Lottomatica guides 2026 adjusted EBITDA at €940 million-€980 million

• Lottomatica outlined an all-share merger with CIRSA, targeting about €2 billion pro forma adjusted EBITDA, including €115 million run-rate cost synergies.
• Standalone 2026E adjusted EBITDA guidance for Lottomatica at €940 million-€980 million, with 2026E OFCF at €780 million-€820 million.
• At completion, net leverage expected at 2.7x, with deleveraging toward a 2.0x-2.5x target policy range.
• Capital returns set at €744 million post-completion, with the board also planning up to €4 billion returned over three years.

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