Lottomatica Group Ownership, Shareholders and Management

Who owns Lottomatica Group today?

The most useful starting point is the company's own dated shareholding disclosure. Lottomatica Group's investor page, updated 4 November 2026, presents a denominator of 251,630,412 issued shares. This is a capital snapshot, not a real-time beneficial ownership register. It names three institutional investment-management categories, an own-share category and the residual group.

These figures reproduce the issuer's categories rather than attributing every underlying share to a single individual or institution. For example, a position reported under an investment manager's name does not by itself establish who the ultimate beneficial owners are or whether all associated votes are exercised in precisely the same way. The issuer's published table is strong evidence of the reported capital distribution, but it is not a complete map of every delegated voting arrangement.

The shares classified as 'other shareholders' deserve particular caution. Their 69.022% share of issued capital is a residual category, not a certified measure of the shares freely available for trading. It is wrong to convert that figure automatically into a precise free-float percentage or to call those holders a single voting bloc.

The issuer's treasury footnote uses 30 October 2026, several days before the table's last-update date. That distinction matters for a company running a buyback programme: treasury totals can move between announcements while the number of issued shares and the composition of outstanding holdings are reported against different reference dates. The main takeaway is a dispersed disclosed shareholding picture, not an assertion that ownership can no longer change.

What do those percentages actually mean?

A public company's share register is easier to misread than the percentages suggest. Three different denominators can appear in apparently similar ownership discussions:

1. Issued ordinary shares. The issuer's 251,630,412-share figure underpins its 4 November percentages.
2. Shares carrying exercisable voting rights. Treasury shares are a separate category; their treatment must follow the relevant law and meeting rules rather than being assumed to match ordinary third-party votes.
3. Votes cast at a particular meeting. A ballot percentage measures participating votes on that resolution, not necessarily a percentage of all shares ever issued.

This makes the own-share line particularly revealing. The issuer reports 21,704,922 treasury shares, representing 8.626% of issued capital as at its footnoted date. Those shares are already included in the 251.6 million-share denominator; they should not be added to it. Nor is the treasury holding an outside shareholder alongside the institutional managers.

Earlier October information referred to 21,501,922 own shares. The later disclosed holding is 203,000 shares higher, illustrating why a dated reference matters. The change should not be described as an exact movement in the free float without examining trading, settlement and reporting dates. Similarly, shares acquired during a specific buyback programme are not the same as the total treasury balance accumulated across periods.

In our view, the safest way to read the table is to ask: what is the reporting date; what is the denominator; and what does this row actually measure? The answers prevent a named fund manager from being mistaken for a controlling parent, or treasury stock from being mistaken for a conventional outside investor. The financial effect of repurchases belongs in our Lottomatica financial results analysis, while the latest available share-price information belongs on the separate shares and chart page.

Apollo was the former owner: what changed?

Apollo is central to the group's history but should not be described as its current controlling owner. Through a Gamma holding structure associated with Apollo-managed funds, control of the earlier Gamenet Group was acquired in December 2019. That private-equity period preceded the purchase of selected Italian gaming and betting assets from IGT in 2021, the adoption of the Lottomatica name, and the flotation of the present listed parent.

Lottomatica Group S.p.A. listed on Euronext Milan on 3 May 2023. This was an important transition towards public ownership, but an IPO does not mean that a former shareholder must have disposed of its entire position immediately. The timing of later share sales therefore matters.

The 2025 annual report records that Gamma Intermediate S.à r.l. sold its entire remaining 21.3% holding on 17 June 2025. A related corporate-governance reference places the end of Apollo-linked control or influence on 19 June 2025. These are different reported markers (the disposal and the governance assessment) and there is no need to invent an unreported settlement mechanism to force them into one date.

In short, the phrase 'Apollo-owned Lottomatica' may describe an earlier era, but it is not an adequate description of the shareholder table dated November 2026. The complete corporate acquisition chronology is covered in our Lottomatica Group history research.

Lottomatica's CEO and senior leadership

Guglielmo Angelozzi combines the posts of Chairman of the Board and Chief Executive Officer. The chairman's position concerns leadership of the board, while the chief executive role concerns executive direction. Combining them in one person makes the independent directors and their oversight functions especially relevant. Angelozzi became chairman on 2 July 2025, according to the group's dated governance materials. He should not be described as the company's founder merely because he is its most visible executive.

Laurence Van Lancker serves as Chief Financial Officer and Deputy Chief Executive Officer, and is also an elected member of the Board of Directors. The finance function is not equivalent to ownership of company shares: responsibilities for financial reporting and corporate resources arise from management and governance appointments. His board position gives him a further formal role in decisions taken by directors collectively.

Alessandro Fiumara is a director and Managing Director of Digital and Betting. He joined the group in 2021. His operational responsibilities and board appointment are management and governance roles; they do not establish personal ownership of an operating brand.

