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Investing.com -- Lottomatica, the Italian lottery operator, has announced a 33% year-on-year increase in its first-quarter revenues, reaching €586 million. This figure aligns with the consensus estimates from Jefferies and the company-compiled consensus, which predicted revenues of €573 million and €583 million respectively.
The company’s EBITDA also saw a significant increase, rising 47% to €220 million, which is 2% ahead of consensus estimates of €211 million and €217 million.
Looking forward, Lottomatica has reiterated its revenue guidance for fiscal year 2025E, projecting revenues in the range of €2,320-€2,370 million. This aligns with Jefferies’ estimate of €2,350 million and FactSet’s consensus of €2,319 million. The company also expects EBITDA to be in the range of €840-870 million.
In terms of recent acquisitions, the synergy guidance for the SKS365 deal has been upgraded. The company now targets a total of €87 million, an increase from the previous target of €75 million.
Lottomatica has also successfully refinanced its operations. The pricing of €1.1 billion 4.875% senior notes, due 2031, and the extension of RCF, have resulted in an implied 4-5% consensus EPS upgrade. This refinancing move is expected to save the company €24 million in annual interest. Additionally, Lottomatica recently received a rating upgrade from both S&P and Moody’s, moving to BB from BB- and to Ba2 from Ba3 respectively.
The company has also announced a €500 million share buyback program, set to start in June and continue for the next 18 months.
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