CIRSA reports record profits ahead of Lottomatica merger vote

Grupo CIRSA has reported record year-to-date profits of €128m, publishing a Q3 2026 trading update that stresses the stability of its Spanish business ahead of a shareholder vote on its proposed merger with Lottomatica SPA.

The Bolsa Madrid-listed gambling group said underlying year-to-date profits before tax rose 37% on 2025's €130m, a gain it attributed to renegotiated repayment terms on €2.1bn of debt bonds completed in July trading, according to SBC News.

Nine-month net operating revenue reached €1.89bn, a rise of 10%, and adjusted EBITDA came in at €599.3m, up 9.3%. CIRSA said it remained "Fully on track to reach the high end of our 2026 guidance", a target that points to full-year revenue growth between 7% and 9.5% alongside adjusted EBITDA growth of between 6% and 9%.

Spain remains the backbone of the group, accounting for 48% of total earnings. Its domestic slots and games business grew revenue by 10.5% to €350m, with EBITDA up 15.6% to €186m.

The international casino portfolio posted a nine-month figure of €805.7m for revenue, a 10.4% increase, while EBITDA climbed 8.4% to reach €326.9m, despite temporary venue closures caused by the August earthquake in Colombia.

Online gaming and betting delivered a more uneven performance. Revenue rose 14.3% to €446.7m, but EBITDA fell 4.9% to €75.8m. Spain's World Cup win widened the customer base without lifting margins, as heavier promotional spending and customer-friendly sporting results weighed on returns, with football outcomes in August and September alone costing an estimated €10m in EBITDA.

Peru continued to pressure the online division, which absorbed the full impact of higher gaming taxes in the market. Peru's share of group EBITDA fell to 6.6%, down from 8.3% across the whole of 2025.

CIRSA nonetheless pressed on with expansion in July, buying Paraguayan operator Slots del Sol and Portugal's Casino da Figueira in separate deals. The Paraguayan business added 0.9% to group EBITDA for the year so far, and the company said it was ready to commit further investment there ahead of regulatory changes expected in 2027.

Stronger profitability is expected to support dividends of around €100m for the year, with nine-month adjusted net profit climbing 35.9% to €202.1m forming the basis for that planned payout.

Attention now shifts to the extraordinary general meeting scheduled for 30 November, where CIRSA shareholders will vote on the combination with Lottomatica. Management described the merger process as unfolding on schedule, with completion targeted for the second quarter of 2027, subject to shareholder and regulatory approvals.

CIRSA goes into that vote with rising earnings, lower financing costs and a stated confidence in meeting its annual targets, giving investors a clearer financial picture as they weigh the proposed tie-up.