Spanish gaming operator Cirsa reported a 35.9% increase in nine-month adjusted net profit to €202.1 million ($226.4 million), even as higher promotional costs and unfavorable sports results weighed on online betting earnings ahead of its proposed merger with Lottomatica.
Revenue for the first nine months of 2026 rose 10% to €1.89 billion ($2.12 billion), while adjusted EBITDA increased 9.3% to €599.3 million ($671.2 million).
Corporate profit reached €128 million ($143.4 million), with underlying pretax profit rising 37%, supported by renegotiated repayment terms on €2.1 billion ($2.35 billion) in debt bonds in July.
Online gaming and sports betting revenue increased 14.3% to €446.7 million ($500.3 million), but EBITDA declined 4.9% to €75.8 million ($84.9 million). Higher promotional spending and customer-friendly football results in August and September reduced EBITDA by an estimated €10 million ($11.2 million).
Spain’s World Cup victory helped expand the customer base, although stronger activity did not translate proportionately into earnings. During the third quarter, the division recorded a 43.4% increase in wagers, 39.4% growth in deposits and a 19% rise in net revenue, making it Cirsa’s fastest-growing division.
Spain, accounting for 48% of group earnings, generated €350 million ($392 million) in slots and games revenue, up 10.5%, while EBITDA increased 15.6% to €186 million ($208.3 million), supported by machine mix, sales activity and cost controls.
International casino revenue rose 10.4% to €805.7 million ($902.4 million), with EBITDA increasing 8.4% to €326.9 million ($366.1 million), despite earthquake-related closures in Colombia.
Cirsa expanded into Paraguay with two casinos and two gaming halls, opened a casino in Cartagena de Indias, Colombia, and refurbished properties in Panama and Spain, including adding more than 30 slot machines at Casino Marbella. July acquisitions included Slots del Sol in Paraguay and Casino da Figueira in Portugal.
Paraguay contributed 0.9% of year-to-date EBITDA, with further investment planned ahead of 2027 regulatory changes. Peru‘s contribution declined to 6.6% from 8.3% in 2025 following higher gaming taxes. Italian operations remained stable, supported by video lottery terminals and completed acquisition integrations.
Third-quarter revenue increased 12% to €628 million ($703.4 million), while operating profit rose 6.8% to €195 million ($218.4 million). Excluding merger-related costs, operating profit reached €203 million ($227.4 million), up 11.1%.
Cirsa CEO Antonio Hostench
The group recorded its 73rd consecutive quarter of operating-profit growth, with nine-month operating profit increasing 7.8%, supported by acquisitions and existing operations despite economic and geopolitical uncertainty.
Cirsa reaffirmed its outlook, stating it remained “Fully on track to reach the high end of our 2026 guidance”. Targets include revenue growth of 7% to 9.5% and EBITDA growth of 6% to 9%, although the quarterly announcement did not restate the numerical range. The company also expects approximately €100 million ($112 million) in dividends for 2026.
Shareholders will vote November 30 in Terrassa on the September-announced merger with Lottomatica, expected to create the world’s second-largest listed gaming and sports betting operator, with an addressable market of €34 billion ($38.08 billion), including Portugal, Mexico and Colombia.
Lottomatica will absorb Cirsa through an EU cross-border merger, with the combined entity listed in Spain and Italy. Completion is targeted for the second quarter of 2027, subject to shareholder and regulatory approvals.
At the merger announcement, Cirsa CEO Antonio Hostench said: “The combination of Cirsa and Lottomatica creates a world-class diversified gaming leader with leading positions across its core markets and significant opportunities to accelerate profitable growth.”