CIRSA Reports Higher Revenue and Profit Before Merger Vote

CIRSA reported on November 4, 2026 that third-quarter net operating revenue rose 12.0% to €628 million and operating profit, or EBITDA, increased 6.8% to €195 million, giving shareholders new earnings figures before the November 30, 2026 vote on its proposed merger with Lottomatica.

Quarterly net profit rose 48.1% to €33.6 million after €7.9 million of non-recurring expenses, including accrued advisory costs related to the merger. Excluding those expenses from EBITDA produced adjusted EBITDA of €203 million, up 11.1%. That adjustment accounts for the difference between the headline operating-profit growth and the double-digit adjusted increase.

For the first nine months, net operating revenue reached €1.888 billion, up 10.0%, while adjusted EBITDA increased 9.3% to €599.3 million. Nine-month net profit rose 73.6% to €128.3 million, helped by higher EBITDA and a €39.7 million reduction in financial expenses.

Spanish Slots Lift Retail Profitability

Slots Spain’s EBITDA grew faster than revenue, expanding its margin. Quarterly net operating revenue increased 6.9% to €108.4 million, while EBITDA rose 11.8% to €58.1 million, lifting the division’s EBITDA margin to 53.6% from 51.2% a year earlier. CIRSA attributed the improvement principally to higher revenue per machine, better point-of-sale productivity and more efficient logistics; the machine estate grew 2.2% year over year.

Casinos delivered 10.7% quarterly net-revenue growth despite an estimated €3 million revenue impact from temporary closures following Colombia’s August 2026 earthquake. The division’s EBITDA margin was 42.0%, compared with 42.6% in the same quarter of 2025. CIRSA also completed the acquisitions of Slots del Sol in Paraguay and Casino da Figueira in Portugal in July 2026.

Online Turnover Grows Faster Than Profit

The online gaming and betting division presented a different earnings profile. Turnover increased 32.5% and net operating revenue rose 18.9%, but EBITDA was nearly unchanged, edging up 0.2%. CIRSA attributed that gap to increased marketing investment during the football World Cup and sports outcomes across the industry that favored customers.

CIRSA estimated that those outcomes in August and September reduced online EBITDA by €10 million. A normalized-pay-out scenario in its results presentation puts online EBITDA growth at 43.6% and the margin at 21.5%. Those are company-adjusted figures rather than the reported quarterly result, for which the presentation lists a 16.5% margin.

Cash Generation Improves Before Vote

On CIRSA’s measure, nine-month free operating cash flow before M&A rose 32.4% to €232.9 million. The calculation starts with adjusted EBITDA less capital expenditure, then includes working capital and other items, taxes, lease payments and interest. CIRSA attributed the improvement mainly to higher EBITDA and a €71.8 million reduction in interest paid, partly offset by €23.6 million more in income taxes paid. The lower interest burden followed the completion of its refinancing plan in July 2026.

That stronger cash generation came alongside higher investment: capital expenditure rose to €168.8 million from €137.3 million. Total net debt stood at €2.104 billion at September 30, 2026, equivalent to 2.66 times last-twelve-month EBITDA. The July 2026 and fourth-quarter 2025 acquisitions are not yet fully reflected in that trailing EBITDA figure. Including their contributions, CIRSA presented pro forma leverage of 2.59 times, still above its stated steady-state range of 2.0 to 2.5 times.

CIRSA said it was tracking toward the high end of its 2026 guidance of €2.5 billion to €2.56 billion in net revenue and €800 million to €820 million in EBITDA.

Under the proposed all-share transaction, CIRSA investors would receive 0.668 newly issued Lottomatica shares for each CIRSA share and own approximately 32.5% of the combined company. The terms also include a €1.62-per-share extraordinary dividend before the merger. CIRSA expects the transaction to close in the second quarter of 2027.

For shareholders, the results pair Spanish slots profitability and improved cash generation with online wagering growth that has not yet produced equivalent reported profit growth. They also show leverage above CIRSA’s target range on both reported and pro forma measures, making online earnings conversion and progress toward that range central operating issues for the business CIRSA would bring into the combined group.