of revenues from 37.4% a year earlier. On a normalised sports betting payout basis, which Lottomatica calculates at 80.5% for retail and 85.5% for online, adjusted EBITDA was €481.3 million, up 20%.
Online drives the group
Online revenues reached €525.1 million in H1 2026, up 13% year on year and up 17% at normalised payout. The segment took €260 million in Q2 alone, a 17% increase on Q2 2025. Online bets rose 12% to €16.2 billion.
Online adjusted EBITDA was €303.9 million for the half, up 21%, with margin widening to 57.9% from 54.1%. In Q2 the segment’s EBITDA grew 24% year on year and margin hit 58%.
Market share moved in the same direction. Lottomatica’s total online share stood at 31.6% in Q2, up 1.1 percentage points on Q2 2025. iSports share was 31.8%, up 0.9 points, and iGaming share was 31.6%, up 1.1 points. All three figures are calculated on GGR. Italy remains the company’s core territory, and the country’s online market has grown past €5 billion in annual GGR, giving incumbents room to add share without taking it directly from each other.
Guglielmo Angelozzi, Chairman and Chief Executive Officer of Lottomatica Group, said:
“The second quarter of 2026 continues to show our ‘consistency in growth’ on all key financial and business metrics: Adj. EBITDA growth in every quarter in the last 10 years (except Covid restrictions), continuous and substantial margins increase on the back of a consistently growing online market and market share.”
Retail segments go the other way
Sports Franchise revenues fell 1% to €275.4 million, which Lottomatica attributes to a sports betting payout that was less favourable than in H1 2025. Segment adjusted EBITDA dropped 14% to €70.1 million and margin narrowed to 25.5% from 29.1%. Stripped of the payout effect, the company puts segment EBITDA growth at 18%.
Gaming Franchise revenues fell 2% to €380.0 million, with Q2 down 3% on the prior year. Adjusted EBITDA edged up 1% to €91.3 million and margin improved slightly to 24.0%. Both segment revenue lines include recently acquired businesses: Cristaltec sits inside Gaming Franchise, Sportbet S.r.l. inside Online.
Lottomatica also said PWO’s total sports market share is now 9.2%, above its pre migration level. The company cut 348 PWO roles in Belgrade in March 2026 as part of the integration.
Cash, debt and shareholder returns
Operating cash flow, defined as adjusted EBITDA less recurring and concession capex, was €385.5 million against €344.3 million in H1 2025. Adjusted net profit was €196.5 million. Reported net profit rose to €116.0 million from €68.2 million, with the swing driven mainly by finance expenses falling to €75.7 million from €123.4 million after last year’s refinancing costs.
Net financial debt was €2,110.4 million at 30 June, broadly flat on the €2,105.2 million recorded at the end of 2025, but leverage improved to 2.3x LTM run rate adjusted EBITDA from 2.4x. During the half Lottomatica issued €765 million of senior secured notes due 2032 and repaid €400 million of floating rate notes due 2031. Cash rose to €366.5 million from €143.9 million.
The company spent €248.1 million on share buybacks in the period and paid €100.6 million in dividends. Angelozzi put the combined figure in context:
“Thanks to this we have consistently delivered superior returns to our shareholders and distributed more than 10% of our market capitalisation since June 2025 (including buybacks). On the back of this solid quarter, we also reiterate our view to close the FY 2026 Adj. EBITDA at the top end of the guidance.”
What to watch in H2
Two questions carry into the second half. The first is whether the payout drag in Sports Franchise reverses, since the segment’s reported decline and its 18% normalised growth tell opposite stories and only one of them shows up in the accounts. The second is how much further online margin can go from 58%, a level already well ahead of most of the largest operators by revenue.
Lottomatica ended 2025 with approximately €45 billion in bets, €2.3 billion in consolidated revenues, 2,600 direct employees, more than 2.2 million online customers and roughly 17,400 points of sale. Management held a conference call on the results at 10:00 CEST on 28 July.
Source: Lottomatica Group
