Lottomatica Group S.p.A.: Lottomatica 101

Research evidence excerpt

Lottomatica Group S.p.A.: Lottomatica 101

Lottomatica

Snapshot

Lottomatica (LTMC) is the preeminent gaming operator in Italy. Lottomatica's business is Valuation Consideration:

organized into three reportable segments: Online; Sports Franchise; Gaming Franchise.

DB View: From a fundamental perspective, we assess this credit to possess an

The company’s online offering comprises a wide range of verticals such as sport betting, established industry position in the Italian market, a robust business model, a solid

virtual betting, casino games, bingo, poker, lotteries, betting exchange and skill games operating performance, a conservative financial profile, ample liquidity and limited

through the GoldBet.it, Lottomatica.it, Planetwin365.it, Totosi.it and Betflag.it websites. near-term debt maturities. However, these credit strengths are partially mitigated

Lottomatica’s sports franchise comprises the collection of sports betting, virtual betting and by geographical concentration, regulatory risks, and a significant amount of

horserace betting through a franchise network of 3,790 operating points of sale (2,644 intangible assets and goodwill

shops and 1,146 corners) as of December 31, 2025. Through the GoldBet, Intralot, We rate the LTMCIM 5.375% Secured due 2030 ($102.6, 4.0% YTW, 138bps STW),

Planetwin365, Better and Macao brands, the company offers a wide range of retail offerings. LTMCIM 4.875% Secured due 2031 ($101.9, 4.2% YTW, 160bps STW), and LTMCIM

The gaming franchise comprises the management and the provision of concessionary 4.625% Secured due 2032 ($100.7, 4.5% YTW, 180bps STW) with a Credit-Hold

services. The company’s Gaming Franchise is comprised of three product divisions: video rating, as we believe the bonds are fairly valued at current levels.