Lottomatica Group SpA (LOTMY) Cash Flow Statement
Where LOTMY’s cash came from and went, 2025
December 31, 2025 · euros- Cash from operations
- €635.0M +21.1% vs 2024
- Capital expenditures
- €228.9M 10.2% of revenue
- Free cash flow
- €406.1M 18.1% margin
- Returned to shareholders
- €205.4M 51% of free cash flow
- Change in cash
- −€20.3M cash at year-end €143.9M
Drawn to scale: where the cash came from and how it was used. Hover for values.
LOTMY operating cash flow, capex and free cash flow
LOTMY cash flow trends, 2021–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | €130.4M2021 | €635.0M2025 | +48.6%/yr | |
| Capital expenditures | €49.8M2021 | €228.9M2025 | +46.4%/yr | |
| Free cash flow | €80.6M2021 | €406.1M2025 | +49.8%/yr | |
| Free cash flow margin | 10.0%2021 | 18.1%2025 | +8.1 pts | |
| Operating cash flow / net income | 5.642022 | 3.642025 | −2.00 | |
| Dividends paid | €249.7M2021 | €78.2M2025 | −25.2%/yr | |
| Share buybacks (net) | €02024 | €127.3M2025 | — | |
| Capex / revenue | 6.2%2021 | 10.2%2025 | +4.0 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
LOTMY cash flow by activity
LOTMY net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
LOTMY cash flow statement in euros
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Operating activities | |||||
| Net income | €174.3M | €98.6M | €68.3M | €73.0M | −€57.6M |
| Depreciation & amortization | €261.1M | €244.1M | €194.1M | €154.3M | €142.6M |
| Change in working capital | −€35.5M | −€36.3M | −€24.2M | €20.1M | −€50.3M |
| Other non-cash items | €235.1M | €217.9M | €169.3M | €164.6M | €95.6M |
| Cash from operating activities | €635.0M | €524.3M | €407.5M | €412.0M | €130.4M |
| Investing activities | |||||
| Capital expenditures | −€228.9M | −€181.4M | −€123.2M | −€91.1M | −€49.8M |
| Investments (net) | €0 | €1.8M | −€640.9M | −€533.3M | −€794.7M |
| Financing activities | |||||
| Dividends paid | −€78.2M | −€67.1M | −€2.0M | −€19.3M | −€249.7M |
| Share repurchases & issuance (net) | −€127.3M | €0 | — | — | — |
| Net borrowing (repayment) | €32.3M | −€2.9M | €93.8M | €348.9M | €822.5M |
| Shares issued | €0 | €0 | €425.0M | €0 | €175.0M |
| Summary | |||||
| Net change in cash | −€20.3M | −€130.5M | €59.8M | €109.8M | −€20.8M |
| Cash at end of period | €143.9M | €164.2M | €294.7M | €234.8M | €125.0M |
| Free cash flow | €406.1M | €342.9M | €284.3M | €320.9M | €80.6M |
| Free cash flow margin | 18.1% | 17.1% | 17.4% | 23.0% | 10.0% |
| Capex / revenue | 10.2% | 9.0% | 7.5% | 6.5% | 6.2% |
| Operating cash flow / net income | 3.64 | 5.32 | 5.97 | 5.64 | — |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | |
|---|---|---|---|---|---|---|---|---|---|
| Operating activities | |||||||||
| Net income | €44.4M | €66.5M | €81.0M | €28.5M | €14.5M | €50.3M | €46.1M | €28.8M | −€7.7M |
| Depreciation & amortization | €72.3M | €69.8M | €66.0M | €66.0M | €64.2M | €64.9M | €76.1M | €56.3M | €59.4M |
| Change in working capital | €113.6M | −€22.5M | −€36.9M | −€86.5M | €96.4M | −€8.6M | −€22.5M | −€55.0M | €65.3M |
| Other non-cash items | −€2.4M | €74.1M | €26.4M | €77.5M | €54.7M | €76.4M | €21.4M | €66.6M | €68.9M |
