Rome (Italy), 30 July 2024 - The Board of Directors of Lottomatica Group S.p.A. approved the Condensed Consolidated Interim Financial Statements as of and for the six months ended 30 June 2024.
H1 2024 Results summary
• Bets of Euro 18.0 billion, +23% compared to H1 2023
o Online bets growth YoY of +41%
• Revenues of Euro 931.8 million, +14% compared to H1 2023, +20% at normalised payout; Euro 491.7 million in Q2 2024 +24% compared to Q2 2023
o Online of Euro 338.3 million, +37% compared to H1 2023, +47% at normalised payout; Euro 187.9 million in Q2 2024, +53% compared to Q2 2023
o Sports Franchise of Euro 213.7 million, +4% compared to H1 2023, +19% at normalised payout; Euro 119.3 million in Q2 2024, +26% compared to Q2 2023
o Gaming Franchise of Euro 379.8 million, +3% compared to H1 2023; Euro 184.5 million in Q2 2024, +2% compared to Q2 2023
• Adjusted EBITDA of Euro 317.3 million, +6% compared to H1 2023, +21% at normalised payout; Euro 167.8 million in Q2 2024, +17% compared to Q2 2023
• Operating cash flow of Euro 228.0 million
• Adjusted Net Profit of Euro 105.3 million
• Net financial debt at Euro 1,913.1 million equivalent to 2.7x on LTM run rate Adjusted EBITDA
• Market shares increase, reaching all-time high in both Q2 and June:
o Total Online market share: at 29.1% in Q2 (+2.0pp versus Q2 2023)
o iSports market share: at 29.7% in Q2 (+1.5pp versus Q2 2023)
o iGaming market share: at 29.5% in Q2 (+2.4pp versus Q2 2023)
Guidance1 for fiscal year 2024 upgraded
On the back of the strong organic growth in Q2, the acceleration in the realisation of cost synergies and expected bolt-ons, the Group revised upwards its guidance for FY 2024:
• Revenues of Euro 2,030 - 2,080 million (from Euro 2,020 - Euro 2,065 million)
• Adjusted EBITDA of Euro 700 - 730 million (from Euro 680 - Euro 700 million)
• Guidance on capital expenditure for recurring and concession unchanged
• Special growth initiatives and deferred consideration: all confirmed other than bolt-ons increased by Euro 35 million in 20248 (incremental c. Euro 20 million Adjusted EBITDA run rate expected in 2025).
Guglielmo Angelozzi, Chief Executive Officer of Lottomatica Group, commented: "In the second quarter of 2024 we have continued our path of organic growth, supported by solid market share gains in Online leading to a sustained double-digit growth in Revenues and EBITDA. We have successfully completed the acquisition of SKS and are progressing with the integration at a fast pace, having secured to date c. 40% of the synergies announced. Also, we have opportunistically refinanced notes worth euro 900 million in May resulting in material interest savings. In light of the strong performance, the delivery in cost synergy realisation, and expected bolt-on acquisitions, we upgrade our Guidance for FY 2024".
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