Italy’s market leader is leaning further on digital growth as its retail arm slips, weeks before CIRSA shareholders vote on the merger.
Lottomatica Group S.p.A. reported revenues of €1.72 billion for the nine months to 30 September 2026, up 5% year on year, as its online segment grew 13% to €780.8 million, according to results published on 3 November.
Online growth offsets retail
Third-quarter revenues rose 5% to €537 million, with online revenues up 13% to €256 million in the quarter. The Sports Franchise, the group’s retail betting business, posted nine-month revenues of €376.7 million, down 1%, which Lottomatica attributed mainly to a less favourable sports betting payout than a year earlier. Gaming Franchise revenues fell 2% to €560.3 million. The split mirrors Lottomatica’s first-half results, which were also driven by online revenue growth.
Bets rose 8% to €35.2 billion over the nine months, with online bets up 12%. Gross gaming revenue (GGR) grew 2% to €3,516 million. In the third quarter, Lottomatica’s total online market share reached 31.7%, up 0.9 percentage points on the third quarter of 2025, while its share of online sports betting rose 2.1 points to 34.8% and its iGaming share rose 0.6 points to 31.2%.
Profit, debt and guidance
Adjusted EBITDA increased 8% to €665.5 million, lifting the margin to 38.7% from 37.6%. At a normalised sports betting payout, adjusted EBITDA was €715.1 million, up 19%. In the third quarter alone, adjusted EBITDA rose 3% to €200 million, or 17% to €234 million on a normalised basis. Net profit for the nine months was €155.3 million, compared with €98.3 million a year earlier.
Net financial debt stood at €2,164 million at 30 September, up from €2,105 million at the end of 2025, equivalent to net leverage of 2.4 times. The group confirmed its 2026 guidance, with normalised adjusted EBITDA expected at the top end of the range.
Guglielmo Angelozzi, chairman and chief executive officer of Lottomatica Group, said: ‘The third quarter of 2026 marks another strong quarter for Lottomatica, with double digit growth in Online and Sports volumes, and in Adjusted EBITDA normalised (+17% yoy at normalised payout).’
‘We also reached a major strategic milestone with the announced acquisition of CIRSA, which will significantly enhance our scale and future growth opportunities,’ added Angelozzi.
Merger votes on 23 and 30 November
CIRSA shareholders will vote on the cross-border merger by absorption into Lottomatica at an extraordinary general meeting in Terrassa on 30 November 2026, with 1 December set as the second call, according to CIRSA’s notice of the meeting. The agenda also includes an extraordinary dividend of €1.56 per CIRSA share. Lottomatica’s own extraordinary and ordinary shareholders’ meeting is scheduled for 23 November 2026, according to the group’s investor relations site.
The combination is expected to take effect in the second quarter of 2027, according to the companies’ announcement of the common merger plan. Both companies’ boards approved the common merger plan in October.