| Cash from operating activities | €227.9M | €187.8M | €136.5M | €85.6M | €229.9M | €183.0M | €121.1M | €96.7M | €185.9M |
| Investing activities | |||||||||
| Capital expenditures | −€51.7M | −€52.0M | −€93.4M | −€38.5M | −€50.5M | −€46.5M | −€31.0M | −€45.3M | −€57.7M |
| Investments (net) | €734,000 | −€764,000 | — | −€54.0M | €10.1M | −€85.3M | −€40.6M | −€52.8M | −€199.2M |
| Financing activities | |||||||||
| Dividends paid | −€100.3M | −€300,000 | −€1.1M | −€1.2M | −€74.9M | −€927,000 | −€849,000 | −€771,000 | — |
| Share repurchases & issuance (net) | −€115.8M | −€132.3M | −€62.9M | −€64.3M | €0 | €0 | — | — | — |
| Net borrowing (repayment) | €364.4M | −€654,000 | −€543,000 | −€597,000 | €34.0M | −€560,000 | −€766,000 | −€851,000 | — |
| Shares issued | €0 | €0 | €0 | €0 | €0 | €0 | €0 | €0 | €0 |
| Summary | |||||||||
| Net change in cash | €247.1M | −€24.6M | −€77.3M | −€50.1M | €39.5M | €67.7M | €18.9M | €16.0M | −€190.1M |
| Cash at end of period | €366.5M | €119.3M | €143.9M | €221.2M | €271.4M | €231.9M | €164.2M | €145.2M | €129.2M |
| Free cash flow | €176.2M | €135.8M | €43.1M | €47.1M | €179.4M | €136.5M | €90.1M | €51.4M | €128.2M |
| Free cash flow margin | 31.3% | 22.6% | 7.0% | 9.2% | 33.2% | 23.4% | 15.3% | 10.6% | 26.1% |
| Capex / revenue | 9.2% | 8.7% | 15.2% | 7.6% | 9.4% | 8.0% | 5.3% | 9.3% | 11.7% |
| Operating cash flow / net income | 5.14 | 2.83 | 1.69 | 3.01 | 15.81 | 3.64 | 2.63 | 3.36 | — |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in euros as reported; data from EODHD.
LOTMY cash generation
In fiscal 2025 (ended December 31, 2025), Lottomatica Group SpA generated €635.0 million of cash from operations (up 21.1%) and spent €228.9 million on capital expenditures, leaving free cash flow of €406.1 million, 18.1% of revenue. It returned €205.4 million to shareholders through dividends (€78.2 million) and net share buybacks (€127.3 million). Cash and equivalents fell by €20.3 million over the year.
Related: LOTMY income statement, LOTMY balance sheet, LOTMY dividend history. See the LOTMY stock overview for the latest quote and news.
LOTMY cash flow FAQ
What is Lottomatica Group SpA's free cash flow?
Lottomatica Group SpA's free cash flow was €406.1 million in fiscal 2025: €635.0 million of operating cash flow minus €228.9 million of capital expenditures It was €342.9 million a year earlier..
How much cash does Lottomatica Group SpA generate from operations?
Lottomatica Group SpA generated €635.0 million of cash from operating activities in fiscal 2025, 3.64 times its net income of €174.3 million.
How much does Lottomatica Group SpA spend on capital expenditures?
Lottomatica Group SpA spent €228.9 million on capital expenditures in fiscal 2025, 10.2% of revenue, compared with €181.4 million the year before.
How much stock does Lottomatica Group SpA buy back?
Lottomatica Group SpA spent €127.3 million on net share repurchases in fiscal 2025.
How much does Lottomatica Group SpA pay in dividends?
Lottomatica Group SpA paid €78.2 million in dividends in fiscal 2025, 19.2% of free cash flow.