Guglielmo Angelozzi, Chief Executive Officer of Lottomatica, believes that Italian investors are yet to understand the “intrinsic value” of the Borsa Milan gambling group.
Yesterday, Lottomatica posted its H1 2026 interim results, in which leadership underscored confidence in declaring a “10th year of consecutive growth in earning and profits”.
Angelozzi views Lottomatica as outperforming the majority of Italian large cap listed companies.
H1 trading saw Lottomatica report growth across all key metrics as group income reached €1.2bn (+5%), while underlying EBITDA increased 10% to €458m.
The period also saw Lottomatica deliver a record operating margin of 39%, closing the first half with €385m in operating cash flow, as management reaffirmed expectations of achieving the upper end of its FY2026 guidance.
On the investor call, Angelozzi underlined the consistency Lottomatica has maintained since its 2023 IPO, followed by the successful acquisition of Planetwin365 owner SKS365 in 2024.
“Consistency looks like an appropriate word for this,” Angelozzi told investors , arguing that the market continues to underestimate Lottomatica.
“This company started a little more than 10 years ago with a 12% margin. We have transformed this into a company with a 39% margin.”
For Angelozzi, Lottomatica’s ability to hit peak margins and increase cash flow should place the group alongside Europe’s highest-quality gambling businesses rather than simply among domestic gaming operators.
That confidence is increasingly reflected in the company’s capital allocation.
Lottomatica reiterated plans to return €700m to shareholders through dividends and share buybacks across 2026 and 2027”.
“We are planning to buy back up to €700m this year and next year,” he told investors.
Retail reorganisation has no impact on Lottomatica
Beyond shareholder returns, Angelozzi believes the next strategic catalyst lies in Italy’s long-awaited reorganisation of land-based gambling concessions.
While political negotiations continue to delay the reform that must be secured by the end of 2026.
Lottomatica’s CEO does not believe the licensing uncertainty will materially impact the company’s status as Italy’s outright land-based gaming leader.
The firm’s retail unit has made necessary adjustments to accommodate change.
“Whether you have an agreement or not, basically nothing changes. The outcome is exactly the same in the next two to three years,” he said.
Angelozzi noted that existing concessions would require transitional extensions regardless of when new legislation is enacted.
Instead, he sees regulatory clarity as the beginning of a next consolidation cycle for the Italian gambling sector that is favourable to Lottomatica and its growth strategy.
“The point is not only acquiring market share, but acquiring quality market share at a sustainable cost,” he remarked.