2Q Preview: A Strong Quarter, As Expected; Reit. Buy, €31 PT

研报英文原文证据摘录

2Q Preview: A Strong Quarter, As Expected; Reit. Buy, €31 PT

July 15, 2026 Lottomatica Group S.P.A.

(LTMC-IT, Buy, €31 PT)DIGITAL Clark Lampen

2Q Preview: A Strong Quarter, As Expected; Reit. Buy, €31 PT (212) 882-2337 clampen@btig.com

Joseph Spiezio WHAT YOU SHOULD KNOW: Ahead of 2Q earnings (7/30 pre-market), we're making (617) 345-4041 jspiezio@btig.com

minor adjustments to our 2Q/2026 estimates for Lottomatica to reflect Apr-Jun data Company DataGAMING releases and our own opex adjustments, which ultimately yield similar revenue and

EBITDA relative to our prior model. Per AGIMEG data, we sense there was some Closing Price €25.52

fluidity with wagering activity across Lottomatica's offline and online networks -- which Price Target €31.00

we've seen in other soccer-heavy quarters historically -- though engagement and Market Cap (M) €5,882.09

wagering activity was still healthy overall with GGR accelerating on a y/y basis vs. Enterprise Value (M) €8,110.83EQUITY

the Q1 level for both businesses. An overview of what we saw across market and for Shares Out (M) 230.49

Lottomatica's online and offline sports + casino businesses is included below. Post- Avg Daily Vol-3 Months (M) 0.79

Q1 earnings, we and the Street had already assumed ~HSD q/q growth in revenue,

so while our forecasts are largely unchanged and still in-line with Street expectations, Dividend / Yield €0.00 / 0.0%

the 2Q picture paints an encouraging story for future growth and incremental margin Revisions

trajectory. Comps ease slightly in the back half of the year, and following our visit to Previous CurrentRESEARCH

LTMC headquarters in May (recap note here) we came away with a more constructive Rating Buy Buy

view of the incremental margin trajectory.