Grupo CIRSA has highlighted robust commercial performance across its Spanish and international divisions in its Q3 trading update, reinforcing its financial standing just ahead of a pivotal shareholder vote regarding its proposed merger with Lottomatica S.p.A. scheduled for November 30.
Publishing its figures on the Bolsa de Madrid, the gaming group reported that corporate year-to-date profits have reached a record €128 million.
Underlying year-to-date profits before tax surged 37 percent compared to 2025 figures, boosted significantly by CIRSA’s successful renegotiation of repayment terms on its €2.1 billion debt bonds executed in July. This strong bottom-line momentum underpins management’s confidence in fulfilling its annual commitments, with nine-month net operating revenue increasing 10 percent to €1.89 billion and adjusted EBITDA advancing 9.3 percent to €599.3 million.
CIRSA confirmed it remains fully on track to reach the high end of its 2026 guidance range, which targets revenue growth of 7 to 9.5 percent and adjusted EBITDA growth of 6 to 9 percent.
Domestic resilience and international expansion
Spain remains central to the group’s financial outlook, accounting for 48 percent of total earnings. The company’s Spanish slots and games division delivered a 10.5 percent increase in revenue to €350 million, alongside a 15.6 percent rise in EBITDA to €186 million. Across its international casino portfolio, nine-month revenue grew 10.4 percent to €805.7 million, with EBITDA up 8.4 percent to €326.9 million, weathering temporary operational disruptions such as the August earthquake in Colombia.
Online gaming and betting presented a more mixed picture; while revenue increased 14.3 percent to €446.7 million, EBITDA declined 4.9 percent to €75.8 million. Although Spain’s World Cup victory expanded the customer base, higher promotional investments and customer-friendly sports results constrained profitability, with late-summer football outcomes costing an estimated €10 million in EBITDA. In Latin America, Peru also posed challenges as the online division absorbed higher gaming taxes, placing the country’s share of group EBITDA at 6.6 percent compared to 8.3 percent in 2025.
Despite regional pressures, CIRSA continued strategic expansion, completing the acquisitions of Slots del Sol in Paraguay and Casino da Figueira in Portugal in July, positioning the group for upcoming regulatory shifts expected in 2027.
Dividend rewards and upcoming Lottomatica merger vote
The strengthened financial performance is projected to support approximately €100 million in dividend payouts for the 2026 financial year, backed by nine-month adjusted net profits reaching €202.1 million, a 35.9 percent year-on-year increase.
Attention now shifts to the extraordinary general meeting on November 30, where investors will cast their votes on the proposed business combination with Lottomatica. Management reported that the merger process is progressing smoothly, with completion targeted for the second quarter of 2027 pending final shareholder and regulatory approvals. CIRSA approaches the vote backed by record earnings, reduced financing costs, and strong annual targets.
