(Reuters) -Italian betting firm Lottomatica on Wednesday posted a 47% jump in first-quarter adjusted core profit, boosted by a favourable payout ratio offsetting the consolidation of PWO acquired in April 2024.
The Rome-based gambling group’s January-to-March adjusted core profit, or earnings before interest, tax, depreciation and amortisation, stood at 220.5 million euros ($250.4 million), while its net profit came in at 51.5 million euros – up from 29.9 million euros in the same period last year.
The company also confirmed its 2025 forecast for an adjusted EBITDA of 840 million to 870 million euros and a revenue target of 2.32-2.37 billion euros.
Lottomatica’s adjusted net profit totalled 94.7 million euros from 49.7 million euros in the same period in 2024, meanwhile its group net profit for the quarter reached 50.3 million euros.
“We are off to a great start of the year, registering our best Q1 results ever and paving the way for a successful 2025,” Chief Executive Guglielmo Angelozzi said in a statement.
The company, which returned to the Milan stock exchange in 2023, also said it will launch in June a share buyback program for up to 500 million euros.
($1 = 0.8807 euros)
(Reporting by Romolo Tosiani in Gdansk; Editing by Mrigank Dhaniwala and Louise Heavens)