The principal difference is straightforward: shareholders have economic and voting interests in the company, directors oversee it through the board, and executives manage operations under delegated authority. The business-model analysis examines the activities being managed; this page identifies the people and legal powers involved.

The Board of Directors elected in April 2026

At the 20 April 2026 shareholders' meeting, Lottomatica elected an 11-member Board of Directors. The appointment lasts until the meeting convened to approve the financial statements for the year ending 31 December 2028. That is not the same as saying every director's mandate automatically ends on the final day of 2028.

The eight independent directors identified in the company's 2026 interim reporting are not simply decorative names. Independence is a formal status assessed against the relevant Italian corporate-governance criteria; it does not mean directors operate without duties to the company. Nadine Farida Faruque is specifically designated Lead Independent Director, a significant point in a board whose chairman also serves as CEO.

The date is critical when comparing lists online. Some earlier reports name Gaia Mazzalveri among the directors. The April 2026 election produced a different board, including Francesco Giammaria. Mixing names from the previous board with the new one would create an inaccurate current directory. The table above therefore follows the 2026 election and interim report, not an undated biographical directory.

Who oversees the board's decisions?

Lottomatica's governance architecture distinguishes committees of directors from statutory auditors and external audit. The 2026 interim report identifies five board committees, each with a defined area of oversight:

The committee members are directors, not an additional set of owners. A committee may review and advise on matters in its remit, but that is not equivalent to operating a betting platform or taking over the collective authority of the full board. The existence of a Technology Committee, for instance, does not prove that any particular director personally owns the company's software intellectual property.

There is a separate Board of Statutory Auditors, chaired by Gabriele Grignaffini, with Andrea Lionzo and Veronica Tibiletti as statutory auditors. The reported alternate auditors are Alberto Incollingo and Elena Angela Maria Valenti. Their statutory oversight function is different from a board committee's role and from executive management.

The independent external audit firm is PricewaterhouseCoopers S.p.A. A further Supervisory Body exists within the Italian governance framework under Legislative Decree 231/2001. These mechanisms should not be bundled together as though one 'audit committee' performed every assurance and compliance task. For a regulated gaming company, separating these responsibilities is material to understanding accountability.

Voting power is not the same as share ownership

The Faro Games shareholder-list episode provides a practical example of why voting headlines can mislead. Faro Games submitted a list of candidates for the April 2026 board election. The company's March filing stated that Faro held approximately 1.06% of the share capital represented by shares carrying voting rights at the relevant time.

That percentage describes the position associated with submitting a candidate list. The percentage of votes received by a list at the shareholders' meeting describes an entirely different denominator: ballots cast under the applicable meeting and election procedure. A slate can attract support from investors who did not submit it. Its election result therefore cannot be converted into a claim that the submitting shareholder personally owns the same percentage of Lottomatica.

This is especially important when an annual-meeting result is presented without the underlying resolutions, eligible vote count and voting mechanics. We do not treat a voting percentage as a current beneficial holding. To establish actual control, one would need the relevant shareholding disclosures, voting arrangements and governance evidence, all dated consistently. A successful board list alone does not prove that Faro Games controls the company.

Could CIRSA change who controls Lottomatica?

The proposed combination with CIRSA Enterprises S.A. introduces another ownership distinction: current holdings versus future pro forma holdings. The agreement was signed on 1 September 2026 and announced on 2 September. Both boards approved a common merger plan on 8 October 2026, but as at 11 November 2026 the combination had not completed. A Lottomatica shareholder meeting was scheduled for 23 November 2026, with management targeting completion in the second quarter of 2027 subject to approvals and other conditions.

The proposed exchange ratio is 0.668 newly issued Lottomatica shares for each CIRSA share. Transaction materials contemplate up to 112,219,102 newly issued ordinary shares before relevant adjustments. Illustrative future voting figures have indicated roughly 67.3% for existing Lottomatica holders and 32.7% for former CIRSA holders, with a potential approximately 24% voting position associated with a Blackstone-controlled CIRSA shareholder structure. These are conditional transaction scenarios, not percentages from the 4 November 2026 Lottomatica ownership register.

It would therefore be wrong to say Blackstone already controls Lottomatica or that CIRSA is already a Lottomatica subsidiary. Completion conditions, approvals and actual issued-share figures must be checked before converting the proposal into an ownership statement. Our risks and opportunities page addresses execution uncertainty; the shares and chart page is the place for detailed share-count and market implications.

What the ownership structure tells us

In our view, two conclusions stand out. First, Lottomatica's 2026 ownership picture is markedly different from the period of Apollo-linked control. Named investment-management holdings are significant, but the company's dated shareholding table does not reveal a single majority shareholder. The chief executive's authority is an executive and board question, not a substitute for ownership percentages.

Second, the governance structure is more informative when the dates, directors, committees and voting denominators are kept separate. The planned CIRSA merger may eventually redraw that map; on 11 November 2026 it had not done so. For a wider introduction to the corporation rather than a share register or board list, see the Lottomatica Group overview.