Lottomatica reported revenue of €1,718 million for the first nine months of 2026, increasing 5% from a year earlier, as online growth offset declines in its retail-facing divisions. The November 3 results showed third-quarter revenue of €537 million, also up 5%, with the company maintaining its full-year outlook.
Nine-month adjusted EBITDA reached €665 million, up 8%. On the company’s normalized-payout basis, adjusted EBITDA was €715 million, increasing 19%. These are separate measures: the normalized figure adjusts for specified sports betting payout assumptions and should not be described as the reported result.
For the third quarter, adjusted EBITDA was €200 million, up 3%, while normalized adjusted EBITDA reached €234 million, up 17%. Lottomatica bases its normalization on sports betting payouts of 80.5% for retail and 85.5% for online. The company said normalized full-year adjusted EBITDA remained expected at the top end of its guidance range.
Online gains contrast with retail revenue declines
Online revenue increased 13% to €781 million over the nine-month period and reached €256 million in the third quarter. The Sports Franchise division reported nine-month revenue of €377 million, down 1%, while Gaming Franchise revenue declined 2% to €560 million. Management attributed the sports franchise’s decline primarily to less favorable payout conditions.
The group reported a 31.7% share of Italy’s online market in the third quarter, up 0.9 percentage points from the corresponding 2025 period. Online sports betting share reached 34.8%, and iGaming share was 31.2%. These market-share measures are based on gross gaming revenue rather than the group’s reported revenue.
Chairman and Chief Executive Officer Guglielmo Angelozzi identified online and sports betting volume growth as contributors to performance. He also highlighted the announced CIRSA combination as a separate corporate development. The companies have approved a common merger plan, but the transaction remains subject to shareholder decisions and other completion requirements.
The proposed cross-border merger would absorb CIRSA into Lottomatica as the surviving company. CIRSA would transfer its assets, liabilities, and legal relationships under the merger arrangements rather than continue as a separate listed entity. The results announcement does not establish that the combination has closed; Lottomatica continues to publish the associated documents through its investor-relations merger section.
