CIRSA reports record nine-month profit and 10% revenue growth ahead of Lottomatica merger vote

Spanish gambling group Grupo CIRSA has published a third-quarter trading update showing higher revenue and profit, as it prepares for an extraordinary general meeting on 30 November at which shareholders will vote on a merger with Lottomatica.

For the first nine months of the year, net operating revenue rose 10% to €1.89bn, while adjusted EBITDA increased 9.3% to €599.3m. Adjusted net profit reached €202.1m, up 35.9%. The company reported record year-to-date profit of €128m, and said its renegotiation of repayment terms on €2.1bn of bonds, as of July trading, reduced financing costs. CIRSA said it remains on track to reach the high end of its 2026 guidance, which envisages revenue growth of 7% to 9.5% and adjusted EBITDA growth of 6% to 9%.

Spain accounts for 48% of group earnings. The Spanish slots and games business grew revenue 10.5% to €350m, with EBITDA up 15.6% to €186m. The international casino portfolio generated revenue of €805.7m, up 10.4%, and EBITDA of €326.9m, up 8.4%, despite temporary closures after the August earthquake in Colombia.

Online gaming and betting was more mixed. Revenue grew 14.3% to €446.7m, but EBITDA fell 4.9% to €75.8m. CIRSA said Spain's World Cup victory helped widen its customer base, but higher promotional spending and customer-friendly sports results weighed on earnings. Football outcomes in August and September cost an estimated €10m in EBITDA.

In Latin America, Peru remained under pressure as the online division absorbed the full effect of higher gaming taxes. Its share of group EBITDA was 6.6%, against 8.3% for the whole of 2025. The group still expanded, completing the acquisitions of Slots del Sol in Paraguay and Casino da Figueira in Portugal in July. Paraguay contributed 0.9% of year-to-date EBITDA, and CIRSA is prepared to invest ahead of regulatory changes planned for 2027.

The results are expected to support roughly €100m in dividends for the 2026 financial year. Management said the Lottomatica merger process is progressing as expected, with completion targeted for the second quarter of 2027, subject to shareholder and regulatory approvals.