€24B Turnover, €1.18B Revenue: Guglielmo Angelozzi and Laurence Van Lancker Power Lottomatica’s Strong H1
Lottomatica Group has reported half-year revenue of €1,180.6m for the six months to 30 June 2026, up 5% year on year, with Adjusted EBITDA rising 10% to €465.3m. In the second quarter alone, Adjusted EBITDA reached €230m, up 14%, while online EBITDA grew 24% with a margin of 58%. The board approved the interim accounts on 27 July, and the group confirmed it expects full-year Adjusted EBITDA at the top end of its guidance range.
Why the Lottomatica H1 2026 results matter now
Because they show, quarter by quarter, where the Italian market’s profit pool is moving. Lottomatica’s total online market share reached 31.6% in Q2, up 1.1 percentage points year on year, with iSports at 31.8% and iGaming at 31.6%. Nearly a third of Italy’s regulated online GGR now flows through one operator – and that operator’s half-year online margin climbed from 54.1% to 57.9% in a single year.
What Lottomatica’s H1 2026 numbers actually show
Wagers rose 9% to €23.7bn, led by online at €16.2bn, up 12%. Group GGR came in at €2,413m, up 2%. Online revenue grew 13% to €525.1m; on a payout-normalised basis, 17%.
The land-based picture was flatter. Sports Franchise revenue slipped 1% to €275.4m, which the company attributes to a less favourable run of sporting results than in H1 2025 – normalise the payout and the segment grew 9%. Gaming Franchise revenue eased 2% to €380.0m.
That payout effect runs right through the P&L. Reported group EBITDA grew 10%; at normalised payout it grew 20%, or €481.3m. Sports Franchise EBITDA fell 14% as reported but rose 18% normalised. Put simply: the bookmaker’s luck went against it this half, and the business grew double digits anyway.
Below the operating line, the statutory numbers improved sharply. Net profit rose 70% to €116.0m, helped by financial expenses falling to €75.7m from €123.4m, while Adjusted Net Profit reached €196.5m. Operating cash flow rose to €385.5m.
The operator read on Lottomatica’s online market share gains
Chairman and CEO Guglielmo Angelozzi said – in remarks translated from the Italian release – that the group has grown Adjusted EBITDA in every quarter of the past ten years outside the Covid restriction period, with margins rising on the back of a growing online market and expanding share, and that over 10% of the company’s market capitalisation has been returned to shareholders since June 2025, including the buyback.
The signal for the rest of the market is uncomfortable. Lottomatica is gaining share in every online product segment across all its brands while running a Q2 online margin of 58%, which funds both the shareholder returns (€248m of share purchases and €101m of dividends in H1 alone, per the cash flow statement) and continued investment. The PWO brand’s total sports share of 9.2%, now above pre-migration levels, suggests the group’s integration playbook works – a point competitors weighing Italian M&A should note.
The caveat worth naming in Lottomatica’s results
Two things. First, the growth is one-legged: both retail franchises were flat to down on reported revenue, so the group’s momentum depends on the online market continuing to expand. Second, net debt sat at €2,110m at 30 June – essentially unchanged from December despite €385m of operating cash flow, because capital returns absorbed the cash. Leverage of 2.3x is modest and slightly improved, but the balance between distributions and deleveraging is a choice, and it only looks this comfortable while EBITDA keeps compounding.
Can Lottomatica sustain a 58% online margin into 2027?
Guidance at the top end is the near-term marker; the H1 run rate makes it credible. The more interesting questions run into 2027: whether a near-58% online margin is sustainable as share approaches a third of the market, and whether payout normalisation flatters or flattens the second half. Watch Q3 for whether the share gains – the one metric Lottomatica cannot buy back – keep climbing.
Source: Lottomatica
