Well, it was worth the wait. I'll probably stay invested.
The Lottomatica Group recorded double-digit growth in both revenue and profit in the 2025 financial year, driven primarily by a robust online segment and product development, wie das Unternehmen am Dienstag bekannt gab.
Group P&L reached €4.735 billion, an increase of 8% compared to the previous year. Total shares amounted to around €44.7 billion, an increase of 14% compared to 2024. The online betting segment showed a particularly strong performance with a 22% increase in stakes.
Online remained Lottomatica's main growth driver, with betting within this segment increasing by 22% to €954.5 million. This helped to increase the Group's online market share in Italy by 1.2 percentage points, reaching 31.3% for the year as a whole.
The market share of the betting market rose to 32.4% during the period, while iGaming increased to 31.5% of the total market.
The product was the 'key driver' for market growth
Speaking to analysts during Tuesday's results call, CEO Guglielmo Angelozzi said product development had been a "key driver" of market share growth during the year.
"What I can say is that we have a very healthy pipeline, especially in what we call the Lottomatica core. The martech infrastructure that you have on top of the gaming platforms that allows to optimize digital marketing and all its aspects to improve risk management, all the things that are included in Lottomatica Core are a key differentiator and an important part of our roadmap," he said, responding to a question about whether the product has gained market share.
Angelozzo said he expects to see further growth in market share among Lottomatica's established brands in 2026.
At the end of 2025, Lottomatica reported 2.2 million online customers and operated around 17,400 retail outlets across Italy.
Die Integration von PWOThe acquisition, which was taken over in May 2024, was completed ahead of schedule. The acquisition exceeded expectations in terms of synergies and generated €87 million in synergies, around 34% above the original forecast. PWO also resumed growth and achieved an online market share of 6.3% in the fourth quarter.
The Group ended the year with €375 million on the balance sheet, an adjusted EBITDA of €856 million, an increase of 21% compared to FY24. Meanwhile, adjusted net profit for the year increased by 45% to 369 million euros.
Could Lottomatica be eyeing Evoke's Italian business?
Analysts asked Lottomatica executives whether they would consider a takeover of Evoke's Italian business after the operator launched a strategic review in December and einen möglichen Verkauf eines Teils seines Geschäfts launched in December.
In response, CFO Laurence Van Lancker said the company would not comment on specific M&A opportunities. "As you know, we are monitoring all potential targets in the framework we have mentioned, which is across Europe. And of course that includes Italy. But we will not comment on specific names."
Evoke has not publicly confirmed which parts of its business it is looking at for a potential sale.
With a view to 2026
Lottomatica's management team is targeting revenue of between EUR 2.39 and 2.46 billion in 2026, with adjusted EBITDA of EUR 940 to 980 million. Recurring capital expenditure is expected to be around EUR 85 to 90 million, with concession investments estimated at around EUR 78 million.
Lottomatica has scheduled its Annual General Meeting for April 20, at which shareholders will vote on the financial reports, dividend distribution, governance issues and the proposed share buyback and cancellation.
